VENDOR'S ACKNOWLEDGMENT

THIS ACKNOWLEDGMENT made this ______ day of ________________ 19 ___.

TO: ____________________________________________,
Barristers & Solicitors

RE: Sale of ______________________________________
(the "property") 

to _______________________________________      ___   
(the "Purchaser(s)") 

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

1. That the mortgage loan which the Purchaser(s) is/are assuming from me/us is a high-ratio, insured mortgage.
   
   
2. If the Purchases(s), or any subsequent Purchaser(s), allow(s) the mortgage to go into default, 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. 1/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, or until l/we have been released, and that I/we should attempt to obtain such release.

ACKNOWLEDGED BY: _____________________________________________  

                                           _____________________________________________   

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