WHEREAS by a Mortgage of a Lease dated the 4th day of May,..1982,
and vegistered in the Land. Title Office. in. the City of New
- Westminster, In the Province of British Columbia, on the Sth-day.of
May, 1982, under number U37421, together with an Assignment of - Rents
registered: under number U37422, between CARNOUSTIE RECREATION | AND
OEVELOPMENT LTO., -as Mortgagor, and JOHN SARIC and LEO WILLIAM
DERBACH, as Guarantor, and CROWN LIFE INSURANCE COMPANY. as: Mortgagee,
the sald Mortgagor and. Guarantor did grant to the Mortgagee “ALL. ANO
SINGULAR that certain parcel or tract. of land and premises.situate,
lying.and being in the City of Port Coquitlam, in the Province of
British Columbia, and-more particularly known and described as:
FIRSTLY:
Whereas the Mor tgagor herein, is, the. Lessee of the “following,
lands and premises: be . pa
Lot nen of
Blocks 18 and 19° of
Secion 5. :
Block 6 North.
Range 1 East
Plan 19371,
EXCEPT. pact subdivided under Plan 22835
New. Westminster Olstrict

SECONOLY:

WHEREAS ‘the Mortgagor herein’ is the Lessee of
lands. and: premises: it

tot 13 of:

Secion §

Block’ 6: North

Range 1. East

Plan 22835 :

New Westminster ‘District

to secure the sum of FIVE -4UNDRED THOUSAND $500, 000. 00): - DOLLARS .

payable as set out in the said Mortgage of a Lease.

AND WHEREAS ~ the Mortgagor herein, CARNOUSTIE “RECREATION AND
'OEVELOPMENT -LTD., is the. Lessee. of the hereinbefore “described “dands.

subject to the said ‘Mor tgage of a. Lease and Assignment: of Rents.

“AND WHEREAS there {s now due upon. the sald. Mortgage of Lease for:
principal money the. sum of FOUR HUNDRED NINETY- NINE THOUSAND , " HREE
HUNORED NINETY-FOUR DOLLARS AND THIRTY-ONE CENTS ($499,394.31), and
interest. thereon from the Ist day ‘of January, 1983, at. the rate.

therein provided.

oe et ad aby