Common use of Electronic Registration Clause in Contracts

Electronic Registration. If electronic registration of the Transfer at the applicable land registry office is mandatory on the Closing Date, or is optional and is requested by the Purchaser, the following terms shall form part of this Agreement: (1) the Vendor and the Purchaser shall each authorize and instruct their respective legal counsel to enter into an escrow closing agreement in the form mandated by the Law Society of Ontario, subject to such reasonable amendments as such legal counsel or the circumstances of the Transaction may require, establishing the procedures and timing for completion of the Transaction (the “Document Registration Agreement”); and (2) the delivery and exchange of the Transfer documents, other documents and funds and the release thereof to the Vendor and the Purchaser, as the case may be: (a) shall not occur contemporaneously with the registration of the Transfer; and (b) shall be governed by the Document Registration Agreement, pursuant to which the lawyer receiving the documents and/or funds will be required to hold the same in escrow and will not be entitled to release the same except in accordance with the provisions of the Document Registration Agreement.