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GEN-37 — Loan agreement. While, the Borrower desires to borrow from Her Majesty specific property that is public more fully described

GEN-37 — Loan agreement. While, the Borrower desires to borrow from Her Majesty specific property that is public more fully described

  • if the Borrower certification be revoked or ended, the present loan Agreement will probably be ended forthwith.
  • 24. Events upon termination

    Upon termination of the contract for just about any explanation, then, along with every other supply or remedy for sale in legislation:

  • the best associated with the Borrower to control regarding the Property shall straight away stop and MC shall have a right that is immediate control of this Property, exercisable without further notice or need;
  • the Borrower shall, at its very own cost, get back the home and shall lead to such until distribution to MC within the repair that is same condition because it had been received because of the Borrower, reasonable use and tear excepted, in the MC address put down in Article 18 or even such individual, as well as such destination within Canada, as MC additionally the Borrower may concur;
  • should, for just about any explanation the Borrower are not able to get back all the Property to MC pursuant to paragraph (b) for this Article, or should the home have now been so damaged or modified as to make it unfit for further usage by MC, then upon the written demand of MC, the Borrower shall spend MC such amount as MC deems to end up being the worth of the home that has perhaps not been came back or which was therefore damaged or changed;
  • MC may enter upon any premises upon which the Property, or any section of it, might be situated, and simply just take possession thereof and eliminate the exact same through the custody or control over the Borrower; and
  • the Borrower will be responsible for and shall spend to MC forthwith, however in any event upon demand, any cost or expense (including reasonable legal costs) incurred by MC in using control of this home or in transporting the house into the destination known in paragraph (b) with this Article.
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