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B. The Purchaser wishes to purchase and develop the Lands;

c. The Vendor wishes to ensure that the development of the
Lands proceeds in accordance with its plans and policies;

oC. The Vendor has agreed to sell to the Purchaser and the
Purchaser has agreed to purchase from the Vendor and develop the
Lands on certain terms and conditions to ensure that the
“Carnoustie Golf Course” is developed in an appropriate manner.

WITNESSETH that the parties agree as tollows:

lL. The Vendor shall sell and the Purchaser shall buy ALL
AND SINGULAR that certain parcel or tract of land and premises
situate in the City and described as:

Lot 21

Section 5

Block 6 North

Range 1 East

New Westminster District
Plan

together with all buildings, fixtures, commons, ways, profits,
privileges, rights, easements and appurtenances to ‘the said
hereditaments. belonging, or with the same or any part thereof,
held or enjoyed, or appurtenant thereto and all the estate,
right, title, interest, property, claim and demand of the Vendor
in, to, or upon the lands and premises (which together are herein
called the "Lands") for the price of $300,000.00 of lawful money
of Canada, payable in the manner and on the days and times
hereinafter mentioned, that is to say: the sum of $75,000.00 on
the execution of this Agreement (of which any deposit paid by the
Purchaser to the Vendor shall form a part and the receipt whereof
is hereby acknowledged by the Vendor), and the balance of the
purchase price shall become due and be paid as follows:

The balance of $225,000.00, together with interest thereon
at the rate of 14% per annum (compounded semi-annually with
a 25 year ammortization period), computed from February 7,

1983 on so much of the said balance as shall from time to
time remain unpaid, as well after if before maturity payable

as follows:

93

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