Status of the Vendor. The Vendor is a credit union duly incorporated, validly existing and in good standing under the laws of the Province of British Columbia with respect to the filing of annual reports and has the power and capacity to own the Vendor’s Assets and to carry on the Vendor’s Business;
Status of the Vendor. The Vendor is duly incorporated and validly subsisting under the laws of its jurisdiction of incorporation, is validly extraprovincially registered in each province of Canada in which it carries on business (other than its jurisdiction of incorporation, if applicable), is in good standing and has all necessary corporate power and capacity to own and dispose of the Assets, to execute and deliver this Agreement and to carry out the terms and conditions of this Agreement to the full extent;
Status of the Vendor. (a) the Vendor is a corporation duly incorporated and existing under the laws of British Columbia, has the power and authority to enter into this Agreement and to carry out the transactions contemplated by this Agreement, all of which have been duly and validly authorized by all requisite proceedings and that this Agreement constitutes a legal, valid, and binding obligation of the Vendor in accordance with its terms; 4
(b) the Vendor is the registered and beneficial owner of the Purchased Property;
(c) on the Closing Date the Vendor will not have any indebtedness to any person, business, company, or governmental authority which by operation of law or otherwise then constitutes a lien, charge or encumbrance on the Property or which could affect the right of the Purchaser to own, occupy, and obtain revenue from the Property;
(d) there is no claim or litigation pending or, to the knowledge of the Vendor, threatened with respect to the Vendor, the Property, or the occupancy or use of the Property by the Vendor which could affect the right of the Purchaser to own, occupy, and obtain revenue from the Property or the ability of the Vendor to perform its obligations under this Agreement;
(e) neither the execution of this Agreement nor its performance by the Vendor will result in a breach by the Vendor of any term or provision or constitute a default under any indenture, mortgage, deed of trust, or any other agreement to which it is bound; and
(f) the Vendor is resident in Canada within the meaning of the Income Tax Act (Canada).
