PROVIDED further, that no sale or other dealings by the Mortgagor
and the Guarantor with the equity cf redemption in the said lands. or
any part thereof shall ‘in any way change their. liability, or™ in any
way alter the rights of the Mortgagee as against them or any other
person Liable for payment of the monies “secured by. the: said Mortgage

of a Lease or hereby secured.

PROVIDED FURTHER that if any of the payments hereby ‘reserved or
"any part thereof shall not be paid when due or upon the fatlure of - the
Mortgagor and‘ the. Guarantor. - to observe. and “perform any. , the
covenants or. conditions herein or in the said: Mortgage. ‘of. a bake
contained, then the extension of time. for. payment herein provided
ishall become and be forthwith terminated ‘without notice.

PROVIDED “Wed that. it is understood, and agreed ‘that ‘the
Mortgagor: and the. Guarantor “shall have no. right er privilege “of.
repaying the mortgage monies save. as- herein or. in’ the sald Mortgage. of.
a Lease. provided, It BEING EXPRESSLY UNDERSTOOD - AND ‘AGREED . that “any.
statutory right in that , behalf shall take. effect” as ote the said’
Mortgage of a Lease had been dated on. the: date of. this; Indenture. ae

THIS AGREEMENT and everything. herein shall. “extend. ae
and .enure to the benefit. of ; the heirs, : executors, | administrators,
suceessors and. assigns of the Mor tgager “and ‘the ‘Guarantor vand

successors and assigns of the Mor tgagee:

FOR. THE PURPOSES of the , Canada Interest “het, the principal amount

- secured by the. Mortgage of a Lease as extended and: modified: herein.

commencing. as “at: the 1st day of January, 1983, ts $449, 39431, vand ithe
rate of interest  chareable thereon ‘from: and Including . _the - Ast day. offs.
January,..1983, is. 18 3/4% per cent per “annum: calculated halt yearly,

not in. advance.

IT. IS FURTHER “AGREED. ‘between ‘the parties hereto. that
NOTWITHSTANDING ANY OTHER PROVISION in: the: Modification Agreement, no.
body, corporate or personal, other than the! Mortgagor, Carnoustie.

‘Recreation and Development: Ltd. and. the Mortgagee, Crown. Life

Insurance Company; shall as a result of the operation of any term, or,

‘option In the Mortgage of a Lease to which it pertains be entitled, 7

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