Veterans’ Land Regulations — 32
or other person (a) pays to the Province his outstanding indebtedness to the Province under any loan or grant made under that Act; or (b) makes arrangements satisfactory to the Province, for the registration by the Province in the Land Registry Office for the district in which the lands are situated, of a mortgage or certificate of grant against the title of the veteran or other person to secure the amount of the indebtedness of the veteran or other person to the Province. (6) Where a veteran or other person complies with paragraphs (4)(b) and (c) and the Director grants permission pursuant to that subsection, the direction and undertaking of the veteran or other person forthwith becomes a part of the subsisting contract of sale. (7) For the purposes of subsections (4) to (6), “veteran or other person” includes any person to whom a subsisting contract of sale described in subsection (4) has been assigned with the approval of the Director. (8) Where, in respect of any land, (a) a veteran has made application to the Director for financial assistance under Part I or III of the Act the repayment of which is to be secured by a contract of sale to be entered into pursuant to the Act, or a veteran or other person has a subsisting contract of sale under Part I or III of the Act, (b) the veteran or other person wishes to obtain a loan or advance under the Housing Corporation Act of Prince Edward Island in such amount and subject to such repayment terms as would require the veteran or other person to give to the Prince Edward Island Housing Corporation a mortgage on the land, and (c) the veteran or other person gives the Director and the Prince Edward Island Housing Corporation a non-revocable direction and an undertaking (i) to give the Corporation, if required by it, when title to the land is transferred from the Director to the veteran or other person pursuant to the contract of sale referred to in paragraph (a), a mortgage on the land in favour of the Corporation, or to repay to the Corporation the amount of the loan or advance before the title to the land is so transferred, and (ii) not to sell, assign or otherwise dispose of the land without the consent of the Director and the Corporation, the Director may grant permission to the veteran or other person to obtain the loan or advance. (9) Where the Director grants permission to a veteran or other person under subsection (8) to obtain a loan or advance in respect of any land, the direction and undertaking of the veteran or other person given pursuant to that subsection forthwith becomes part of (a) the application for financial assistance and the contract of sale to be entered into, or (b) the subsisting contract of sale, referred to therein, as the case may be. (10) To facilitate the making of a loan or advance in respect of any land to a veteran or other person by the Prince Edward Island Housing Corporation, pursuant to subsection (8), the Director may enter into an undertaking with the Corporation not to permit any conveyance, assignment or other disposition, except by way of rescission or cancellation, of the interest of the veteran or other person in the land under any contract entered into between the Director and the veteran pursuant to the Act or any subsisting contract referred to in subsection (8), unless the veteran or other person (a) pays to the Corporation his outstanding indebtedness to the Corporation; or (b) makes arrangements satisfactory to the Corporation for the registration by the Corporation, in the Land Registry Office for the district in which the land is situated of a mortgage against the title of the veteran or other person to the land to secure the amount of his indebtedness to the Corporation. (11) Where, in respect of any land, (a) a veteran has made application to the Director for financial assistance under Part I or III of the Act the repayment of which is to be secured by a contract of sale to be entered into pursuant to the Act, or a veteran or oth