Memorandum Of Agreement (Page 2 of 3) in pdf

Memorandum Of Agreement Page 2

Memorandum of Agreement - Company

The Regulatory body will cause the "Mortgagee" to be notified of any delinquency in payment of rental,

fees, or taxes, or any non-performance on the part of the Mortgagor which would jeopardize the

continuance of the disposition or its renewal and will advise the "Mortgagee" as to the corrective action

required by the Public Lands Act and the regulations and the time within which such action must be taken.

The Regulatory body will cause the "Mortgagee" to be notified of any action contemplated by him which

might adversely affect the privileges of the disposition so that the "Mortgagee" may have the opportunity of

protecting its interest, and if the "Mortgagee" or the Mortgagor does not take the necessary action to rectify

the Mortgagor's delinquency or breach of the regulations within the time prescribed by the Regulatory body,

the disposition may be cancelled by the Regulatory body pursuant to the Public Lands Act and the

regulations.

In the case of a lease, upon receipt of notice from the "Mortgagee" pursuant to a Conditional Surrender of

Lease, accompanied by the Conditional Surrender of Lease, the Regulatory body will terminate the lease or

any renewal or replacement thereof.

10.

Where a disposition has been cancelled, the Regulatory body will issue a new disposition on the lands

therein described to such person qualified under provincial regulations, where the person has been

recommended by the "Mortgagee" within one year from the date of cancellation of the disposition provided

however, that in such event the "Mortgagee" will be responsible to the Regulatory body for any loss in rent

or taxes suffered by the Regulatory body by reason of such delay in the execution of such new disposition.

11.

This Memorandum of Agreement shall remain in effect until terminated by three months' notice given by

either party to the other and termination by such notice shall not apply to secured loans made prior to the

effective date thereof.

Per:

Witness

Authorizer, Public Lands Act

Dec 1, 2013

Memorandum of Agreement - Company

Page 2 of 3

Memorandum Of Agreement Page 2