Lululemon 2010 Annual Report Download - page 121

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8.2
R EGISTRATION .
Forthwith following the payment in section 8.1 and after receipt by the Purchaser’s Solicitors of the documents referred to in section
7.1 and after receipt by the Vendor’s Solicitors of the documents referred to in section 7.2, the Purchaser will cause the Purchaser’s
Solicitors to file in the LTO on the Completion Date the Transfer, the discharge of Notice of Interest BM33815 and any security
documents applicable to any mortgage financing arranged by the Purchaser in connection with the purchase of the Purchased Property.
8.3
C
LOSING
.
Forthwith following the filings referred to in section 8.2 and upon the Purchaser’s Solicitors being satisfied as to the title to the Lands
after conducting a post filing for registration check of the property index for the Lands disclosing only the following:
(a)
the existing title number to the Lands;
(b)
Permitted Encumbrances;
(c)
pending numbers assigned to the instruments referred to in section 8.2; and
(d)
any other charges granted by the Purchaser against the Lands,
the Purchaser will cause the Purchaser’
s Solicitors, forthwith upon receipt by them of the proceeds of any mortgage financing arranged
by the Purchaser, to initiate a wire transfer, in accordance with wire transfer instructions to be provided by the Vendor’s Solicitors on
the Completion Date for the aggregate of the Deposit and the amount due to the Vendor pursuant to subsection 2.3(c), as adjusted
pursuant to section 3.3, and concurrently therewith the Purchaser’s Solicitors will be entitled to release the documents referred to in
section 7.1 to the Purchaser, the Vendor’s Solicitors will be entitled to release the documents referred to in section 7.2 to the Vendor
and the Purchaser’s Solicitors will be entitled to (and will be directed by the parties to) release to the Purchaser all interest earned on
the Deposit (unless such interest has been adjusted for on the Vendor’s Statement of Adjustments, in which event the interest will be
paid to the Vendor).
8.4
C
ONCURRENT
R
EQUIREMENTS
.
It is a condition of this Agreement that all requirements of sections 8.1 to 8.3 are concurrent requirements and it is specifically agreed
that nothing will be completed on the Completion Date until everything required to be paid, executed and delivered on the Completion
Date has been so paid, executed and delivered and until the Purchaser’s Solicitors have satisfied themselves as to title pursuant to
section 8.3.
8.5
D
ISCHARGE OF
E
NCUMBRANCES BY
V
ENDOR
.
If on the Completion Date there are any judgments, liens, claims of lien or any other financial charges against title to the Lands which
are not Permitted Encumbrances, the Vendor will not be required to clear the title to the Lands prior to the receipt of the net sales
proceeds of the Purchased Property, but will be obligated to do so forthwith following receipt of such net sales proceeds and, in that
event, the Purchaser’s Solicitors will pay the net sales proceeds to the Vendor’s Solicitors on the condition that the Vendor’
s Solicitors
undertake to hold such amount of the net sales proceeds in trust as is sufficient to secure the discharge of any such non
-
Permitted