Memorandum Of Agreement printable pdf download

Memorandum of Agreement – Company

THIS AGREEMENT made this

day of

, 20

BETWEEN:

HER MAJESTY THE QUEEN in right of

the Province of Alberta, as

represented by the Department of Sustainable Resource Development and the Alberta Energy Regulator

(hereinafter called the "Regulatory body")

- and -

(hereinafter called the "Mortgagee")

WHEREAS the Mortgagee is engaged in the business of making loans to individuals or corporations on

the security of mortgages on lands held by these individuals or corporations; and

WHEREAS the Regulatory body is empowered to grant dispositions of public lands under its

administration to individuals and corporations; and

WHEREAS the Regulatory body and the Mortgagee agree that it would be desirable and in the best

interest of the borrowers (hereinafter called the "Mortgagor") from the Mortgagee who are holders of dispositions of

public lands from the Regulatory body that the Mortgagee should be able to use dispositions held by the Mortgagor

as security for the loan granted to the Mortgagor by the Mortgagee.

NOW THEREFORE the Regulatory body and the Mortgagee agree that to achieve this object, the

following procedure and conditions shall be adopted and observed.

Every mortgage in favour of the "Mortgagee" given to secure a loan shall provide that any breach of the

terms and conditions of the disposition shall entitle the "Mortgagee" to call in its loan.

Every borrower from the "Mortgagee" who obtains a loan on the security of a lease from the Regulatory

body shall, before the loan is made, execute a Conditional surrender of Lease in the form set out in

Appendix "A" hereto, and, in addition to mortgaging freehold lands as specified by the "Mortgagee", may,

execute a mortgage of the leasehold interest and the Regulatory body hereby acknowledges and agrees

that the leasehold interest so mortgaged shall constitute security for repayment of the loan.

Every loan which is covered by this Agreement (hereinafter called the "secured loan") shall be reported to

the Regulatory body by the "Mortgagee" promptly upon being made.

The "Mortgagee" shall report the repayment of every secured loan promptly thereafter.

Upon and after the receipt of notice from the "Mortgagee" of the making of a secured loan, the Regulatory

body will cause the disposition and any renewal or replacement thereof from time to time to be endorsed as

to the interest of the "Mortgagee" until such times as notice of repayment of such loan is received from the

"Mortgagee" or in the case of lease, until such lease is surrendered by virtue of notice from the "Mortgagee"

given pursuant to the Conditional Surrender of Lease.

The Regulatory body will not consent to any assignment or transfer of the disposition or any renewal or

replacement thereof without the consent of the "Mortgagee" as long as the secured loan remains

outstanding.

Dec 1, 2013

Memorandum of Agreement - Company

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Memorandum Of Agreement