Community Housing Fund - RFP - Express Charge Terms - Part 2

The Transferor has acknowledged to the Commission that: (i) the Transferor is entering into this Agreement to benefit the public interest; (ii) the Transferor will use the Property for the Specific Purpose or, if it is unable or unwilling to do so, it will allow the Commission, or such Person as the Commission may designate, to use the Property for the Specific Purpose in accordance with the terms. [...] The Transferor hereby covenants with the Commission, pursuant to Section 219 of the Land Title Act of British Columbia, with the intent that this Section 219 Covenant will be registered as a charge against the Interest in the Property and the burden of which will run with the Interest in the Property, and will also bind the Transferor contractually, during such time as the Transferor has an Intere. [...] From and after the Notice Date, this Agreement and the Notice will together constitute a binding and enforceable contract between the Transferor and PRHC for the purchase and sale of the Interest in the Property according to the terms and conditions of Section 5. [...] The Property will be at the risk of the Transferor up to the time the Transfer is submitted for registration at the LTO on the Closing Date, and will be at the risk of PRHC from and after the time the Transfer is submitted for registration at the LTO. [...] The Transferor may require that PRHC and the Commission execute and deliver to the Transferor a release in registrable form of the Covenant and the Option in the event that all Operating Agreements or agreements replacing the Operating Agreements are terminated, or if the terms of all Operating Agreements or agreements replacing the Operating Agreements expire.