Contract Of Purchase And Sale (Page 3 of 5) in pdf

10. TENDER:

Tender or payment of monies by the Buyer to the Seller will be by certified cheque, bank

draft, cash or lawyer's/notary's trust cheque.

11. DOCUMENTS:

All documents required to give effect to this contract will be delivered in registerable form

where necessary and shall be lodged for registration in the appropriate Land Title Office by

3:00 p.m. on the Completion Date.

12. TIME:

Time shall be of the essence hereof, and unless the balance of the cash payment is paid

and such formal agreement to pay the balance as may be necessary is entered into on or

before the Completion Date, the Seller may at the Seller's option terminate this Contract

and in such event the amount paid by the Buyer will be absolutely forfeited to the Seller on

account of damages, without prejudice to the Seller's other remedies.

13. BUYER FINANCING:

If the Buyer is relying upon a new mortgage to finance the Purchase Price the Buyer, while

still required to pay the Purchase Price on completion date, may wait to pay the Purchase

Price to the Seller until after the transfer and new mortgage documents have been lodged

for registration in the appropriate Land Title Office, but only if before such lodging, the Buyer

has: (a) made available for tender to the Seller that portion of the Purchase Price not

secured by the new mortgage, and (b) fulfilled all the new Mortgagee's conditions for

funding except lodging the mortgage for registration, and (c) made available to the Seller, A

Lawyer's or Notary's undertaking to pay the Purchase Price upon the lodging of the transfer

and new mortgage documents and the advance by the mortgagee of the mortgage proceeds

pursuant to the Canadian Bar Association (BC Branch) (Real Property Section) standard

undertakings (the “CBA Standard Undertakings”).

14. CLEARING TITLE:

If the Seller has existing financial charges to be cleared from title, the Seller, while still

required to clear such charges, may wait to pay and discharge existing financial charges

until immediately after receipt of the Purchase Price, but in this event, the Seller agrees that

payment of the Purchase Price shall be made by the Buyer’s Lawyer or Notary to the

Seller’s Lawyer or Notary, on the CBA Standard Undertakings to pay out and discharge the

financial charges, and remit the balance, if any, to the Seller.

15. COSTS:

The Buyer will bear all costs of the conveyance and if applicable, any costs related to

arranging a mortgage and the Seller will bear all costs of clearing title.

INITIALS

Contract Of Purchase And Sale Page 3