TAX PREPAYMENT PLAN

TERMS AND CONDITIONS

To be eligible for enrollment in the plan, the taxpayer's tax account
mist be current. There cannot be any arrears or delinquent taxes
outstanding against the property.

Interest will be calculated and credited to the taxpayers account at the
end of each month based upon the prime rate of the Canadian Imperial
Bank of Commerce less 2.5% on the last day of each month.

The anmual tax notice sent out in May of each year will include the
balance in the account plus interest and the amount payable to fully pay
the years taxes. This amount will be due on the day taxes are due and
will be calculated on the basis that the June 15th payment will be met.

Any taxpayer participating in the Tax Prepayment Plan may withdraw from
the program at any time upon written notice to the City. There will be
no refund of any payments made grior to the cancellation and the City
will contirmue to pay interest on any amounts paid.

SPECIAL ADDITIONAL RULES FOR MONTHLY INSTALLMENT PLAN

Payments will be processed and collected by the City on the 15th of each
month commencing July 15th 1988.

The difference between the taxes levied for the Current year and the
total of the 1Z installments asthorized and paid under the pian will be
due the second day of July in the current year. Any balance remaining
unpaid after the second day of July in any year will be subject to the
penalty provisions of the “Municipal Act" and bylaw authorized
thereunder.

The Tax Prepayment Plan will astomatically cease if tuo consecutive
prepayments fail to be honoured by your bank.

The agreement is valid until terminated by either party in writing. The
amount of deductions taken by the City may vary in subsequent years.

The amount will be agreed by mutual consent of both parties in a
statment mailed by the City to each participant showing the monthly
payment suggested for the next year.

The monthly payment is an estimate only and not a warranty or guarantee
of the amount of taxes which may be levied.

IT IS IMPORTANT TO REMEMBER THAT THE HOME OWNER GRANT MUST BE CLAIMED
AFTER RECEIPT OF THE TAX NOTICE AND THAT THE TAX PREPAYMENT PLAN IS NOT
A SUBSTITUTE FOR CLAIMING THE GRANT.

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