PURCHASER'S ACKNOWLEDGMENT

THIS ACKNOWLEDGMENT made this________ day of ______________20______.

TO: _______________________________________________,
Barristers & Solicitors

RE: Purchase of _____________________________________  
(the "property")

This is to confirm that ________________________________  ,
Barristers and Solicitors have explained:

1. That the mortgage loan (for which I/we have been approved) (which I/we am/are assuming is a high-ratio, insured mortgage.
   
   
2. If I/we allow the mortgage to go into default, and foreclosure proceedings result, I/we could be personally liable for any deficiency should the value of the property be less than the total amount of principal, interest and costs ultimately determined to be owing under the mortgage.
   
   
3. I/we remain personally liable under the mortgage for so long as the mortgage remains in existence, i.e. until it has been repaid in full.
   
   
4. I/we should contact a solicitor to ascertain if liability can be avoided or when considering selling the property.

ACKNOWLEDGED BY: ________________________________________________  

                                             _______________________________________________ 

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