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PRELIMINARY REPORT AND REQUEST FOR DISBURSEMENT BY THE NOTARY (Quebec) Date : Address of National Bank of Canada (the “Bank”) Immovable to be hypothecated (civic address): YYYY MM DD Cadastral description: [In the Irregularities/Particularities section below, indicate the reason why the cadastral designation is different from the one listed in the Specific Mandate or in the certificate of location, as applicable.] Re: Hypothecary financing in the amount of $ granted to Borrower’s name (the “Borrower”) In the event that the hypothec is to charge many immovables, the term “Immovable” as used herein shall include all the immovables bearing the addresses and cadastral descriptions indicated above. FURTHER TO THE MANDATE ENTRUSTED TO US, we declare and certify the following: TITLE OPINION We hereby confirm that we have examined the titles of the Immovable and that we have complied with all the conditions set out in the “Mandate to Notary/Immovable Hypothec” form and in the Specific Mandate sent to us by the Bank (the “Mandate”). We have also taken all the steps and conducted all the verifications we deemed necessary in order to assure the Borrower or Owner’s name1 of a good and valid title to the property, free of any charges, subject to any reservations indicated below. HYPOTHECS You will hold a good and valid hypothec in accordance with the rank and in the amount specified in the Commitment section below, on the Immovable and on the rents and any indemnities paid under insurance policies covering these rents. To this end, the following hypothecs and deeds will be cancelled, and the following deeds will be registered: In the event that the above space is left blank, we are of the opinion that the mere registration of your deed of hypothec without any adverse entry is sufficient to ensure that you are granted a hypothec of the required rank. If the hypothec is a second-ranking hypothec, the following hypothec is the first-ranking hypothec on the Immovable : [describe the hypothec and the type of credit that can be secured by the hypothec] IRREGULARITIES/PARTICULARITIES [Describe the irregularities or particularities, their effect on the Bank’s security, as well as the suggested corrective measures, including title insurance, if applicable.] Description of the irregularities or particularities: No corrective measure required OR The irregularities described above will be corrected with the following corrective measure : 1 If there is more than one Borrower, insert only the name(s) of the property owning borrower(s) in the space provided. 17065-SAP-012 (2016-04-04) Page 1 of 3 CERTIFICATE OF LOCATION OR LAYOUT CERTIFICATE (NEW CONSTRUCTION) We have obtained and examined the most recent certificate of location or the layout certificate (new construction), which meets the requirements set out in the Mandate. This certificate was prepared by a registered land surveyor and shows no irregularity that has not been corrected or, if applicable, reveals irregularities that we consider minor and that would not diminish or otherwise affect your rights under the hypothec, subject to what may be indicated in the “Irregularities/Particularities” section above, if applicable. For a new construction, we undertake to obtain a certificate of location, to examine it and to inform you, before the last disbursement, of any irregularities that would diminish or otherwise affect your rights under the hypothec, as well as the recommended corrective. PROPERTY TAXES The property taxes owing as at the signing date of the deed of hypothec have been paid in full or will be paid in full when the funds are disbursed. INSURANCE We undertake to confirm to you in our Final Report, as requested in the Mandate, that the Immovable and the other property hypothecated are insured, at the disbursement of the financing, against fire and other risks indicated in the deed of hypothec. We will also confirm to you that 1) the amount of fire insurance is at least equal to the full replacement value; 2) the policy contains the standard clause regarding hypothecary security as required by the Insurance Bureau of Canada and 3) the indemnity owing in case of fire is payable to the Bank in its capacity as hypothecary creditor. For new construction financing, we confirm to you that the Immovable is insured against damage while under construction, for the full appraised completion value. The Bank is named first loss payee. PURCHASE PRICE OF IMMOVABLE The purchase price is the same as the price indicated in the Mandate or, if different, the amount is $ . We have not detected any unusual or potentially fraudulent activity in connection with the financing or the transfer of ownership, if applicable. COMMITMENT When the deed of hypothec has been signed and registered, and when the cancellations, corrections and registrations mentioned above, if any, have been made, you shall have a valid -ranking hypothec, in the registered amount of $ provided no other registration affecting your rights is made against the Immovable between the date hereof and the time your hypothec is registered. We undertake to confirm to you that your hypothec has been duly registered by sending you a Final Report as indicated in the “Documents to Be Provided” section below. We shall also conduct any additional searches and verifications that may be necessary and confirm our findings to you in the Final Report. We undertake to have the deed of hypothec and credit agreements signed and the deed of hypothec registered before the disbursement date indicated herein. We undertake to give the Borrowers and the Guarantor, if applicable, a copy of the credit agreement(s), which includes the cost of borrowing disclosure statement required under the Bank Act, in accordance with your instructions. Following the registration of the deed of hypothec and the disbursement, you will be able to consider that we are of the opinion that: The Borrower or the persons identified on page 1 has absolute ownership of the Immovable, by valid title; Your hypothec is valid and binding and ranks as indicated above against the Immovable and the rents therefrom, as well as against any indemnities paid under insurance policies covering such rents. No registration which could affect your rights has been made against the Immovable between the date hereof and the time your deed of hypothec was registered; and, The cancellations, corrections and registrations mentioned above, if any, have been made. We certify that the wording of the deed of hypothec that we have prepared for the Bank faithfully reproduces in its entirety the standard text of the required form. REQUEST FOR DISBURSEMENT [expect a minimum delay of 2 business days for the processing of the application by the Bank as well as any delay with other financial institution, if any] Transaction other than internal refinancing Consequently, you are requested to disburse the hypothecary financing as follows [for an external refinancing, tick « partial amount » and indicate the amount needed to reimburse the debt owing to the other mortgage creditor]: by depositing the full amount $ partial amount $ to my in-trust account, held at Name of financial institution Transit Account No. this (disbursement date) before (time). The minimum 2 business day delay required by the Bank for the processing of this disbursement application is respected. In case of external refinancing, these funds will be used to reimburse the debt owing to the other mortgage creditor. We recognize that any remaining funds, where applicable, will not be forwarded to us. It will be used to pay certain debts as agreed to with the Borrower, or the Bank will remit the funds to the Borrower directly. All these transactions can be made on the disbursement date specified above. If the refinancing is for the purposes of renovation, we understand that some funds could be forwarded to us after the disbursement date according to the conditions set out in the Specific Mandate. OR Internal refinancing Consequently, the Bank will be able to proceed with the reimbursement of its mortgage debt with the refinancing funds. Any leftover, if applicable, will be used to pay certain debts agreed to with the Borrower, or the Bank will remit the extra funds to the Borrower directly on (disbursement date). No funds will be forwarded to us. If the refinancing is for the purposes of renovation, we understand that some funds could be forwarded to us after the disbursement date according to the conditions set out in the Specific Mandate. We undertake to notify the Bank of any changes to the above disbursement date at least 2 business days before that date, failing which the Bank may disburse the funds according to these instructions. For a refinancing, if the deed of hypothec cannot be registered before the disbursement date, we undertake to notify the Bank at the latest 2 business days before that date. We also undertake to disburse the funds forwarded to us only when all the commitments listed herein have been fulfilled and when all the verifications we deemed necessary have been done notably to make sure that there is no registration which could affect the rights and security of the Bank. If we do not use the funds disbursed by the Bank within the prescribed timeframe, we undertake to notify the Bank as soon as possible. 17065-SAP-012 (2016-04-04) Page 2 of 3 DOCUMENTS TO BE PROVIDED We undertake to send to you the following documents within 20 business days of the date the funds are disbursed, or within 20 business days of the date of the first disbursement in the case of a loan with progressives disbursements: the duly signed credit agreements, which include the cost of borrowing disclosure statement required under the Bank Act; the fire insurance policy or a copy for the hypothecary creditor to be completed for hypothecs of (i) $500,000 and over, for residential properties with 6 units or less and (ii) $1,000,000 and over, for residential properties with 7 units or more. the title insurance policy, if applicable; for hypothecs that are not first-ranking, a copy of the deed of hypothec ranking prior to the Bank’s hypothec, if applicable; We also undertake to send you a Final Report within 20 business days of the date the funds are disbursed, or within 20 business days of the date of the last disbursement in the case of a loan with progressive disbursements, unless cancellations need to be made. In this case, we undertake to send you the Final Report as soon as possible, once such cancellations have been made. Signed at , this day of . Signature of Notary Notary's name Tel. No. 17065-SAP-012 (2016-04-04) Page 3 of 3