Common use of Mortgagee Clause in Contracts

Mortgagee. As the mortgagee, by virtue of a mortgage or mortgages, is the holder of the legal title to the lands which are the subject of this development agreement (or is the holder of an interest in the equity of redemption), the Mortgagee is hereby executing this agreement to give effect thereto and for the purpose of ensuring that the agreement applies to the Property. PROVIDED NEVERTHELESS the Mortgagee shall not, by reason only of its execution of this agreement, be obligated to fulfill the obligations of the Property Owners herein. For greater certainty, the parties agree that the Mortgagee is deemed to be an owner of the Property which is subject to the Agreement for the purposes of Section 234 of the Municipal Government Act, S.N.S. 1998, Chapter 8 as amended. XXXX XXXXX Witness Signature Witness Signature

Mortgagee. As the mortgagee, by virtue of a mortgage or mortgages, is the holder of the legal title to the lands which are the subject of this development agreement (or is the holder of an interest in the equity of redemption), the Mortgagee is hereby executing this agreement to give effect thereto and for the purpose of ensuring that the agreement applies to the Property. PROVIDED NEVERTHELESS the Mortgagee shall not, by reason only of its execution of this agreement, be obligated to fulfill the obligations of the Property Owners herein. For greater certainty, the parties agree that the Mortgagee is deemed to be an owner of the Property which is subject to the Agreement for the purposes of Section 234 of the Municipal Government Act, S.N.S. 1998, Chapter 8 as amended. XXXX XXXXX THE TORONTO-DOMINION BANK Witness Signature Witness Signature

Mortgagee. As the mortgagee, by virtue of a mortgage or mortgages, is the holder of the legal title to the lands which are the subject of this development agreement (or is the holder of an interest in the equity of redemption), the Mortgagee is hereby executing this agreement to give effect thereto and for the purpose of ensuring that the agreement applies to the Property. PROVIDED NEVERTHELESS the Mortgagee shall not, by reason only of its execution of this agreement, be obligated to fulfill the obligations of the Property Owners herein. For greater certainty, the parties agree that the Mortgagee is deemed to be an owner of the Property which is subject to the Agreement for the purposes of Section 234 of the Municipal Government Act, S.N.S. 1998, Chapter 8 as amended. XXXX XXXXX RHODEYS DEVELOPMENTS LIMITED Witness Signature Witness Signature