British Columbia · Receivership (court-appointed)
Affidavit #1 of Sidney Rubin
Affidavit · 15 December 2025
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing1 verified
- secured creditorsnote: Amendment Agreement dated May 6, 2025 confirms 'the current principal loan balance is $41,200,000' (matches original registered principal); loan originally matured June 1, 2025, renewed under Renewal Term #1 (to Dec 1, 2025) and contemplated Renewal Term #2 (to June 1, 2026); Additional Borrowers 1276291 B.C. Ltd. and 1265493 B.C. Ltd. added May 2025 granting a SECOND mortgage/GSA over separate lands (5951 No. 3 Road, Richmond) subject to a first mortgage of $38,000,000 to First West Credit Union (not this creditor); Guarantors/Covenantors on the original mortgage: 1165877 B.C. Ltd. and 1165857 B.C. Ltd. (corporate covenantors) and personal guarantees from Hongpeng Yang and Evan Mont Wang (individuals - personal guarantors, not separate creditor entities) · page: 22 · as of: 2025-05-06 · amount: 41200000 · debtor: 2490 Marine Drive Ltd. (together with original co-borrowers 2458 Marine Drive Holdings Ltd., 2464 Marine Drive Holdings Ltd., 2466 Marine Drive Ltd., 2474 Marine Drive Ltd.) · creditor: Pacifica Mortgage Investment Corporation · currency: CAD · security: Mortgage registered New Westminster Land Title Office Oct 28, 2021 (CA9466635-CA9466636), Principal Amount $41,200,000.00, interest-only, secures a current/running account; plus Beneficial Mortgage (Exhibit B) and General Security Agreement (GSA) (Exhibit C) referenced in affidavit but not reproduced in these pages