Common use of Priority Agreement Clause in Contracts

Priority Agreement. 7.1 The Existing Chargeholder, as the registered holder of charges by way of Mortgages and Assignments of Rents against the Lands, which said charges are registered in the Land Title Office at Victoria, British Columbia, under numbers CA7337010 and ▇▇▇▇▇▇▇▇▇, and CA7337011 and CB1082597, respectively (collectively, the “Existing Charges”), for and in consideration of the sum of One Dollar ($1.00) paid by the City (the receipt whereof is hereby acknowledged), agrees with the City that upon filing of a Notice with the Land Title Office that the Lands are subject to this Agreement, pursuant to section 483(5) of the Local Government Act, this Agreement shall be an encumbrance upon the Lands in priority to the Existing Charges in the same manner and to the same effect as if Notice had been filed prior to the Existing Charges.