DISCLOSURE STATEMENT OF Port Coquitlam, B.C. V3C 4W4 · “TERRAZZO CONDOS” (the...

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DISCLOSURE STATEMENT

OF

“TERRAZZO CONDOS” (the “Development”)

Developer:

Developer’s Address for Service:

Developer’s Business Address:

Bianco Developments Ltd.

2060 Columbia AvenuePort Coquitlam, B.C. V3C 4W4

2060 Columbia AvenuePort Coquitlam, B.C. V3C 4W4

Beneficial Owners See Attached Schedule “A”

Agent for the Developerfor the marketing of the strata lots

Address:

Gopal Sahota Sutton West Coast Realty

7832 12th StreetSurrey BC V3W 3N2

Date of Disclosure Statement: February 22, 2019

“THIS DISCLOSURE STATEMENT HAS BEEN FILED WITH THE SUPERINTENDENTOF REAL ESTATE, BUT NEITHER THE SUPERINTENDENT, NOR ANY OTHERAUTHORITY OF THE GOVERNMENT OF THE PROVINCE OF BRITISH COLUMBIA,HAS DETERMINED THE MERITS OF ANY STATEMENT CONTAINED IN THEDISCLOSURE STATEMENT, OR WHETHER THE DISCLOSURE STATEMENTCONTAINS A MISREPRESENTATION OR OTHERWISE FAILS TO COMPLY WITH THEREQUIREMENTS OF THE REAL ESTATE DEVELOPMENT MARKETING ACT. IT ISTHE RESPONSIBILITY OF THE DEVELOPER TO DISCLOSE PLAINLY ALL MATERIALFACTS, WITHOUT MISREPRESENTATION."

IN ORDER TO ENSURE THAT THE PROPERTY DESCRIBED HEREIN MEETS WITHYOUR EXPECTATIONS, IT IS RECOMMENDED THAT YOU INSPECT THE PROPERTYPERSONALLY.

This Disclosure Statement relates to a development property that is not yet completed. Pleaserefer to section 7.2 for information on the purchase agreement. That information has beendrawn to the attention of (insert purchaser(s) name(s) here)

Initial here Initial here

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RIGHT OF RESCISSION

Under section 21 of the Real Estate Development Marketing Act, the purchaser or lessee ofa development unit may rescind (cancel) the contract of purchase and sale or contract to leaseby serving written notice on the developer or the developer’s brokerage, within 7 days afterthe later of the date the contract was entered into or the date the purchaser or lessee receiveda copy of this Disclosure Statement.

A purchaser may serve a notice of rescission by delivering a signed copy of the notice inperson or by registered mail to

(a) the developer at the address shown in the disclosure statement received by thepurchaser,

(b) the developer at the address shown in the purchaser’s purchase agreement,(c) the developer's brokerage, if any, at the address shown in the disclosure statement

received by the purchaser, or(d) the developer's brokerage, if any, at the address shown in the purchaser’s purchase

agreement.

The developer must promptly place purchasers' deposits with a brokerage, lawyer or notarypublic who must place the deposits in a trust account in a savings institution in BritishColumbia. If a purchaser rescinds their purchase agreement in accordance with the Act andregulations, the developer or the developer's trustee must promptly return the deposit to thepurchaser.

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Policy Statement 5 - Building Permit

The Superintendent of Real Estate (the “Superintendent”) will accept for filing disclosurestatements where the developer has been granted development approval prior to the issuance ofa building permit provided that:

(a) the estimated date, as disclosed in the disclosure statement, for the insurance of a buildingpermit, is 9 months or less from the date the developer filed the disclosure statement withthe superintendent;

(b) the developer markets the proposed development units under the disclosure statement fora period of no more than 9 months from the date the disclosure statement was filed withthe superintendent, unless an amendment to the disclosure statement that sets outparticulars of the issued building permit is filed with the superintendent during that period;

(c) Any purchase agreement used by the developer, with respect to any development unitoffered for sale or lease before the purchaser’s receipt of an amendment to the disclosurestatement that sets out particulars of the issued building permit, contains the followingprovisions:

(i) The purchaser may cancel the purchase agreement for a period of sevendays after receipt of an amendment to the disclosure statement that sets outparticulars of the issued building permit if the layout or size of theapplicable development unit, the construction of a major common facility,including a recreation centre or clubhouse or the general layout of thedevelopment, is materially changed by the issuance of the building permit;

(ii) if the amended disclosure statement that sets out particulars of an issuedbuilding permit is not received within 12 months after the initial disclosurestatement was filed, the purchaser may at his or her option cancel thepurchase agreement at any time after the end of that 12 month period untilthe required amendment is received by the purchaser, at which time thepurchaser may cancel the purchase agreement for a period of seven daysafter receipt of that amendment only if the layout or size of the applicabledevelopment unit, the construction of a major common facility, includinga recreation centre or clubhouse or the general layout of the development,is materially changed by the issuance of the building permit;

(iii) The amount of the deposit to be paid by a purchaser who has not yetreceived an amendment to the disclosure statement that sets out particularsof an issued building permit is no more than 10% of the purchase price; and

(iv) All deposits paid by a purchaser, including interest earned if applicable,will be returned promptly to the purchaser upon notice of cancellation fromthe purchaser.

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Policy Statement 6 - Financing

The Superintendent of Real Estate (the “Superintendent”) will accept for filing disclosurestatements where the developer has obtained a conditional financing commitment provided that:

(a) the estimated date for obtaining a satisfactory financing commitment, as disclosed in thedisclosure statement, is 9 months or less from the date the developer filed the disclosurestatement with the superintendent;

(b) the developer markets the proposed development units under the disclosure statement fora period of no more than 9 months from the date the disclosure statement was filed withthe superintendent, unless an amendment to the disclosure statement that sets outparticulars of the satisfactory financing commitment is filed with the superintendent duringthat period;

(c) Any purchase agreement used by the developer, with respect to any development unitoffered for sale or lease before the purchaser’s receipt of an amendment to the disclosurestatement that sets out particulars of a satisfactory financing commitment, contains thefollowing terms:

(i) If an amendment to the disclosure statement that sets out particulars of asatisfactory financing commitment is not received by the purchaser within12 months after the initial disclosure statement was filed, the purchaser mayat his or her option cancel the purchase agreement at any time after the endof that 12 month period until the required amendment is received by thepurchaser;

(ii) The amount of the deposit to be paid by a purchaser who has not yetreceived an amendment to the disclosure statement that sets out particularsof a satisfactory financing commitment is no more than 10% of thepurchase price; and

(iii) All deposits paid by a purchaser, including interest earned if applicable,will be returned promptly to the purchaser upon notice of cancellation fromthe purchaser.

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INDEX

Page No.

1. The Development 7

1.1 Jurisdiction, Incorporation Date and Number of Developer1.2 Specifically incorporated for this Development1.3 Registered and Records Office of the Developer1.4 List of Directors of the Developer1.5 Developer, Officers and Directors of the Developer

information1.6 Conflict of Interest

2. General description 8

2.1 General Description of the Development2.2 Permitted Use2.3 Phasing

3. Strata Information 9

3.1 Unit Entitlement3.2 Voting Rights3.3 Common Property and Facilities3.4 Limited Common Property3.5 Bylaws3.6 Parking3.7 Furnishing and Equipment3.8 Budget3.9 Utilities and Services3.10 Strata Management Contracts3.11 Insurance3.12 Rental Disclosure Statement

4. Title and Legal Matters 12

4.1 Legal Description4.2 Ownership4.3 Existing Encumbrances and Legal Notions4.4 Proposed Encumbrances4.5 Outstanding or Contingent Litigation or Liabilities4.6 Environmental Matters

5. Construction and Warranties 14

5.1 Construction Dates5.2 Warranties5.3 Not a Previously Occupied Building

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6. Approvals and Finances 15

6.1 Development Approval6.2 Construction Financing

7. Miscellaneous 15

7.1 Deposits7.2 Purchase Agreement7.3 Developer’s Commitments7.4 Other Material Fact

Solicitor’s Certificate 19

Declaration of a Director 20

Declaration of Developer/Beneficial Owner 21

List of Beneficial Owners 28

List of Exhibits 32

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1. The Developer: Bianco Developments Ltd.

1.1 Jurisdiction: British ColumbiaDate of Incorporation: February 3, 2006Incorporation number: BC0747834

1.2 The Developer was not incorporated specifically for the purpose of developing the stratalots. The Developer has no assets other than the development property itself.

1.3 The Developer’s registered and records office are: Bianco Developments Ltd.2060 Columbia AvenuePort Coquitlam, B.C. V4C 4W4

1.4 List of the Directors of the Developer: Scott Bianco President/Secretary

1.5 (1) To the best of the Developer’s knowledge, the nature and extent of the experienceof the Developer and its officers and directors is as follows:

(a) The Developer and its officer’s and directors have been in the business ofdeveloping properties and building residential /condominium developmentssince 2003.

Scott Bianco has been in the business of residential townhouse andcondominium developments since 2003.

(2) To the best of the Developer’s knowledge, neither the Developer, nor any principal

holder of the Developer nor any of the Developer’s officers, directors or principalholder, within the 10 years prior to the date of the Declaration of the Developerattached to the Disclosure Statement, has been subject to any penalties or sanctionsimposed by a court of regulatory authority, relating to the sale, lease, promotionor management of real estate or securities, or to lending money secured by amortgage of land, or to arranging, administering or dealing in mortgages of land,or to theft or fraud.

(3) To the best of the Developer’s knowledge, neither the Developer, nor any principalholder of the Developer, nor any director or officer of the Developer or principalholder, within the 5 years before the date of the Developer’s declaration attachedto the Disclosure Statement, was declared bankrupt or made a voluntary assignmentin bankruptcy, made a proposal under any legislation relating to bankruptcy orinsolvency or has been subject to or instituted any proceedings, arrangement, orcompromise with creditors or had a receiver, receiver manager or trustee appointedto hold the assets of that person.

(4) To the best of the Developer’s knowledge, no director, officer or principal holderof the Developer, or any director or officer of the principal holder, within the 5years prior to the date of the Developer’s declaration attached to the Disclosure

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Statement, has been a director, officer or principal holder of any other developerthat, while that person was acting in that capacity, that other developer

(a) was subject to any penalties or sanctions imposed by a court or regulatoryauthority relating to the sale, lease, promotion, or management of realestate or securities, or to lending money secured by a mortgage of land, orto arranging, administering or dealing in mortgages or land, or to theft orfraud;

(b) was declared bankrupt or made a voluntary assignment in bankruptcy, madea proposal under any legislation relating to bankruptcy or insolvency orbeen subject to or instituted any proceedings, arrangement or compromisewith creditors or had a receiver, receiver manager or trustee appointed tohold its assets.

1.6 There are no existing or potential conflicts of interest among the Developer, manager, orany directors, officers and principal holders of the Developer and manager, or anydirectors and officers of the principal holders, or any person providing goods and servicesto the Developer, manager or holders of the development units in connection with theDevelopment which could reasonably be expected to affect the purchaser’s purchasedecision.

2. General Description

2.1 General Description of the Development:

The Development is located at 2649 James Street, Abbotsford, B.C. and is legallydescribed as:

Parcel Identifier: 030-131-545Lot A Section 20 Township 16 New Westminster District Plan EPP70254

The Development will consist of mixed-use building that includes 70 (seventy) residentialcondominium units and 1 (one) ground floor commercial unit.

Type of Units Number of Units

One Bedroom 1 units

Two Bedrooms 48 units

Three Bedrooms 21 units

Commercial 1 unit

Total Strata Lots 71 Units

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The buildings will be wood framed on a concrete foundation with a parkade below groundlevel. The proposed Strata Plan is attached to this Disclosure Statement as Exhibit “A”(the “Strata Plan”). The strata lots will be individually owned and each owner will owna proportionate to their unit entitlement in the common property and other assets of theStrata Corporation which will be owned by the owners of the strata lots as tenants incommon.

2.2 Permitted Use

The zoning applicable to the Development is residential and commercial, and permits theconstruction of the Development. The purchasers can obtain the copy of zoningrequirement from the City of Abbotsford at building department of City of Abbotsfordlocated at: 32315 South Fraser Way, Abbotsford, B.C. V2T 1W7. Contact phone numberfor building department is 604-864-5525 and e-mail address: [email protected].

2.3 Phasing

The Development will not be a phased development.

3. Strata Information

3.1 Unit Entitlement

The Unit Entitlement of each strata lot is a figure indicating its share in the commonproperty and assets of the Strata Corporation and is used to determine each Strata Lot’scontribution to the expenses incurred in respect to the Common Property and the otherassets of the Strata Corporation. The Unit Entitlement is based on the area in squaremetres of the strata lot rounded to the nearest whole number. A schedule of the proposedUnit Entitlement of each of the strata lots is contained in Form V to the Strata Plan. Theschedule of Unit Entitlement may vary to a small degree when the final Strata Plan iscompleted. A copy of the proposed Unit Entitlement for the strata lots, is attached asExhibit “B”.

3.2 Voting Rights

Each Strata Lot in the Development is entitled to one vote in the Strata Corporation.

3.3 Common Property and Common Facilities

The common property consists of all roadways, sidewalks, landscaped areas, electricalrooms, fitness facility, meeting room and storage lockers.

Each unit will be assigned to One (1) storage locker by the Strata Corporation.

mailto:[email protected].

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3.4 Limited Common Property

Limited Common Property is an area within the common property that is designated forthe exclusive use of one or more strata lots and any additional maintenance or expensecreated thereby will be allocated to the strata lot or strata lots which enjoy the exclusiveuse. In this Development, there is designated Limited Common Property of parking stalland patios as show on the Preliminary Strata Plan attached as Exhibit A to this DisclosureStatement.

3.5 Bylaws

The strata corporation’s bylaws will be the Schedule of Standard Bylaws contained in theStrata Property Act.

3.6 Parking

The Development will consist of One Hundred and Twenty Two (122) parking stallslocated underground.

The Developer intends to enter into a lease agreement with Golden Valley EnterprisesLtd., a company associated with the Developer for the 107 non-visitor residential parkingstalls and the 71 storage lockers. Golden Valley Enterprises Ltd. will enter into subleaseagreements with the purchasers of Strata Lots within the Development. When all of theStrata Lots have been sold, Golden Valley Enterprises Ltd. will assign its interest in thelease and subleases to the Strata Corporation.

One (1) of the parking stall will be for commercial unit as determined by the StrataCorporation.

Fourteen (14) parking stalls located underground shall be visitors parking, with Two (2)of the visitor parking stalls designated for handicapped parking as determined by the StrataCorporation.

3.7 Furnishing and Equipment

The following furnishing and equipment will be included in the purchase price of eachresidential Strata Lot:

• Stainless steel Fridge • Stainless steel Stove• Stainless steel Dishwasher• Stainless steel Microwave Hood Fan• Hot Water Heating System in the Building• White Washer and Dryer

Any manufacturer's warranty on the above equipment and appliances will be passed on tothe purchaser of that Strata Lot to the extent permitted by such warranty.

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3.8 Budget

The Strata Corporation will have an annual budget based upon the expenses incurred. TheExpenses relating to the common areas will be pro-rated to the Strata Lots within thedevelopment in accordance with the Unit Entitlement thereof and included in the monthlyassessments.

An interim budget for the Strata Corporation for the 12-month period commencing on thefirst day of the month following the date of the first conveyance of a Strata Lot to apurchaser, is attached as Exhibit “C”. As required by the Strata Property Act, theDeveloper will pay for all expenses of the Strata Corporation up to the end of the monthin which the first conveyance of a Strata Lot to a purchaser occurs.

Exhibit “D” to this Disclosure Statement sets out the estimated monthly assessments forthe Strata Lots during the initial operating year based on the interim budgets and the UnitEntitlement figures set out in Exhibit “C”. The monthly assessments will be furtheradjusted upon the establishment by the Strata Corporation of the actual annual budget ofoperating expenses for each section following the first annual general meeting of the StrataCorporation.

At the first annual general meeting of the Strata Corporation and each annual generalmeeting thereafter, the Strata Corporation will approve a new annual budget for thefollowing 12-month period. The monthly assessments for each such 12-month period willbe calculated based on the approved budget and the Unit Entitlement for each Strata Lot.

3.9 Utilities and Services

The Development will be serviced by natural gas (for the hot water system, hallwayHVAC, barbeques, and gas ranges in strata units), metered water supply, sanitary sewer,storm water sewer, electricity, telephone, fire protection, cablevision, garbage disposal andrecycling and road access, some of which will be paid for by the Strata Corporation or theowners of the Strata Lots as provided below.

(a) The Strata Corporation will be billed by the City of Abbotsford and pay for themetered water for all of the Strata Lots and the cost will be prorated to the ownersof the Strata Lots in accordance with the Unit Entitlement thereof. Electricity, gas,and other utilities supplied to the Common Property will be paid by the StrataCorporation and the cost of such services will be included in the monthlyassessments.

(b) With the exception of those utilities listed in paragraph 3.9 (a) above, all otherutilities will be separately metered or assessed to each Strata Lot and will be theresponsibility of each Strata Lot owner. The Developer has made its best effort to estimate the rates charged by the various utilities or the City of Abbotsford inpreparing the interim budget attached as Exhibit “D” hereto. However, these rates are subject to adjustments by the billing authority.

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(c) Garbage collection and recycling services will be provided to the Strata Lot ownersby a private company not affiliated with the Developer. The cost of such serviceswill be paid for by the Strata Corporation and included in the monthly assessments.

3.10 Strata Management Contracts

The Developer may enter into a strata management contracts or other material contractsthat will bind the strata corporation.

3.11 Insurance

The Developer will place in the name of the Strata Corporation full replacement insurancecoverage for major perils including fire, lightning, smoke, windstorm, hail, explosion,earthquake (if readily available), water escape, strikes, riots or civil commotion, impactby aircraft and vehicles, vandalism and malicious acts on completion of the Developmentfor:(a) common property;(b) common assets;(c) buildings shown on the strata plan; and(d) fixtures (which for example includes floor and wall coverings and electrical and

plumbing fixtures, but does not include appliances) built or installed on the StrataLot as part of the original construction by the Developer.

The Developer will place in the name of the Strata Corporation general liability insurancecoverage on completion of the Development to insure the Strata Corporation againstliability for property damage and bodily injury in a Comprehensive General LiabilityPolicy in the amount of $2,000,000.00.

The Strata Corporation is responsible for insuring the Common Property and LimitedCommon Property.

The Purchaser is responsible for insuring the contents of his/her Strata Lot.

3.12 Rental Disclosure Statement

A rental disclosure statement, Form J, will be filed with the Superintendent of Real Estate.A copy of the proposed Strata Property Act Form J is attached as Exhibit “E”.

4 Title and Legal Matters

4.1 Legal Description

The Legal Description of the Development is:

Parcel Identifier: 030-131-545Lot A Section 20 Township 16 New Westminster District Plan EPP70254

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4.2 Ownership:

The Development property is registered in the name of and owned by the Developer,Bianco Developments Ltd.

By way of a Joint Venture Agreement between the party the beneficial interest held in theDevelopment is as set out in Schedule “A”.

4.3 Existing Encumbrances and Legal Notations

The following legal notations and encumbrances are presently registered against title to theLands and, unless otherwise indicated. will remain registered against title to the Strata Lotsand/or the Common Property of the Development

Legal Notations

(a) This title may be affected by a Permit Under Part 14 of the Local Government Act,See CA5951277 and CA7340651

Non-Financial Charges

(b) Covenant in favour of City of Abbotsford registered under No.CA5979910,CA5979915, CA7338382 and CA7338384;

(c) Statutory Right of Way in favour of City of Abbotsford registered under No.CA5979912;

Financial Charges

(d) Mortgage in favour of Lanyard Investments Inc. registered under No. CA7083465and Assignment of Rents registered under No. CA7083466.

The Developer intends to payout and replace the Lanyard Investments mortgagewith a new mortgage as set out in paragraph 6.2 below.

The mortgage holder will provide a partial discharge of its Mortgage andAssignment of Rents on the sale of each Strata Lot in consideration of receiving allor a portion of the net sale proceeds of the sale.

Pursuant to the Contract of Purchase and Sale attached as Exhibit “F”, theDeveloper will provide the title of each of the strata lots to each of the purchasers,free and clear of all financial encumbrances.

4.4 Proposed Encumbrances

The Developer may register against the title to the Strata Lots and/or the CommonProperty any and all such rights of way, easements, restrictive covenants, dedications andother rights or restrictions required by the City of Abbotsford, Terasen Gas, Shaw Cable,

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the Province of British Columbia or any other applicable governmental authority or publicutility.

The Developer may register against the title to the Strata Lots and/or the CommonProperty mortgage(s) and assignment(s) of rents or any amendment thereto (collectivelythe “Future Financial Encumbrances”) in favour of financial institutions, securing theconstruction financing required by the Developer to complete the Development.

4.5 Outstanding or Contingent Litigation or Liabilities

There is no outstanding or anticipated litigation in respect to the Development or againstthe Developer which may affect the Development, or of which the Developer is aware.

4.6 Environmental Matters

The Developer is not aware of any environmental matters or any requirements imposed bythe City of Port Coquitlam or other governmental authorities relating to flooding orcondition of soil or subsoil affecting the development property.

5 Construction and Warranties

5.1 Construction Dates:

Estimated date for Estimated date forCommencement of Construction Completion of Construction

Feb 15, 2019 to May 15, 2019 Sept 15, 2020 to Dec 15, 2020

5.2 Warranties

The Developer will obtain coverage with respect to home warranty insurance coverage forthe Strata Lot with through National Home Warranty under No. NHWV94761, inaccordance with the requirements of the Homeowner Protection Act (British Columbia)in respect of the following:

C 2 years - full coverage (Material and Labour)C 5 years - water penetration (Building Envelope)C 10 years - structural defects warrantyAny manufacturer’s warranty, with respect to any equipment included in the commonproperty or strata lots will be passed on to the Strata Corporation or Purchasers, as thecase may be, if and to the extent permitted by such warranty.

5.3 Previously Occupied Building

Neither the Strata Lots nor any building in the Development have been previouslyoccupied.

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6 Approvals and Finances

6.1 Development Approval

The City of Abbotsford has approved the Development and the Developer received theDevelopment Permit under number 2160 on February 8, 2019.

The City of Abbotsford as not yet issued a building permit for the Development, and theDeveloper anticipates that a building permit will be issued by the City of Abbotsford onor before April 2019. An amendment to this Disclosure Statement setting out theparticulars of the issued building permit for the Development will be filed with theSuperintendent of Real Estate after the building permit has been issued and a copy of theamendment will be delivered to each buyer of a Strata Lot.

6.2 Construction Financing

The Developer has obtained a commitment, from Prospera Credit Union, to providefinancing for the construction of the Development. The financing is conditional upon theDeveloper satisfying certain presale requirements.

The financing will be secured by registration of a mortgage and assignment of rents againsttitle to the Lands. Prospera Credit Union will provide a partial discharge of its Mortgageand Assignment of Rents on the sale of each Strata Lot in consideration of receiving all ora portion of the net sale proceeds of the sale.

Pursuant to the Contract of Purchase and Sale attached as Exhibit “F”, the Developer willprovide the title of each of the strata lots to each of the purchasers, free and clear of allfinancial encumbrances.

7. Miscellaneous

7.1 Deposits

All deposit monies received from purchasers shall be held in a trust account of a licenseeunder the Real Estate Development Marketing Act, a solicitor or a notary public untilcompletion of the transaction or earlier termination.

The Developer may, at its option, enter into a deposit protection contract, which allowsdevelopers generally to enter into an insurance contract or other form of securityagreement with an approved insurer pursuant to which the deposits paid by purchasers ofland to be subdivided or strata titled may be released to the developer. Accordingly, theDeveloper may, at its option, enter into an insurance contract with an insurance companythat is qualified to issue deposit protection contracts in British Columbia, or other form ofsecurity agreement as required by the Real Estate Development Marketing Act (BritishColumbia) and to allow the deposits paid by purchasers of the strata lots to be released tothe Developer.

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In the event the Developer complies with Section 19 of the Real Estate DevelopmentMarketing Act as it relates to securing the deposit, all purchasers of the strata lots willauthorized the holder of the deposit to release the deposit to the Developer for use incompletion of the Development.

In such case, the Developer may use the Deposit for purposes related to the Development,including, without limitation, the construction and marketing of the Development, inaccordance with the provisions of REDMA.

7.2 Contract of Purchase and Sale

(i) Attached as Exhibit “F” to this disclosure statement is a Contract of Purchase andSale agreement (the “Contract”) substantially in the form the Developer intends touse in connection with the sale of the strata lots unless otherwise agreed betweenthe Developer and a Buyer.

(ii) The Contract contains the following express provisions for terminating suchcontract:

(i) If the Buyer fails to pay the deposits as required under such contact, thenthe Developer may at its option terminate the contract (paragraph 5);

(ii) If the transaction has not completed by the specified Outside Date, thensuch contract is terminated and the deposit monies returned to the Buyer asthe Buyer’s sole remedy (paragraph 10);

(iii) If the Buyer fails to pay the Purchase Price in accordance with suchcontract, then the Developer may at its option terminate such contract andin such case the Buyer’s deposit monies are absolutely forfeited to theDeveloper on account of damages (Schedule A paragraph 13);

(iii) Paragraph 9 and 10 of the Contract sets out the provisions for extending theCompletion Date of the Contract.

(iv) Schedule A paragraph 17 of the Contract provides that the Buyer may not directlyor indirectly assign the Buyer’s interest in this Contract or direct the Developer totransfer the property to any third party without the written consent of thedeveloper, which may be withheld by the Developer in its sole and absolutediscretion. If such written consent is given by the Developer, any such assignmentwill not release or discharge the Buyer from any of the Buyer’s duties orobligations under the Contract even if the Contract is subsequently amended. If theDeveloper consents to any such assignment, the Developer may, at it’s option,charge an assignment fee equal to 1% of the purchase price, plus GST, prior toclosing. An assignment to spouse, child, grandchild, parent, grandparent or siblingof the Buyer will be at no charge.

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An assignment under the Real Estate Development Marketing Act is a transfer ofsome or all of the rights, obligations and benefits under a purchase agreement madein respect of a strata lot in a development property, whether the transfer is madeby the purchaser under the purchase agreement to another person or is a subsequenttransfer.

Each proposed party to an assignment agreement must provide the Vendor with theinformation and records required under the Real Estate Development MarketingAct.

Before the Vendor consents to an assignment of a purchase agreement, the Vendorwill be required to collect information and records under the Real EstateDevelopment Marketing Act from each proposed party to an assignment agreement,including personal information, respecting the following:

(1) the party's identity;(2) the party's contact and business information:(3) the terms of the assignment agreement.

Information and records collected by the Vendor must be reported by the Vendorto the administrator designated under the Property Transfer Tax Act. Theinformation and records may only be used or disclosed for tax purposes and otherpurposes authorized by section 20.5 of the Real Estate Development MarketingAct, which includes disclosure to the Canada Revenue Agency.

(v) Paragraph 5 of the Contract provides that no interest will be paid on the deposit

monies.

7.3 Developer’s Commitments

The Developer has made no other commitments and does not anticipate entering intoany contracts on behalf of the Strata Corporation, with third parties for the provisionof services such as enterphone, security system, landscaping, garbage collection,janitorial and similar services required in connection with the maintenance of theCommon Property.

7.4 Other Material Facts

The Developer is not aware of any other fact, other than those disclosed in thisDisclosure Statement that could reasonably be expected to affect the value, price or useof the Strata Lots or the Development.

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DEEMED RELIANCE

Section 22 of the Real Estate Development Marketing Act provides that every Buyerwho is entitled to receive this Disclosure Statement is deemed to have relied on anyfalse or misleading statement of a material fact contained in this Disclosure Statement,if any, and any omission to state a material fact. The developer, its directors and anyperson who has signed or authorized the filing of this Disclosure Statement are liableto compensate the Buyer for any misrepresentation, subject to any defences availableunder section 22 of the Act.

DECLARATION

The foregoing statements disclose, without misrepresentation, all material factsrelating to the Development referred to above, as required by the Real EstateDevelopment Marketing Act of British Columbia, as of February 22, 2019.

Signatures

BIANCO DEVELOPMENTS LTD., by its Authorized Signatory:

Name: Scott Bianco

Directors in their personal capacity:

Scott Bianco

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SOLICITOR’S CERTIFICATE

IN THE MATTER OF THE REAL ESTATE DEVELOPMENT MARKETING ACT AND

THE DISCLOSURE STATEMENT OF “TERRAZZO CONDOS” FOR PROPERTY

DESCRIBED AS:

Parcel Identifier: 030-131-545

Lot A Section 20 Township 16 New Westminster District Plan EPP70254

I, STEFAN CHARLES, Solicitor, of #200, 8120 - 128 Street, Surrey, B.C., a member ofth

the Law Society of British Columbia, having read over the above-described Disclosure

Statement, dated February 22, 2019 made any required investigations in public offices and

reviewed same with the Developer thereon named, hereby certify that the facts contained in

Paragraphs 4.1, 4.2 and 4.3 of the Disclosure Statement are correct.

Dated at Surrey, British Columbia, this 22nd day of February, 2019

STEFAN CHARLES

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TO WIT:

CANADAPROVINCE OF BRITISH COLUMBIA

)))))

IN THE MATTER OF THE REAL ESTATEDEVELOPMENT MARKETING ACT ANDTHE DISCLOSURE STATEMENT OF

“TERRAZZO CONDOS” Legally described as:Parcel Identifier: 030-131-545Lot A Section 20 Township 16 New WestminsterDistrict Plan EPP70254

I, Scott Bianco, of 2060 Columbia Avenue, in the City of Port Coquitlam, in the Province of

British Columbia, DO SOLEMNLY DECLARE:

l. I am the president/secretary of BIANCO DEVELOPMENTS LTD., the Developer

referred to in the above-described Disclosure Statement, dated February 22, 2019.

2. Every matter of fact stated in the Disclosure Statement is correct.

3. I am aware that Section 15 of the Real Estate Development Marketing Act requires that

a true copy of the Disclosure Statement be delivered to the prospective Purchaser or

Lessee and receipt for same be obtained.

AND I make this solemn declaration, conscientiously believing it to be true and knowing

that it is of the same force and effect as if made under oath.

DECLARED before me at the Cityof Surrey, Province of British Columbia, this 22 day of February, 2019 nd

SCOTT BIANCO

_______________________________A Commissioner for takingAffidavits in British Columbia

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TO WIT:


)))))

IN THE MATTER OF THE REAL ESTATEDEVELOPMENT MARKETING ACT AND THEDISCLOSURE STATEMENT OF


I, Scott Bianco, of 2060 Columbia Avenue, in the City of Port Coquitlam, in the Province of BritishColumbia, DO SOLEMNLY DECLARE:

l. I am one of the director of SPB INVESTMENTS LTD., the Developer/Beneficial Owner referredto in the above-described Disclosure Statement, dated February 22, 2019.


3. I am aware that Section 15 of the Real Estate Development Marketing Act requires that a true copyof the Disclosure Statement be delivered to the prospective Purchaser or Lessee and receipt for samebe obtained.

AND I make this solemn declaration, conscientiously believing it to be true and knowing that it isof the same force and effect as if made under oath.

DECLARED before me at the Cityof Surrey, Province of British Columbia, this 22 day of February, 2019nd

_______________________________ SCOTT BIANCO A Commissioner for takingAffidavits in British Columbia

Page 22

TO WIT:


)))))



I, Caroline Gagnon, of 2060 Columbia Avenue, in the City of Port Coquitlam, in the Province of BritishColumbia, DO SOLEMNLY DECLARE:

l. I am one of the director of GAGNON INVESTMENTS LTD., the Developer/Beneficial Ownerreferred to in the above-described Disclosure Statement, dated February 22, 2019.




DECLARED before me at the Cityof Surrey, Province of British Columbia, this 22nd day of February, 2019

_______________________________ CAROLINE GAGNONA Commissioner for takingAffidavits in British Columbia

Page 23

TO WIT:


)))))



I, Byron Bianco, of 1435 Malibou Terrace, in the City of Mississauga, in the Province of Ontario, DOSOLEMNLY DECLARE:

l. I am one of the director of BKB INVESTMENTS LTD., the Developer/Beneficial Owner referredto in the above-described Disclosure Statement, dated February ____, 2019.




DECLARED before me at the Cityof Mississauga, Province of Ontario, this ____ day of February, 2019

_______________________________ BYRON KENNEDY BIANCO A Commissioner for takingAffidavits in Ontario

Page 24

TO WIT:


)))))



I, Sharon Power, of 1435 Malibou Terrace, in the City of Mississauga, in the Province of Ontario, DOSOLEMNLY DECLARE:

l. I am one of the director of SDP INVESTMENTS LTD., the Developer/Beneficial Owner referredto in the above-described Disclosure Statement, dated February ____, 2019.





_______________________________ SHARON POWER A Commissioner for takingAffidavits in Ontario

Page 25

TO WIT:


)))))



I, Ryan Bianco, of 1435 Malibou Terrace, in the City of Mississauga, in the Province of Ontario, DOSOLEMNLY DECLARE:

l. I am one of the director of RYAN BIANCO INVESTMENTS LTD., the Developer/BeneficialOwner referred to in the above-described Disclosure Statement, dated February ____, 2019.




DECLARED before me at the Cityof Kingston, Province of Ontario, this ____ day of February, 2019

_______________________________ RYAN BIANCOA Commissioner for takingAffidavits in Ontario

Page 26

TO WIT:


)))))



I, Hope Bianco, of 1435 Malibou Terrace, in the City of Mississauga, in the Province of Ontario, DOSOLEMNLY DECLARE:

l. I am one of the director of HOPE BIANCO INVESTMENTS LTD., the Developer/BeneficialOwner referred to in the above-described Disclosure Statement, dated February ____, 2019.





_______________________________ HOPE BIANCO A Commissioner for takingAffidavits in Ontario

Page 27

TO WIT:


)))))



I, Byron Bianco, of 1435 Malibou Terrace, in the City of Mississauga, in the Province of Ontario, DOSOLEMNLY DECLARE:

l. I am one of the director of ERIN BIANCO INVESTMENTS LTD., the Developer/BeneficialOwner referred to in the above-described Disclosure Statement, dated February ____, 2019.





_______________________________ BYRON KENNEDY BIANCO A Commissioner for takingAffidavits in Ontario

Page 28

SCHEDULE “A” LIST OF BENEFICIAL OWNER

Name Jurisdiction Incorporation Date & Number % Ownership

SPB Investment Ltd. British Columbia July 18, 2018 BC1172401 24.9999%

Gagnon Investment Ltd. British Columbia July 18, 2018 BC1172423 25%

BKB Investments Ltd. British Columbia July 18, 2018 BC1172429 10%

SDP Investments Ltd. British Columbia July 19, 2018 BC1172484 10%

Ryan Bianco Investments Ltd. British Columbia July 19, 2018 BC1172499 10%

Hope Bianco Investments Ltd. British Columbia July 19, 2018 BC1172570 10%

Erin Bianco Investments Ltd. British Columbia July 19, 2018 BC1172590 10%

Bianco Developments Ltd. British Columbia Feb 3, 2018 BC0747834 0.001%

Page 29

Signatures of the Beneficial Owners:

SPB INVESTMENTS LTD.

by its authorized signatory:

_______________________________

Name: Scott Bianco

Director in their personal capacity:

__________________________

Scott Bianco

GAGNON INVESTMENTS LTD.


____________________________

Name: Caroline Gagnon


______________________________

Caroline Gagnon

Page 30


BKB INVESTMENTS LTD. ERIN BIANCO INVESTMENTS LTD.

by its authorized signatory: by its authorized signatory:

_____________________________ _____________________________

Name: Byron Kennedy Bianco Name: Byron Kennedy Bianco

Director in their personal capacity: Director in their personal capacity:

____________________________ ____________________________

Byron Kennedy Bianco Byron Kennedy Bianco

SDP INVESTMENTS LTD.


______________________________

Name: Sharon Power


____________________________

Sharon Power

HOPE BIANCO INVESTMENTS LTD.


________________________

Name: Hope Bianco


_______________________

Hope Bianco

Page 31


RYAN BIANCO INVESTMENTS LTD.


_____________________________

Name: Ryan Bianco


____________________________

Ryan Bianco

Page 32

LIST OF EXHIBITS

A Preliminary Strata Plan

B Preliminary Form V, Schedule of Unit Entitlement

C Proposed Estimated Interim Budget for all phases

D Estimated Monthly Maintenance Fees for all phases the Development

E Rental Disclosure Statement

F Copy of the Contract of Purchase and Sale

Exhibit "A"

PRELIMINARY FEBRUARY 7 2019


Strata Property ActForm V

SCHEDULE OF UNIT ENTITLEMENT

(Section 245 (a), 246, 264)Re: Strata Plan EPS####

Being a strata plan of

PID : Lot A Section 20 Township 16030-131-545 New Westminster District

Plan EPP70254

STRATA PLAN CONSISTING OF BOTH RESIDENTIAL AND NONRESIDENTIAL STRATA LOTS

The unit entitlement for each nonresidential strata lot is one of the following, as set out in the following table:

(a) the habitable area of the strata lot, in square metres, rounded to the nearest wholenumber as determined by a British Columbia land surveyor as set out insection 246 (3) (a) (i) of the Strata Property Act

Certificate of British Columbia Land Surveyor I, TIM PETERSONa British Columbia land surveyor, certify that the following table reflects the habitable area of each nonresidential strata lot.

Date:

Signature:

OR Preliminary February 7, 2019(b) a whole number that is the same for all of the nonresidential strata lots as set out in

section 246 (3) (a) (ii) of the Strata Property Act.

OR

(c) a number that is approved by the Superintendent of Real Estate in accordance withsection 246 (3) (a) (iii) of the Strata Property Act.

Signature of Superintendent of Real Estate

Exhibit "B"



Strata Lot No. Sheet No. Habitable Unit %* of Total %* of TotalArea in m² Entitlement Unit Unit

Entitlement of EntitlementNonresidential of All

Strata Lots Strata Lots1 4 36.4 36 100% 0.58%

Total Number of Total Unit EntitlementNonresidential of NonresidentialStrata Lots: 1 Strata Lots 36

* expression of percentage is for informational purposes only and has no legal effect

Date:

Signature of Owner Developer



The unit entitlement for each residential strata lot is one of the following, as set out in the following table:

(a) the habitable area of the strata lot, in square metres, rounded to the nearest whole number as determined by a British Columbia land surveyor as set out insection 246 (3) (a) (i) of the Strata Property Act

Certificate of British Columbia Land Surveyor I, TIM PETERSONa British Columbia land surveyor, certify that the following table reflects the habitable area of each residential strata lot.

Date:

Signature:

OR Preliminary February 7, 2019(b) a whole number that is the same for all of the residential strata lots as set out in

section 246 (3) (a) (ii) of the Strata Property Act.

OR

(c) a number that is approved by the Superintendent of Real Estate in accordance with section 246 (3) (a) (iii) of the Strata Property Act.

Signature of Superintendent of Real Estate




Entitlement Entitlementof Residential of AllStrata Lots Strata Lots

2 4 85.8 86 1.40% 1.39%3 4 88.4 88 1.43% 1.42%4 4 88.4 88 1.43% 1.42%5 4 82.6 83 1.35% 1.34%6 4 88.4 88 1.43% 1.42%7 4 87.8 88 1.43% 1.42%8 4 87.7 88 1.43% 1.42%9 4 75.2 75 1.22% 1.21%

10 4 88.4 88 1.43% 1.42%11 4 73.1 73 1.19% 1.18%12 5 86.9 87 1.42% 1.41%13 5 89.5 90 1.46% 1.46%14 5 89.5 90 1.46% 1.46%15 5 94.2 94 1.53% 1.52%16 5 90.1 90 1.46% 1.46%17 5 88.9 89 1.45% 1.44%18 5 88.8 89 1.45% 1.44%19 5 76.3 76 1.24% 1.23%20 5 89.5 90 1.46% 1.46%21 5 96.8 97 1.58% 1.57%22 5 88.3 88 1.43% 1.42%23 5 84.5 85 1.38% 1.37%24 6 86.9 87 1.42% 1.41%25 6 89.5 90 1.46% 1.46%26 6 89.5 90 1.46% 1.46%27 6 94.2 94 1.53% 1.52%28 6 90.1 90 1.46% 1.46%29 6 88.9 89 1.45% 1.44%30 6 88.8 89 1.45% 1.44%31 6 76.3 76 1.24% 1.23%32 6 89.5 90 1.46% 1.46%33 6 96.8 97 1.58% 1.57%34 6 88.3 88 1.43% 1.42%35 6 85.6 86 1.40% 1.39%




Entitlement Entitlementof Residential of AllStrata Lots Strata Lots

36 7 85.8 86 1.40% 1.39%37 7 88.4 88 1.43% 1.42%38 7 88.4 88 1.43% 1.42%39 7 94.2 94 1.53% 1.52%40 7 90.1 90 1.46% 1.46%41 7 87.8 88 1.43% 1.42%42 7 87.7 88 1.43% 1.42%43 7 75.2 75 1.22% 1.21%44 7 88.4 88 1.43% 1.42%45 7 96.8 97 1.58% 1.57%46 7 88.3 88 1.43% 1.42%47 7 84.5 85 1.38% 1.37%48 8 85.8 86 1.40% 1.39%49 8 88.4 88 1.43% 1.42%50 8 88.4 88 1.43% 1.42%51 8 93.1 93 1.51% 1.50%52 8 89.1 89 1.45% 1.44%53 8 87.8 88 1.43% 1.42%54 8 87.7 88 1.43% 1.42%55 8 75.2 75 1.22% 1.21%56 8 88.4 88 1.43% 1.42%57 8 95.7 96 1.56% 1.55%58 8 87.2 87 1.42% 1.41%59 8 84.5 85 1.38% 1.37%60 9 86.9 87 1.42% 1.41%61 9 89.5 90 1.46% 1.46%62 9 89.5 90 1.46% 1.46%63 9 94.2 94 1.53% 1.52%64 9 90.1 90 1.46% 1.46%65 9 88.9 89 1.45% 1.44%66 9 88.8 89 1.45% 1.44%67 9 76.3 76 1.24% 1.23%68 9 89.5 90 1.46% 1.46%69 9 96.8 97 1.58% 1.57%70 9 88.3 88 1.43% 1.42%71 9 85.6 86 1.40% 1.39%

Total Number of Total Unit EntitlementResidential of Residential 6148Strata Lots: 70 Strata Lots* expression of percentage is for informational purposes only and has no legal effectDate:Signature of Owner Developer

Terrazzo Condos

2649 JAMES STREET

INTERIM BUDGET

Income

Strata Fees $178,000

Total Income $178,000

Total Residential Commercial Both Total

Only Only Only

Expenses

Elevator Telephone $1,400 $1,400 $1,400

Elevator Monthly Inspection 6,000 $6,000 $6,000

Bank Charges 415 415 $415

Enterphone 1,400 $1,400 $1,400

Fire Hydrant Inspection and Repair 500 500 $500

Fire Alarms/Inspections 3,500 3,500 $3,500

Garbage 9,500 9,500 $9,500

Insurance 36,500 36,500 $36,500

Janitorial - General 15,000 15,000 $15,000

Janitorial - Windows 3,000 3,000 $3,000

Landscape 7,000 7,000 $7,000

Statutory Audit 265 265 $265

Management Fees 17,640 17,640 $17,640

Parking lot Maintenance 2,000 2,000 $2,000

Parkade Maintenance 2,500 2,500 $2,500

R & M - General 2,500 2,500 $2,500

R & M - Hvac 4,000 4,000 $4,000

Security Service/Internet 2,200 2,200 $2,200

Signs 400 400 $400

Snow Removal 2,000 2,000 $2,000

Stationary and Postage 700 700 $700

Tax Return 265 265 $265

Utilities - Hydro 19,000 19,000 $19,000

Utilities - Gas 14,000 14,000 $14,000

Water and Sewer 17,839 17,839 $17,839

Reserve Allocation 5% 8,476 8,476 $8,476

Total Expenses $178,000 $63,800 $0 $114,200 $178,000

Surplus/Deficit (0)

Exhibit "C"

Terrazzo Condos

Strata Fees

Proposed Strata Fees Allocated

Unit Unit Budget Monthly

Unit Strata Plan Survey Survey Entitlement Entitlement Allocated Fee

Residential All

# Lot Sq M UE % %

112 1 Commercial 85.80 86.00 1.38% $1,575.43 $131.29

101 2 F 85.80 86.00 1.40% 1.38% $2,467.88 $205.66

102 3 B 88.40 88.00 1.43% 1.41% $2,525.27 $210.44

103 4 B 88.40 88.00 1.43% 1.41% $2,525.27 $210.44

104 5 E 82.60 83.00 1.35% 1.33% $2,381.79 $198.48

105 6 A 88.40 88.00 1.43% 1.41% $2,525.27 $210.44

106 7 B 87.80 88.00 1.43% 1.41% $2,525.27 $210.44

107 8 B 87.70 88.00 1.43% 1.41% $2,525.27 $210.44

108 9 C 75.20 75.00 1.22% 1.20% $2,152.22 $179.35

110 10 B 88.40 88.00 1.43% 1.41% $2,525.27 $210.44

111 11 D 73.10 73.00 1.19% 1.17% $2,094.83 $174.57

201 12 F 86.90 87.00 1.42% 1.40% $2,496.58 $208.05

202 13 B 89.50 90.00 1.46% 1.44% $2,582.67 $215.22

203 14 B 89.50 90.00 1.46% 1.44% $2,582.67 $215.22

204 15 H 94.20 94.00 1.53% 1.51% $2,697.45 $224.79

205 16 A 90.10 90.00 1.46% 1.44% $2,582.67 $215.22

206 17 B 88.90 89.00 1.45% 1.43% $2,553.97 $212.83

207 18 B 88.80 89.00 1.45% 1.43% $2,553.97 $212.83

208 19 C 76.30 76.00 1.24% 1.22% $2,180.92 $181.74

209 20 B 89.50 90.00 1.46% 1.44% $2,582.67 $215.22

210 21 G 96.80 97.00 1.58% 1.56% $2,783.54 $231.96

211 22 K 88.30 88.00 1.43% 1.41% $2,525.27 $210.44

212 23 J 84.50 85.00 1.38% 1.36% $2,439.18 $203.27

301 24 F 86.90 87.00 1.42% 1.40% $2,496.58 $208.05

302 25 B 89.50 90.00 1.46% 1.44% $2,582.67 $215.22

303 26 B 89.50 90.00 1.46% 1.44% $2,582.67 $215.22

304 27 H 94.20 94.00 1.53% 1.51% $2,697.45 $224.79

305 28 A 90.10 90.00 1.46% 1.44% $2,582.67 $215.22

306 29 B 88.90 89.00 1.45% 1.43% $2,553.97 $212.83

307 30 B 88.80 89.00 1.45% 1.43% $2,553.97 $212.83

308 31 C 76.30 76.00 1.24% 1.22% $2,180.92 $181.74

309 32 B 89.50 90.00 1.46% 1.44% $2,582.67 $215.22

310 33 G 96.80 97.00 1.58% 1.56% $2,783.54 $231.96

311 34 K 88.30 88.00 1.43% 1.41% $2,525.27 $210.44

312 35 J 85.60 86.00 1.40% 1.38% $2,467.88 $205.66

401 36 F 85.80 86.00 1.40% 1.38% $2,467.88 $205.66

402 37 B 88.40 88.00 1.43% 1.41% $2,525.27 $210.44

403 38 B 88.40 88.00 1.43% 1.41% $2,525.27 $210.44

404 39 H 94.20 94.00 1.53% 1.51% $2,697.45 $224.79

405 40 A 90.10 90.00 1.46% 1.44% $2,582.67 $215.22

406 41 B 87.80 88.00 1.43% 1.41% $2,525.27 $210.44

407 42 B 87.70 88.00 1.43% 1.41% $2,525.27 $210.44

408 43 C 75.20 75.00 1.22% 1.20% $2,152.22 $179.35

409 44 B 88.40 88.00 1.43% 1.41% $2,525.27 $210.44

410 45 G 96.80 97.00 1.58% 1.56% $2,783.54 $231.96

411 46 K 88.30 88.00 1.43% 1.41% $2,525.27 $210.44

412 47 J 84.50 85.00 1.38% 1.36% $2,439.18 $203.27

501 48 F 85.80 86.00 1.40% 1.38% $2,467.88 $205.66

502 49 B 88.40 88.00 1.43% 1.41% $2,525.27 $210.44

503 50 B 88.40 88.00 1.43% 1.41% $2,525.27 $210.44

504 51 H 93.10 93.00 1.51% 1.49% $2,668.75 $222.40

505 52 A 89.10 89.00 1.45% 1.43% $2,553.97 $212.83

506 53 B 87.80 88.00 1.43% 1.41% $2,525.27 $210.44

507 54 B 87.70 88.00 1.43% 1.41% $2,525.27 $210.44

508 55 C 75.20 75.00 1.22% 1.20% $2,152.22 $179.35

509 56 B 88.40 88.00 1.43% 1.41% $2,525.27 $210.44

510 57 G 95.70 96.00 1.56% 1.54% $2,754.84 $229.57

511 58 K 87.20 87.00 1.42% 1.40% $2,496.58 $208.05

512 59 J 84.50 85.00 1.38% 1.36% $2,439.18 $203.27

601 60 F 86.90 87.00 1.42% 1.40% $2,496.58 $208.05

602 61 B 89.50 90.00 1.46% 1.44% $2,582.67 $215.22

603 62 B 89.50 90.00 1.46% 1.44% $2,582.67 $215.22

604 63 H 94.20 94.00 1.53% 1.51% $2,697.45 $224.79

605 64 A 90.10 90.00 1.46% 1.44% $2,582.67 $215.22

606 65 B 88.90 89.00 1.45% 1.43% $2,553.97 $212.83

607 66 B 88.80 89.00 1.45% 1.43% $2,553.97 $212.83

608 67 C 76.30 76.00 1.24% 1.22% $2,180.92 $181.74

609 68 B 89.50 90.00 1.46% 1.44% $2,582.67 $215.22

610 69 G 96.80 97.00 1.58% 1.56% $2,783.54 $231.96

611 70 K 88.30 88.00 1.43% 1.41% $2,525.27 $210.44

612 71 J 85.60 86.00 1.40% 1.38% $2,467.88 $205.66

Total 6,231 6,234 178,000 14,833

Exhibit "D"

Strata Property Act

FORM J

RENTAL DISCLOSURE STATEMENT

(Section 139)

Re: Legal Description: Parcel Identifier: 030-131-545

Lot A Section 20 Township 16 New Westminster District Plan EPP70254

The Rental Disclosure Statement is [Check whichever box is correct and provide any required information.

[ ] the first Rental Disclosure Statement filed in relation to the above-noted strata plan [___/_____/_____]

[ ] a changed Rental Disclosure Statement filed under section 139 (4) of the Strata Property Act, andthe original Rental Disclosure Statement filed in relation to the above-noted strata plan was filed on

1. The development described above includes SEVENTY (70) [number] residential strata lots.

2. The residential strata lots described below are rented out by the owner developer as of thedate of this statement and the owner developer intends to rent out each strata lot until thedate set out opposite its description

[Describe all strata lots rented out by owner developer as of the date of this statement]

Description of Strata Lot

[strata lot number as shown on strata plan]

Date Rental Period Expires

[specify a date - “indefinitely” or timing related to an event

is not acceptable] *

none as of this date N/A(dd/mmm/yyyy)

*Section 143 (2) of the Strata Property Act provides that, if this Rental Disclosure Statement is filed after December31, 2009, a bylaw that prohibits or limits rentals will not apply to a strata lot described in this table until the dateset out in the table opposite the description of the strata lot, whether or not the strata lot is conveyed before that date.

Exhibit "E"

3. In addition to the number of residential strata lots rented out by the owner developer as ofthe date of this statement, the owner developer reserves the right to rent out all SEVENTY(70) [number] residential strata lots, as described below, until the date set out opposite eachstrata lot’s description.

[Describe all strata lots intended to be rented out by the owner developer.]

Description of Strata Lot

[strata lot number as shown on strata plan]

Date Rental Period Expires

[specify a date - “indefinitely” or timing related to an event

is not acceptable] *

Strata Lots 1 to 70 01/Jan/2117(dd/mmm/yyyy)

*Section 143 (2) of the Strata Property Act provides that, if this Rental Disclosure Statement is filed after December31, 2009, a bylaw that prohibits or limits rentals will not apply to a strata lot described in this table until the dateset out in the table opposite the description of the strata lot, whether or not the strata lot is conveyed before that date.

4. There is no bylaw of the strata corporation that restricts the rental of strata lots.

Date: February ______, 2019 [month day, year]

Bianco Developments Ltd.,by its Authorized Signatory(ies):

Name: Scott Bianco

Unit No. _______ / Strata Lot No. _______

INITIALS

Buyer

Buyerr

Seller

Page 1 of ___

EXHIBIT “F” “TERRAZZO CONDOS”

CONTRACT OF PURCHASE AND SALE (“the Contract”)

Date: ___________________________________, 20______.

Seller: BIANCO DEVELOPMENTS LTD. a body corporate having an address at 2060 Columbia Avenue, Port Coquitlam, BC V3C 4W4

Buyer:

(1) ________________________________________________________________________

(2) ________________________________________________________________________ Address: ____________________________________________________________________ Postal code: ____________ Phone: _______________ Email: __________________________

RESIDENCY STATUS The Buyer covenants and represents that the Buyer:

IS a resident of Canada for the purposes of the Income Tax Act

IS NOT a resident of Canada for the purposes of the Income Tax Act

1. PROPERTY Legal Description: Strata Lot ________ Section 20 Township 16 New Westminster District Strata Plan EPS________ (the “Property”). Civic Address: Unit #______ 2649 James Street, Abbotsford, British Columbia


INITIALS

Buyer

Buyer

Seller

Page 2 of ___

2. DESCRIPTION OF DEVELOPMENT AND STRATA LOT

The Strata Lot is the interior of the residential strata lot in a residential townhome development known as “TERRAZZO CONDOS” (the “Development”), and constructed on property located in Abbotsford, British Columbia, having the civic address of 2649 James Street, Abbotsford, B.C. and legally described as PID: 030-131-545 Lot A Section 20 Township 16 New Westminster District Plan EPP70254 (the “Property”). The Buyer and the Seller agree that the Strata Lot for purposes of this Contract is the Strata Lot referred to above, the general location and size of such Strata Lot being set out in the Disclosure Statement. The Buyer offers and, if this offer is accepted by the Seller, agrees to purchase from the Seller the Strata Lot (the “Strata Lot”) described below at the price and upon the terms set forth below, subject to the Permitted Encumbrances (as defined in Section 4 of the Disclosure Statement) and the in Schedule “A” of this Contract of Purchase and Sale.

3. PURCHASE PRICE The purchase price (the “Purchase Price”) for the Strata Lot is $______________________, payable in lawful money of Canada. The Purchase Price as stated herein:

DOES NOT include Goods and Services Tax (GST)

The Purchase Price does not include Property Transfer Tax.

4. GST REBATE

The Buyer hereby declares to the Seller that the Buyer (select one):

IS eligible

IS NOT eligible

to receive a GST New Housing Rebate available under the Excise Tax Act (the “Rebate”). If the Buyer indicates that the Buyer is eligible for the Rebate, the Buyer hereby confirms that the Buyer is purchasing the property for use by the Buyer, or by a qualified relative, as a principal residence and is therefore entitled to the Rebate, and the following terms will also apply:

(a) The Buyer, or a qualified relative, will occupy the property as a principal residence as and when required in order to qualify for the Rebate; and


INITIALS

Buyer

Buyer

Seller

Page 3 of ___

(b) the Buyer hereby assigns the Rebate to the Seller and agrees to sign, on or before the Completion Date, the application for the Rebate and any other documents required to effectively assign the Rebate to the Seller and to ensure that the Rebate is paid or credited to the Seller.

Notwithstanding the foregoing, the Seller reserves the right to refuse to credit all or any portion of the Rebate claimed by the Buyer and adjust the Purchase Price in accordance if the Seller believes that the Buyer is not entitled to the Rebate or that the Rebate amount claimed by the Buyer exceeds the Rebate to which the Buyer is entitled. By delivering an executed copy of the Rebate form and related documentation to the Seller, the Buyer warrants that the Buyer is eligible for the Rebate. If the Seller credits the Buyer with the amount of the Rebate and the Canada Revenue Agency or another governmental authority disallows all or any part of the Rebate claim, the Buyer will, upon receiving a written demand from the Seller, pay such disallowed amount to the Seller together with any interest, penalty, or other amount payable by the Seller as a result of such disallowance.

5. DEPOSIT The Buyer and the Seller agree that:

(a) a deposit (the “Initial Deposit”) of $10,000.00 shall be paid by the Buyer to the Seller at

the time of the presentation of the Offer by the Buyer;

(b) a second deposit (the “Second Deposit”) in the amount of $ ____________ to increase the Initial Deposit to 5% of the Purchase Price, shall be paid by the Buyer to the Seller after three months of acceptance of the offer;

(c) a third deposit (the “Third Deposit”) in the amount of $___________ , being an additional 5% of the Purchase Price and bringing the total Deposit to 10% of the Purchase Price, shall be paid by the Buyer to the Seller after six months of acceptance of the officer;

(d) a fourth deposit (the “Fourth Deposit”) in the amount of $___________ , being an additional 5% of the Purchase Price and bringing the total Deposit to 15% of the Purchase Price, shall be paid by the Buyer to the Seller within one month of the Seller delivering to the Buyer an Amendment to the Disclosure Statement confirming that the building permit has been issued;

(e) the balance of the Purchase Price, being $ _________________, subject to the adjustments described herein (the “Balance”), shall be paid by the Buyer on the Completion Date (as hereinafter defined).

(the Initial Deposit, the Second Deposit and the Third Deposit are collectively referred to herein as the "Deposit".)

The Buyer will pay each installment of the Deposit made to BUCKLEY HOGAN , In Trust, on the dates set forth above. The Seller’s Agent’s shall hold each instalment of the


INITIALS

Buyer

Buyer

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Deposit as a trustee for the Developer and the Buyer and not as an agent for either of them and shall only release the Deposit from trust in accordance with section 18 of the Real Estate Development Marketing Act (British Columbia). The Initial Deposit may be made payable with a personal cheque. The Second Deposit will be made payable either by bank draft, solicitor’s trust cheque, or certified cheque. The Deposit will be placed by the Seller’s Agents in a non-interest bearing pooled trust account at a savings institution situate in British Columbia. The Deposit is non-refundable unless the Seller defaults in its obligations or has elected to cancel this Contract.

If the Buyer does not pay when due any one or more of the instalments of the Deposit

required to be made hereunder, or defaults in any of the Buyer’s obligations hereunder, then the Seller shall have the right, at its option, by written notice to the Buyer, to terminate this Contract and in such event all instalments of the Deposit paid by the Buyer shall be absolutely forfeited to the Seller without prejudice to any other right or remedy of the Seller at law or in equity as liquidated damages and not as a penalty.

The Seller may, at its option, enter into a deposit protection contract, which allows

developers generally to enter into an insurance contract or other form of security agreement with an approved insurer pursuant to which the deposits paid by purchasers of land to be subdivided or strata titled may be released to the developer. Accordingly, the Developer may, at its option, enter into an insurance contract with an insurance company that is qualified to issue deposit protection contracts in British Columbia, or other form of security agreement as required by the Real Estate Development Marketing Act (British Columbia) and to allow the deposits paid by buyers of the strata lots to be released to the Developer.

In the event the Seller complies with Section 19 of the Real Estate Development

Marketing Act as it relates to securing the deposit, all buyers of the strata lots will authorized the holder of the deposit to release the deposit to the Developer for use in completion of the Development.

In such case, the Developer may use the Deposit for purposes related to the

Development, including, without limitation, the construction and marketing of the Development, in accordance with the provisions of REDMA.

6. SUBJECT TO FINANCING AND LEGAL ADVICE

This Contract of Purchase and Sale is subject to the Buyer:

(a) arranging financing in the amount of $ ___________________at current interest rates; and

(b) obtaining legal and other professional advice as the Buyer determines;

on or before _________________________. The above subject conditions are for the sole benefit of the Buyer and, unless it is waived or satisfied on or before the above date, this Contract of Purchase and Sale shall be null and void and the deposit monies shall be refunded to the Buyer.

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7. ADDITIONAL SUBJECT CONDITIONS _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ _____________________________________________________________________________ The above subject conditions are for the sole benefit of the Buyer, unless waived or satisfied on or before the above date, this Contract of Purchase and Sale shall be null and void and the deposit monies shall be refunded to the Buyer.

8. ITEMS INCLUDED

See Schedule B.

9. COMPLETION DATE

The completion date of this contract (the “Completion Date”) subject to it being extended as provided for herein after, is ________________________, 20____ .

In the event that it is anticipated that the Property will not be ready to be occupied on the Completion Date as determined by the Seller, then upon written notice to the Buyer or the Buyer’s solicitor given prior to the Completion Date, the Seller may extend the Completion Date until the date the Seller anticipates the Property will be ready to be occupied (the “Extension Notice”). The Seller may, on THIRTY (30) day notice, further delay the Completion Date from time to time until the Property is ready to be occupied or until titles are issued by the Land Title Office for the Property by providing subsequent Extension Notices. However, if the Completion Date has not occurred by six (6) months after the original Completion Date (the “Òutside Date`), then either the Seller or the Buyer may terminate this Contract pursuant to paragraph 10 below.

Provided that if the Seller is delayed from completing construction of the Property as a result of earthquake, flood or other act of God, fire, explosion or accident, howsoever caused, act of any governmental authority, strike, lockout, inability to obtain or delay in obtaining labour, supplies, materials or equipment, delay or failure by carriers or contractors, breakage or other casualty, climatic condition, interference of the Buyer or any other event of any nature whatsoever beyond the reasonable control of the Seller, will be extended for a period equivalent to such period of delay as determined by the Seller, acting reasonably. The Seller will give the Buyer, or the Buyer’s Solicitor or Notary Public, notice of such delay not less than fifteen (15) days after the delay occurs. This right of extension is in addition to any other rights of extension in this Contract or agreed to by the parties. The Buyer will not be entitled to any compensation for delay resulting from the operation of this paragraph.

All Extension Notices may be given to either the Buyer’s Solicitor or the Buyer at the address shown on pae 1 of this Contract.


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10. EXTENSION OF COMPLETION DATE

If the Completion Date has not occurred by the Outside Date, then either the Seller or the Buyer may cancel this Contract and the Deposit, less any non-resident withholding tax and the Seller’s Solicitors reasonable administration fee not to exceed $100.00, will be returned to the Buyer, unless the parties agree in writing to extend the Completion Date.

11. ADJUSTMENTS

The Buyer will assume all taxes, rates, local improvement assessments, water rates and scavenging rates, assessments and maintenance fees of the strata corporation of which the Strata Lot forms a part, and all other adjustments both incoming and outgoing of whatever nature in respect of the Strata Lot shall be made, as of the Completion Date (the “Adjustment Date”). If the amount of any such taxes, rates or assessments have been levied in respect of the Property as a whole, then the portion thereof which shall be allocated to the Strata Lot shall be determined by prorating the total amount among all of the strata lots in the Development on the basis of the applicable unit entitlement in each case. If any other item of adjustment is not specifically allocable to the Strata Lot, that item shall be adjusted in the manner determined by the Seller, acting reasonably.

12. POSSESSION So long as the Purchase Price and all other amounts payable by the Buyer to the Seller in respect of the Strata Lot have been paid in full, the Buyer may have vacant possession of the Strata Lot not earlier than 12:01 p.m. (PST) on the day following the Completion Date (the “Possession Date”).

13. SITE ACCESS The Buyer acknowledges and agrees that neither the Buyer nor the Buyer’s representatives, agents or assigns will be allowed access to the Strata Lot except for the purpose of the pre-occupancy walk through prior to the Completion Date, except with the express written authorization of the Seller, which authorization the Seller may withhold in its sole discretion, and then only if accompanied by an authorized representative of the Seller. The Buyer hereby releases the Seller and its respective directors, officers, employees, agents, contractors and representatives (collectively, the “Released Parties”) from and against any loss, cost, damage, injury or death resulting from any act or omission of any one or more of the Released Parties, including that arising from the negligence of any one or more of the Released Parties, or any condition within the Development and agrees to indemnify and hold harmless the Released Parties from and against any loss, cost, damage, injury or death resulting from the presence of the Buyer or any person acting on behalf of the Buyer in the Development, or any act or omission of the Buyer or any person acting on behalf of the Buyer while within the Development. The Buyer hereby acknowledges and the Seller hereby confirms that the Seller has acted as agent for and on behalf of the other Released Parties with respect to obtaining the foregoing release and indemnity from the Buyer for the benefit of such Released Parties.


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14. SELLER CONSTRUCTION FINANCING The Seller has obtained financing for the start of construction but will require additional mortgage financing to complete the development, which is expected to be in place by April, 2019. if an amendment to the disclosure statement that sets out particulars of a satisfactory financing commitment is not received by the Buyer within 12 months after the initial disclosure statement was filed, the Buyer may at his or her option cancel the purchase agreement at any time after the end of that 12 month period until the required amendment is received by the Buyer;

The amount of the deposit to be paid by a Buyer who has not yet received an amendment to the disclosure statement that sets out particulars of a satisfactory financing commitment is no more than 10% of the purchase price; and All deposits paid by a Buyer, including interest earned if applicable, will be returned promptly to the Buyer upon notice of cancellation from the Buyer. SCHEDULE “A” ATTACHED HERETO FORMS AN INTEGRAL PART HEREOF. THE BUYER ACKNOWLEDGES THAT HE/SHE/ HAS READ ALL PARAGRAPHS OF SCHEDULE “A” TO THIS CONTRACT. THE BUYER ACKNOWLEDGES THAT THE BUYER HAS RECEIVED A COPY OF THE DISCLOSURE STATEMENT FOR THE DEVELOPMENT AND HAS BEEN GIVEN A REASONABLE OPPORTUNITY TO READ THE DISCLOSURE STATEMENT, INCLUDING EACH EXHIBIT AND EVERY AMENDMENT THERETO, IF ANY, FILED UP TO THE DATE OF HEREOF (COLLECTIVELY, THE “DISCLOSURE STATEMENT”) AND THE EXECUTION BY THE BUYER OF THIS CONTRACT SHALL CONSTITUTE A RECEIPT IN RESPECT THEREOF.

15. AGENCY DISCLOSURE The Seller and the Buyer acknowledge having received, read and understood the brochure published by the British Columbia Real Estate Association entitled Privacy Notice and Consent and acknowledge and confirm as follows: Seller (a). the Seller acknowledges having received, read and understood Real Estate Council of British Columbia(RECBC) form entitled “Disclosure of Representation in Trading Services” and hereby confirms that the Seller has an agency relationship with __________________________ (Designated Agent/Licensee(s) who is licensed in relation to Sutton West Coast Realty (Brokerage)

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(b) the Buyer acknowledges having received, read and understood RECBC form entitled “Disclosure of Representation in Trading Services” and hereby confirms that the Buyer has an agency relationship with ____________________________________ (Designated Agent/Licensee(s) who is/are licensed in relation to ___________________________________ (Brokerage) Buyer

(c) If only (A) has been completed, the Buyer acknowledges having received, read and understood RECBC form ‘Disclosure of Risks to Unrepresented Parties’ from the Seller’s agent listed in (A) and hereby confirms that the Purchaser has no agency relationship.

The terms of this Contract along with the provisions of the Disclosure Statement are the terms under which the Strata Lot is being sold and purchased. The Buyer's offer herein is open for acceptance until ____________________________, ____________, 20____ and upon acceptance by the Seller will form a binding Contract of Purchase and Sale of the Strata Lot for the Purchase Price, on the terms and subject to the conditions set out herein.

Dated this _____ day of ___________________________________, 20_____ .

___________________________ ___________________________ Witness Buyer ___________________________ ___________________________ Witness Buyer SELLER’S ACCEPTANCE This Offer to Purchase is accepted by the Seller this _____ day of ________________ 20, ___. (the “Acceptance Date”).

BIANCO DEVELOPMENTS LTD. by its authorized signatory:

_______________________ Per: _______________________________ Witness Authorized Signatory This Contract may be executed in several counterparts, each of which will be deemed to be an original and all of which will together constitute one and the same instrument. Delivery to the Seller of an executed copy of this Contract by electronic facsimile transmission or other means of electronic communication capable of producing a printed copy will be deemed to be execution and delivery to us of this Contract as of the date of successful transmission to the Seller.


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SCHEDULE “A” ADDITIONAL TERMS AND CONDITIONS

1. INFORMATION PACKAGE AND CLOSING PROCEDURE The Seller or Seller’s Solicitor

will provide to the Buyer or the Buyer’s Solicitor or Notary Public an information package setting out pertinent information respecting the matters required to be attended to by the Buyer for the completion of the purchase of the Strata Lot. The Buyer will cause the Buyer’s Solicitor or Notary Public to prepare and deliver to the Seller for execution at least five (5) business days prior to the Completion Date, a Freehold Transfer in Form A under the Land Title Act of British Columbia in respect of the Strata Lot (the “Transfer”), a Seller’s Statement of Adjustments prepared in accordance with the Contract and based on the information and directions as set out in the information package. The Seller and the Registered Owner shall not be required to execute and deliver any other documents in connection with the completion of the purchase and sale of the Strata Lot other than the Transfer and the Seller’s Statement of Adjustments and, without limiting the generality of the foregoing, shall not be required to execute and deliver any resolutions, certificates or declarations of any type. The Seller will deliver the Transfer, duly executed by the Registered Owner and in registrable form, and the Seller’s Statement of Adjustments approved by the Seller, duly executed by the Seller, to the Buyer’s Solicitor or Notary Public on or prior to the Completion Date on the condition that forthwith upon the Buyer’s Solicitor or Notary Public obtaining a post registration index search from the New Westminster Land Title Office indicating that in the ordinary course of Land Title Office procedure the Buyer will become the registered owner of the Strata Lot subject only to subsisting conditions, provisos, restrictions, exceptions and reservations, including royalties, contained in the original grant or contained in any other disposition from the Crown, registered or pending restrictive covenants and rights of way in favour of public utilities and public authorities, the encumbrances contemplated by or referred to in the Disclosure Statement (collectively, the “Permitted Encumbrances”), the encumbrances contemplated by Section 3 below, and any encumbrances relating to any financing arranged by the Buyer, and the Buyer’s Solicitor or Notary Public will cause the Balance to be paid to the Seller’s Solicitor by way of a certified cheque or bank draft on the Completion Date. The Buyer will ensure that the Balance will be delivered to the Seller’s Solicitor no later than 3:00 PM (PST) on the Completion Date.

2. ACCEPTANCE OF TRANSFER The Buyer hereby agrees to accept the Transfer

executed by the Registered Owner despite any provision of the Property Law Act.

3. SELLER’S FINANCING The Buyer acknowledges that encumbrances relating to the Seller’s financing may remain as a charge against the common property of the Development until the Seller has completed the sale of the balance of the strata lots in the Development whereupon the Seller covenants such encumbrances relating to its financing will be discharged entirely.

4. BUYER’S MORTGAGE If the Buyer is relying upon a new mortgage to finance the

Purchase Price, the Buyer, while still required to pay the Purchase Price on the Completion Date, may wait to pay the Purchase Price to the Seller until after the transfer and new mortgage documents have been lodged for registration in the New Westminster Land Title Office, but only if before such lodging, the Buyer has:


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a. made available for tender to the Seller that portion of the Purchase Price not secured

by the new mortgage;

b. fulfilled all the new mortgagee’s conditions for funding except lodging the mortgage for registration; and

c. made available to the Seller, a lawyer or notary’s undertaking to pay the Purchase Price upon the lodging of the transfer and new mortgage documents and the advance by the mortgagee of the mortgage proceeds.

5. LIEN HOLDBACK That portion, if any, of the balance of the Purchase Price required by law to be held back by the Buyer in respect of builders’ lien claims (the “Lien Holdback”) shall be paid to the Seller’s Solicitor on the Completion Date. The Lien Holdback shall be held in trust pursuant to the Strata Property Act and Builders’ Lien Act of British Columbia (or successor statutes) solely in respect of lien claims made against the Strata Lot and registered in the New Westminster Land Title Office in connection with work done or materials supplied at the behest of the Seller. The Seller’s Solicitor are authorized to invest the Lien Holdback in an interest bearing trust account and to pay to the Seller, on the earlier of the date on which the time for filing a claim under the Builders’ Lien Act of British Columbia (or successor statutes) expires and the 56th day the Strata Lot is conveyed to the Buyer, the Lien Holdback plus interest, if any, accrued thereon, less the amount of any builders’ lien claims filed against the Strata Lot of which the Buyer or Buyer’s Solicitor or notary notifies the Seller’s Solicitor in writing by 2:00 p.m. (PST) on that day. The Buyer hereby authorizes the Seller to bring any legal proceedings required to clear title to the Strata Lot of any lien claims filed with respect thereto including payment of funds into court if desired by the Seller.

6. COSTS The Buyer will pay all costs (including legal fees, property transfer tax as required under the Property Transfer Tax Act of British Columbia and all other applicable taxes) in connection with the completion of the transaction contemplated by this Contract other than costs of the Seller incurred in clearing title to the Strata Lot.

7. CONSTRUCTION The Seller will cause the Development and the Strata Lot to be constructed substantially in accordance with the plans and specifications approved for the building permit for the Development by the City of Abbotsford, together with any changes approved by the City of Abbotsford from time to time. The Buyer acknowledges that the Seller may, in its discretion, or as required by any governmental authority, make modifications in the size, features, design, layout and window area of the Development or the Strata Lot and may use materials other than as described in the plans and specifications, sales brochures, videos, promotional materials, models in the sales office or otherwise, as they existed at the time the Buyer entered into this Contract, if they are reasonably similar to or of better quality than that which is described or, if in the opinion of the Seller, acting reasonably, they will improve or will not materially change the Development or the Strata Lot. The Buyer shall have no claim or cause of action against the Seller for any such changes, variances, reconfiguration or modifications nor shall the Buyer be entitled to notice thereof. The Seller cannot guarantee any other service providers


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8. LANDSCAPING The Seller will maintain and service the landscape of the complex until September, 2020. 9. WARRANTY The Buyer acknowledges and agrees that the only warranty given with

respect to any aspect of the construction of the Strata Lot or the common property of the Development is the warranty set out in the Disclosure Statement. It is agreed and understood that there is no representation, warranty, collateral term or condition affecting this Contract or the Strata Lot, or for which the Seller can be held responsible in any way, whether they be contained in any sales material, brochures or videos or alleged against any sales representative or agent, other than as expressly set out in the Disclosure Statement.

10. RISK The Strata Lot is to be at the risk of the Seller until 12:01 a.m. (PST) on the

Completion Date. After that time, the Strata Lot and all included items will be at the risk of the Buyer.

11. INSURANCE The Seller will, until and including the day preceding the Completion Date, cause the Strata Lot to be insured by insurance coverage against such risks and to such limits as, in the sole opinion of the Seller, are reasonable.

12. INSPECTION The Buyer and a representative of the Seller will inspect the Property at a reasonable time prior to the Completion Date determined by the Seller. At such time, the parties will prepare and sign a conclusive list of any finishing touches (“Finishing Touches”) which the Seller will carry out after the Completion Date. The Seller will carry out the Finishing Touches in a timely manner after the Completion Date and the Buyer will not be entitled to hold back any portion of the Purchase Price in respect thereof. In the event of any dispute with respect to any Finishing Touches, a decision by the Seller’s Architect shall be final and binding on the parties. In all other respects the Buyer will be deemed to have accepted the physical condition of the Property. The Buyer will permit the Seller and its representatives to enter the Property following the Completion Date during normal working hours without notice in order to carry out the work necessary to do the Finishing Touches and to inspect such work.

13. CANCELLATION OF RIGHTS Time will be of the essence hereof and unless all

payments on account of the Purchase Price, together with adjustments thereto as provided herein and all other amounts payable hereunder, are paid when due, then the Seller may at its option: a. cancel this Contract by written notice to the Buyer and in such event the amount paid

by the Buyer shall be absolutely forfeited to the Seller as liquidated damages (the Seller and Buyer hereby agreeing that such amount constitutes a genuine pre-estimate of the damages which the Seller will suffer as a consequence of the Buyer’s default) and the Seller shall be entitled to be paid such amount upon written demand therefor by the Seller; the Buyer agrees that the Seller will be entitled absolutely to


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any deposit and hereby irrevocably appoints the Seller as its agent to advise the deposit-holder to pay the sum forfeited to the Seller; or

b. elect to complete the transaction contemplated by this Contract, in which event the

Buyer will pay to the Seller, in addition to the Purchase Price, interest on the unpaid portion of the Purchase Price and other unpaid amounts payable hereunder at the rate of 18% per annum from the date upon which such portion and amounts were due to the date upon which such portion and amounts are paid.

c. The Buyer may cancel the purchase agreement for a period of seven days after

receipt of an amendment to the disclosure statement that sets out particulars of the issued building permit if the layout or size of the applicable development unit, the construction of a major common facility, including a recreation centre or clubhouse or the general layout of the development, is materially changed by the issuance of the building permit.

d. if the amended disclosure statement that sets out particulars of an issued building

permit is not received within 12 months after the initial disclosure statement was filed, the Buyer may at his or her option cancel the purchase agreement at any time after the end of that 12 month period until the required amendment is received by the Buyer, at which time the Buyer may cancel the purchase agreement for a period of seven days after receipt of that amendment only if the layout or size of the applicable development unit, the construction of a major common facility, including a recreation centre or clubhouse or the general layout of the development, is materially changed by the issuance of the building permit

e. The amount of the deposit to be paid by a Buyer who has not yet received an

amendment to the disclosure statement that sets out particulars of an issued building permit is no more than 10% of the purchase price; and

f. All deposits paid by a Buyer, including interest earned if applicable, will be returned

promptly to the Buyer upon notice of cancellation from the Buyer.

The Seller may so cancel this Contract at any time after such default by the Buyer, even if the Seller has previously elected to complete the transaction.

14. BUYER’S ACKNOWLEDGEMENTS The Buyer, by the execution of this Contract,

acknowledges and agrees that: a. the Buyer may not request an extension of the Completion Date;

b. the plans, specification, materials, features and designs as may be illustrated or

reflected in any sales material, models, display suites, etc. shown to the Buyer are for illustration purposes only and are not a representation of the Seller, are not to be relied on by the Buyer and do not form a collateral obligation of the Seller;


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c. the specifications, materials, details, dimensions and floor plan set out in any materials viewed by the Buyer are approximate and subject to change without notice in order to comply with building site conditions and municipal, structural or architectural requirements;

d. the Seller may make alterations to the features and layout of the Strata Lot which are desirable in the discretion of the Seller, and the Seller reserves the right to alter the common property of the Development any time and from time to time if, in its sole opinion, such alterations improve the structural integrity of the Development, its mechanical systems, its ability to withstand water penetration, its operating efficiency or its aesthetics;

e. the Seller may continue to carry out the construction work on the Development after the completion of the purchase of the Strata Lot by the Buyer and that such work may cause inconvenience to the use and enjoyment of the Strata Lot;

f. the Seller may retain strata lots in the Development, and for so long as the Seller is the owner of any of the strata lots in the Development, the Seller may carry out marketing, promotional and sales activities within the common property;

g. the Buyer is aware that the monthly strata corporation assessment as set out in Exhibit “C” to the Disclosure Statement is an estimate only;

h. the Seller is not a non-resident of Canada within the meaning of the Income Tax Act (Canada) and is not a foreign supplier.

15. NOTICE Any notice to be given to the Buyer will be well and sufficiently given in any post

office in the Greater Vancouver Regional District, British Columbia, postage prepaid addressed or delivered by hand or transmitted by facsimile or other means of electronic communication to the Buyer’s Solicitor or Notary Public at his or her office or the Buyer at the Buyer’s address as set out above, or to such other address as the Buyer may have last notified the Seller in writing. Such notice shall be deemed to have been received if delivered, when delivered, and if mailed, on the fourth business day (exclusive of Saturdays, Sundays and statutory holidays) after such mailing, and if transmitted by facsimile or other means of electronic communication, after confirmation of successful transmittal by print out from the sender’s machine.

16. TENDER Any tender of documents or money under this Contract may be made upon the

solicitor or notary public acting for the party upon whom tender is desired, and it shall be sufficient that a negotiable certified cheque or bank draft drawn on a Canadian chartered bank is tendered instead of cash.

17. ASSIGNMENT The Buyer may not assign its interest in the Strata Lot or in the Contract

without the written consent of the Seller, such consent not to be unreasonably withheld and, unless the Seller so consents, the Seller will not be required to convey the Strata Lot to anyone other than the Buyer. The Seller may, at its option, charge an administration fee equal to 1% of the Purchase Price (excluding GST and applicable rebates) as


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consideration for agreeing to an assignment of the Buyer’s interest in the Strata Lot or in the Contract and for any associated legal and administrative costs, except that there will be no such charge if the assignee is the Buyer’s spouse, parent, child, grandparent or grandchild or a company controlled by the Buyer. Following any assignment, the assignor will not be relieved of its obligations hereunder but will continue to remain liable to perform all obligations of the Buyer under the Contract. The Buyer will not advertise or solicit offers from the public with respect to the resale of the Strata Lot by the Buyer before the Completion Date without the express written consent of the Seller, which consent may be arbitrarily withheld.

An assignment under the Real Estate Development Marketing Act is a transfer of some or

all of the rights, obligations and benefits under a purchase agreement made in respect of a strata lot in a development property, whether the transfer is made by the purchaser under the purchase agreement to another person or is a subsequent transfer.

Each proposed party to an assignment agreement must provide the Vendor with the information and records required under the Real Estate Development Marketing Act.

Before the Vendor consents to an assignment of a purchase agreement, the Vendor will be required to collect information and records under the Real Estate Development Marketing Act from each proposed party to an assignment agreement, including personal information, respecting the following:

(1) the party's identity; (2) the party's contact and business information: (3) the terms of the assignment agreement.

Information and records collected by the Vendor must be reported by the Vendor to the administrator designated under the Property Transfer Tax Act. The information and records may only be used or disclosed for tax purposes and other purposes authorized by section 20.5 of the Real Estate Development Marketing Act, which includes disclosure to the Canada Revenue Agency.

18. LIABILITY OF BUYER In the event of an assignment in accordance with Section 17, the

Buyer will remain fully liable under the Contract and such assignment will not in any way relieve the Buyer of its obligations under this Contract.

19. ASSIGNMENT BY SELLER The Seller will be entitled to sell and/or assign its rights,

benefits and/or obligations under this Contract without the consent of the Buyer, in such case, the Buyer acknowledges and confirms that: a. the new developer will be the assignee of the Seller; and

b. other entities involved in the development of the Development may sell and/or assign

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20. CONTRACTUAL RIGHTS ONLY This offer and the Contract which results from its acceptance creates contractual rights only and not any interest in land, and the Buyer hereby acknowledges and agrees that the Buyer shall not under any circumstances be entitled or become entitled to register any charge, encumbrance or notice against title to the Strata Lot in respect of or pertaining to this Contract or the Strata Lot including, without limitation, a certificate of pending litigation.

21. COMMISSIONS In the event that the Buyer does not complete the purchase and sale of

the Strata Lot on the Completion Date, the Buyer hereby irrevocably authorizes the Seller to deduct from the Deposits all legal fees, real estate commission fees and administrative costs related to the failure of the Buyer to complete.

22. MARKETING The Buyer agrees that the Seller may continue to carry out construction

work on the Development after the completion of the purchase of the Property by the Buyer. The Buyer acknowledges and accepts that such work may cause inconvenience to the use and enjoyment of the Property. The Buyer will not impede or interfere with the Sellers completion of construction of other strata lots, the common property or the Development. The Buyer acknowledges that the Seller or its affiliates may retain strata lots in the development for use as sales and administrative offices and/or display suites for marketing purposes or otherwise. The Buyer agrees that, as long as the Seller is the owner of any strata lots in the Development, the Seller may carry out marketing, promotional and sales activities within the common property (including parking stalls and recreation facilities) of the Development or strata lots owned or leased by the Seller including maintaining display suites, other display areas, parking areas and signage (including signage on the exterior of the Development) and permitting public access to the area for the purpose of marketing of any unsold strata lots. In addition, the Seller may conduct tours of the Development from time to time with prospective Buyers and hold events in connection with the marketing and sales activities. The Seller may maintain a sales office in the Amenity Building until completion of the sale of 98% of the units. The Seller will act reasonably, to minimize disturbance to the Buyer.

23. BUYER COMPRISING MORE THAN ONE PARTY If the Buyer is comprised of more

than one party, then the obligations of the Buyer hereunder will be the joint and several obligations of each party comprising the Buyer and any notice given to one of such parties shall be deemed to have been given at the same time to each other such party.

24. ENUREMENT This Contract will enure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and assigns.

25. FURTHER ASSURANCES The parties hereto shall do all further acts and things and execute all such further assurances as may be necessary to give full effect to the intent and meaning of this Contract.

26. GOVERNANCE This contract shall be governed and construed in accordance with the

laws of the Province of British Columbia. The Buyer hereby irrevocably agrees to attorn to the jurisdiction of the Province of British Columbia in respect of any and all matters pertaining to or connected with this Contract or the Strata Lot.


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27. SURVIVAL The rights and obligations of the parties contained herein and in the

Disclosure Statement will continue and will not be merged with the completion of the sale and purchase of the Strata Lot on the Completion Date.

28. LANGUAGE All words in this Contract will be read and construed in the singular, plural,

masculine, feminine or body corporate, as the context may require.

29. ENTIRE AGREEMENT This Contract shall constitute the entire agreement between the Seller and the Buyer and there are no representations, warranties, conditions, guarantees, promises, agreements or previous statements made by any person or agent (including, without limitation, arising out of marketing materials, sales brochures, displays, photographs, drawings or any other materials provided to or viewed by the Buyer) other than those contained in this Contract and the Disclosure Statement. No modification of this Contract shall be valid unless made in writing and signed by the parties hereto.

30. SOLICITORS The Seller’s solicitor is Buckley Hogan Law Office, Barristers & Solicitors,

located at #200, 8120 - 128th Street, Surrey, B.C. V3W 1R1 Phone: 604-635-3000 Fax: 604-635-3311 and email: [email protected]

If known, the Buyer’s solicitors are: Name:__________________________________ Contact: ______________________________

Address: ________________________________ City: _________________________________

Province:________________________________ Postal Code: ___________________________

Tel: ____________________________________ Email: _______________________________

Dated this _______ day of __________________________, 20________.

BUYER:

________________________________ _______________________________________ Witness Buyer ________________________________ _______________________________________ Witness Buyer SELLER:

BIANCO DEVELOPMENTS LTD. by its authorized signatory:

_______________________ Per: _______________________________ Witness Authorized Signatory

mailto:[email protected]


INITIALS

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Page 17 of ___

SCHEDULE “B”

ADDITIONAL TERMS AND CONDITIONS

The Purchase Price includes a stainless steel refrigerator, gas stove, dishwasher and Washer and Dryer.

The Counter top choice is ____________________

The Flooring choice is ______________________ The cabinet choice is ______________________

Buyer

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Date post:	18-Sep-2020
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DISCLOSURE STATEMENT OF Port Coquitlam, B.C. V3C 4W4 · “TERRAZZO CONDOS” (the...

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