• 96. (1) and (2) [Repealed, R.S., 1985, c. 25 (4th Supp.), s. 28]

• (3) [Repealed, 1992, c. 32, s. 47]

Marginal note:Condition re sale, etc.

• 97. (1) It is a condition of every agreement respecting the operation of a housing project to which the Corporation is a party that the housing project or any part thereof must not, during the term of the agreement and any extension thereof, be

  • (a) sold or otherwise disposed of,

  • (b) leased for a term of more than three years, or

  • (c) charged, in any manner whatever, for the purpose of securing payment of a debt or performance of any obligation,

  without the consent of the Corporation, except in such circumstances as are prescribed by regulation.

• Marginal note:Other conditions allowed

  (2) For greater certainty, the condition set out in subsection (1) is in addition to and not in derogation of any other condition required or permitted by this Act.

• Marginal note:Registration of agreement

  (3) Subject to the payment of any applicable fees, the Corporation may, in accordance with the ordinary procedure for registering documents that may affect land or interests in land, cause any agreement respecting the operation of a housing project to which the Corporation is a party to be registered on the title of the housing project.

• Marginal note:Notice

  (4) Registration of any agreement referred to in subsection (3) constitutes notice of the agreement to the same extent as does the registration of any other instrument that affects land or interests in land.

Marginal note:Undertaking re contributions, etc.

• 97.1 (1) The Corporation may require that any person who is to benefit from

  • (a) a loan from the Corporation with interest at a rate that is lower than the rate

    • (i) otherwise available on the open market, or

    • (ii) specified by the Corporation to be the market rate,

  • (b) a contribution from the Corporation, or

  • (c) forgiveness of any amount by the Corporation

  provide the Corporation with an undertaking described in subsection (2).

• Marginal note:Undertaking

  (2) The undertaking referred to in subsection (1) is an undertaking that the person will comply with such operating, residency or other requirements as may be specified by the Corporation and that the person will, as the case may be,

  • (a) pay to the Corporation an amount equal to the amount by which the interest the person would have paid in respect of the loan had the interest thereon been the higher rate referred to in subsection (1) exceeds the interest the person actually paid,

  • (b) reimburse the Corporation all amounts contributed by the Corporation, or

  • (c) pay to the Corporation all amounts forgiven by the Corporation,

  if the person fails to comply with any of those requirements.

• Marginal note:Application

  (3) This section applies notwithstanding that the interest rate, contribution or forgiveness is subject to any other condition.