GEN-37 â€” Loan agreement. Whereas, the Borrower wants to borrow from Her Majesty certain public Property hereinafter more fully described
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16. Loss, replacement
The Borrower shall promptly inform MC thereof and shall, if so directed by MC take immediate steps to cause the replacement of such item with property which is free and clear of all liens and encumbrances and which, in the opinion of MC is similar in condition and value to the item of property prior to the occurrence of any of the foregoing events in the event that any item of the Property shall become lost, stolen, destroyed or damaged beyond repair for any reason, or in the event of any condemnation, confiscation, theft or seizure or expropriation of such items. Such replacement shall occur during the Borrower’s expense and, upon completion for the replacement, such replacement or part shall be susceptible to this contract and also the changed item associated with the Property shall simultaneously be released through the terms hereof. The definition of “Property” as found in this contract shall consist of replacement that is such part unless the context otherwise requires.
17. Location of home
The Borrower shall offer to MC written notice associated with precise location of the home or anything thereof, and shall inform MC written down of any change of location of the exact same.
Where in this contract any notice, demand, way or other communications is needed to be provided with or created by either ongoing celebration, it will probably be on paper and it is effective if sent by registered mail, by verified facsimile, or delivered in individual https://paydayloanservice.net/payday-loans-tn/, postage prepaid or charge prepaid, due to the fact case might be, addressed in the event of Borrower to:
(name of individual)
(complete and name that is legal of company)
And in the full case of MC to:
(name of individual)
Dimension Canada District Manager â€“ Weights and Measures or Regional Manager â€“ Electricity and Gas or Laboratory Services Manager
or even address that is such either celebration may as time goes on designate by notice to another; and any notice, request, way or any other communications will probably be considered to own been given if by subscribed mail, if the postal receipt is acquiesced by one other celebration; by courier as soon as the distribution receipt is acquiesced by one other celebration, or by distribution.
19. Authorized use
The Borrower shall not lease or assign the Property except with the prior written authorization of MC. The Borrower may accept to its single advantage and make use of all remuneration compensated by any party that is third to or caused by making use of the house for purposes of this Borrower’s commercial solutions.
This contract might not be assigned because of the Borrower without having the previous penned consent of MC.
21. Termination by notice
MC may end this contract at any time by providing to your Borrower thirty day period’ notice written down, in which particular case the conditions of Article 24 hereof shall use. Should such notice be provided with by MC, the ongoing parties shall consult in order to reduce any disruption caused by termination prior to this informative article.
22. Termination because of the debtor
The Borrower may, with regards to any item associated with the Property, terminate this Agreement by delivering such product regarding the Property, when you look at the condition that is same it ended up being sent to the Borrower, reasonable use and tear excepted, to MC at its target lay out in Article 18 or at such other spot as MC while the Borrower might have agreed on paper, and also by signifying its intention to end this contract with regards to such product associated with Property.
23. Termination for cause
MC may, in its discernment, straight away end this contract by providing written notice thereof towards the Borrower should some of the events that are following: