October 4, 1996

Woodland Mobile Home Park
Wallcloud Parks Ltd.
Box 9, Group 148
Winnipeg, MB, Canada R5R 5R5
Telephone (204) 555-2261
Fax (204) 555-2261



October 4, 1996


CIBC
Main & Jefferson
1658 Main St.
Winnipeg, MB, R2V 1Y9

ATT: Darlene Howards
Personal Banking Representative

RE: Kelly Jacobson
Mobile Home Financing

Dear Ms. Howards:

We have received your fax specifying certain clauses that your institution feels must be included in a lease agreement for a mobile home lot in our Park.

We are prepared to offer a one year Tenancy Agreement as requested. However, our agreement is not assignable. In the event of a change in ownership, a new agreement is entered into with the new tenant. In any case, the unit may be moved at any time with 30 days notice (in writing) provided all lot rents have been paid. In the event that your customer defaults on his loan and it is necessary for you to repossess the asset, you would have our full cooperation as long as our rental fees and late charges, if existing, are paid. You would be able to move the home or leave it on site for resale (the usual procedure) at the same rental rate as our other tenants.

We will not stipulate that there will be no change in the lot rental rates for a period of one year. Our rental fee is controlled under the Manitoba Residential Tenancies Act and a portion of it is a Mobile Home License fee levied by the Rural Municipality of St. Norbert. This is beyond our control and may be changed at any time by the Municipality without notice. The remaining portion of the rent may only be modified after application to the Residential Tenancies Branch and 3 months notice of an increase is required.

I trust that the above explains our position in regards to Lot Rentals. Over 370 homes are presently located in our Park....many of them financed by the CIBC. No deviation from our Standard Tenancy Agreement has been requested in the past.

Sincerely yours,


Donald B. Walters, Mgr.
Woodland Park



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