The Peak Performance Pontoons Inc. ("PPP Inc.") manufacturing plant was located in premise owned and operated by Gary Greed, pictured below. The arrangement was less than ideal because Mr. Greed was very difficult to deal with. However, the situation changed on June 24, 2021, when PPP Inc. got a notice that the building was for sale. Apparently, Mr. Greed was over-extended on numerous loans and on the verge of bankruptcy. In a desperate attempt to stave off financial ruin, Greed was trying to sell the building. After consulting with his board of directors, Benton Counter, the CEO of PPP Inc. decided that the company should buy the building. Off he went to talk to the company's lawyer, William Argue. "Hello, Will." "Good to see you Benton. What can I do for you?"

"The building PPP Inc. currently rents, is up for sale and we want to buy it. I know a great deal about design engineering, but nothing about land law." "Let me give you a crash course. Everything that is subject to ownership is called ________. That breaks down into two categories_______ which is land, buildings and things permanently affixed thereto; and everything else, which is________ that breaks down into two subcategories ________ and _______. Those two sub-categories is a subject for a later date. Back to the firstcategory - it is carved up into estates in time, and interests less than estates. Estates intime means the occupier has exclusive possession. you can have two types of interestinland and buildings: Right now, you are renting the premises and have exclusivepossession even to the exclusion of the landlord. So, that means you have a _______ Interest. But once you buy the building, your company, as an owner, will have a Interest. Her Majesty the Queen technically owns all the land but once you buy the building PPP Inc. will have an interest in the land closest to absoluteownership, which is called a _______ . " Argue asked, "Does PPP Inc. have enough cash reserves to by the building?" "No, we have enough cash to pay 25% but we'll need financing from our bank for theremainder." "That means you will have to give the bank a ______ . PPP Inc. will be the __________ and the bank will be the_______ . Right now, PPP inc. holds the _______ Title but that will pass to the bank.However, PPP Inc. has the ________ which meansthat you can pay the bank and get title back. Argue said, he would geta copy of the property documents from the Land Titles Office and check to see if there are any Interests Less than Estates, such as _____ , ______, or _______ which might affect you use of the property." "Will, my last question is how does the transfer take place" Argue replied, "There are three ways a property can transfer:( mark each)

1. By an example of which is _______ . 2. By an example of which is _______ . 3. By an example of which is ________ . "Which way will I be taking title?" Benton asked?( mark) "By ________ ," Argue relied. And Benton Counter gave a retainer to Arguewith instructions to handle the purchase and sale.