Item - 2021.MM38.35

City Council on December 15, 16 and 17, 2021, adopted the following:

1.  City Council authorize the appropriate City officials to enter into and register on title an agreement to amend the Section 37 Agreement dated December 20, 2018, registered as Instrument No. AT5050933, as amended by agreement dated July 5, 2021 and registered as Instrument No. AT5787415, in a form satisfactory to the City Solicitor, as follows:

a. add the following definitions to the Section 37 Agreement:

“Approved Lender” means a lender designated as an approved lender by CMHC in accordance with the National Housing Act (Canada) and the regulations thereunder that is a mortgagee of the Affordable Rental Housing Units to be provided on Block 5A pursuant to a certificate of insurance issued by CMHC.

“CMHC” means Canada Mortgage and Housing Corporation established by the Canada Mortgage and Housing Corporation Act, R.S.C. 1985, c. C-7, as amended; and

b. add the following paragraph, following section 14.2:

"Notwithstanding anything in this Agreement to the contrary, Canada Mortgage and Housing Corporation, an Approved Lender, any transferee from Canada Mortgage and Housing Corporation or an Approved Lender, or any subsequent successors in title to Block 5A will only be responsible for obligations specifically pertaining to Block 5A, and will not otherwise be bound as Owner under this Agreement, where any of such persons becomes the Affordable Rental Housing Owner.  For clarity, for the purpose of this paragraph, subsequent successors in title to Block 5A only pertains to Affordable Rental Housing Owners that follow Canada Mortgage and Housing Corporation, an Approved Lender or their transferees on title." 

2.  City Council direct the City Solicitor to prepare such amendments to the registered Section 37 Agreement and any other such amendments determined necessary to implement City Council's decision on this matter, on terms satisfactory to the Chief Planner and Executive Director, City Planning and in a form satisfactory to the City Solicitor.