Veterans’ Land Regulations (C.R.C., c. 1594)

MEMORANDUM OF AGREEMENT made this day ofA.D. 19 pursuant to Part III of the Veterans’ Land Act.

BETWEEN:

THE DIRECTOR, THE VETERANS’ LAND ACT,

(hereinafter called the “Director”)

OF THE FIRST PART:

AND

of in the

Province of

(hereinafter called the “Veteran”)

OF THE SECOND PART:

WHEREAS by Agreement of Sale in writing of the day of 19, hereinafter called the Principal Agreement, the Director agreed to sell to the Veteran and the Veteran agreed to purchase from the Director the land therein described;

AND WHEREAS the Director has agreed to advance a loan, as provided by Part III of the Veterans’ Land Act, to the Veteran in the amount of

Dollars ($).

NOW THIS AGREEMENT WITNESSETH as follows:

(1) The Veteran covenants and agrees with the Director that he will repay to the Director the sum of Dollars ($) at the Director’s Office in the City of Ottawa, or at his office for the region in which the land is situated, together with interest thereon at the rate of per annum and made payable in the following manner, namely:

In equal consecutive amortized monthly payments of Dollars ($) such payments to be made on the first day of each and every month, the first of such payments to be made on the day of 19. Each amortized payment consists of principal and interest, such interest being calculated yearly not in advance, which payments are sufficient on an amortization plan to pay principal and interest thereon. Each amortized payment shall be applied, firstly, in the reduction of interest outstanding and secondly, in the reduction of principal. All payments of principal on becoming overdue shall bear interest at the rate aforesaid.

(2) This Agreement is supplementary to and forms part of the Principal Agreement and any default under the Principal Agreement aforesaid shall be deemed to be a default under this Agreement, and any default under this Agreement shall be deemed to be a default under the said Principal Agreement.

(3) The lands being purchased under Part I of the Act are the lands described in Schedule “I” hereto. Where additional lands are being purchased from the proceeds of this loan, the lands are described in Schedule “II” hereto and are subject to the same terms and conditions as are contained in the Principal Agreement.

(4) The Veteran shall not be entitled to a conveyance or transfer of either the land described in this Agreement or the land described in the Principal Agreement until he has fully complied with the terms of this Agreement and the Principal Agreement whether as to terms of payment or otherwise, and as long as any portion of the loan to which this Agreement relates remains unpaid, the Director has a first and paramount lien in respect thereof on the land described in the Principal Agreement and in this Agreement, which lien has priority over all other rights, interests, liens, charges, claims or demands whatsoever of any other person.

(5) The Veteran may at any time without giving notice or paying bonus, pay the whole or any part of the indebtedness to the Director under this Agreement.

(6) The Veteran agrees that if the Director, pursuant to the provisions of the Principal Agreement, disburses moneys in payment of the costs of cleaning and repairing, in payment of insurance premiums or in payment of rates, taxes or assessments or in any other manner disburses moneys pursuant to the provisions of the Principal Agreement or the Veterans’ Land Act, the interest chargeable on such disbursements, notwithstanding the interest rate that may be prescribed in the Principal Agreement, shall be at the rate of per annum.

IT IS PROVIDED that, in the event of any sale, lease or other disposition by the Veteran of the land described in the Principal Agreement, or any land purchased from the proceeds of this loan, any portion of the loan then outstanding shall, at the option of the Director, become due and payable forthwith.

IN WITNESS WHEREOF the parties hereto have hereunto set their hands and seals.

WITNESS:

SCHEDULE I (Part I lands)

SCHEDULE II (Part III lands)

AFFIDAVIT TO BE TAKEN BY WITNESS TO AGREEMENT

		I,
Province	{	of the of in the
of		Province of
		(Occupation of Witness)

make oath and say as follows:

1. THAT I was personally present and did see the within Agreement and duplicate duly executed by

(Full Name of Veteran)

one of the parties thereto.

2. THAT I know the said party and that he is of the full age of twenty-one years.

3. THAT the same was executed at in the Province aforesaid and that I am a subscribing witness to the within Agreement and duplicate.

SWORN before me at the
of , in the Province of
, this day of	}	(Signature of Witness)
, A.D. 19
Notary Public, Justice of the Peace, Commissioner for Oaths, or Authorized for this purpose under the Veterans’ Land Act.