Appointment of Receiver of Income
Pursuant to Section 8(1)(b) of the Receiverships Act 1993
Trustees Executors Limited ("the mortgagee") is the mortgagee under Memorandum of Mortgage 7332824.16 (Canterbury Land Registry) dated the 16th day of April 2007 ("the mortgage") given by THE BEACHFRONT APARTMENTS LIMITED ("the mortgagor") in favour of the mortgagee and affecting the land in Certificates
of Title 230271, 230272, 230273 and 230275 (Canterbury Land Registry), being the properties known as Units 1, 2, 3 and 5, 272-274 Marine Parade, New Brighton ("the land").
The mortgagor is in default under the mortgage and the mortgagee is entitled to appoint a receiver of the income from the land or any part of it, upon such default.
The mortgagee hereby appoints Sue Lazer of A J McPherson & Associates Limited MREINZ (trading as Ray White) of PO Box 6001, Upper Riccarton, Christchurch 8442, to be receiver of the income of the land with all the powers conferred upon a receiver in terms of the mortgage and by the law.
The receiver shall at all times be the agent of the mortgagor and not of the mortgagee.
Dated this 5th day of July 2010.