DocumentsOtherDec 15, 2025Page 132
Priority Agreement(s) (Mortgage Priority) attachments
Priority Agreement(s) executed by mortgage/lender parties granting the City priority for the registered housing agreement/covenant over certain financial charges; intended to ensure City's covenant has priority over lenders.
Key facts
- Chargeholders named (e.g., Bancorp Growth Mortgage Fund II Ltd. / First West Credit Union in other attachments)
- Statement: grant of priority to City's section 219 covenant as if registered prior to the Financial Charge
- Attached to Land Title Act Form C registration for housing agreements
PRIORITY AGREEMENT
WHEREAS:
A. BANCORP GROWTH MORTGAGE FUND II LTD., BANCORP FINANCIAL SERVICES INC. and BANCORP BALANCED MORTGAGE FUND II LTD. (collectively, the “Chargeholder”) is the holder of a mortgage and assignment of rents (collectively, the “Financial Charge”) encumbering the lands described in Item 2 of Part 1 of the Form C General Instrument to which this Priority Agreement is attached and which is registered in the Victoria Land Title Office as CB895508 and CB895509 respectively; and
B. A covenant pursuant to section 219 of the Land Title Act is being granted pursuant to Part 2 of the Form C General Instrument to which this Priority Agreement is attached (the “City’s Charge”) which is or will be registered against title to the lands.
NOW THEREFORE for one dollar ($1.00) and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged and agreed to by the Chargeholder, the Chargeholder hereby grants to the City priority for the City’s Charges over all the Chargeholder’s right, title and interest in and to the lands as if the City’s Charges had been executed, delivered and registered prior to the execution and registration of the Financial Charge and prior to the advance of any monies pursuant to the Financial Charge. The grant of priority is irrevocable, unqualified and without reservation or limitation.
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