Alberta · Receivership (court-appointed)
Affidavit of Patrick Smith
Affidavit · 12 January 2022
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 filing4 verified
- secured creditorsnote: Canada ICI's security interest and PPR registration (Canada ICI PPR Registration) were postponed/subordinated to the Lender's Security pursuant to the Canada ICI Priority Agreement and Canada ICI Postponements dated June 26-27, 2019. No current balance stated; Canada ICI also acted as broker introducing the 2019 refinancing. · page: 4 · debtor: Symphony Condominium Ltd. (Borrower) · creditor: Canada ICI Capital Corporation ("Canada ICI") · currency: CAD · security: Mezzanine loan (the "Canada ICI Mortgage"), original advance of $4,375,000 (2019); security interest in the Lands and after-acquired personal property
- secured creditorsnote: DISCHARGED/repaid - refinanced and repaid using proceeds of the Initial Advance under the new Loan Facility in July 2019; not a current claim. · page: 4 · debtor: Symphony Condominium Ltd. (Borrower) · creditor: Canadian Western Bank and Equitable Bank ("CWB/Equitable Facility") · currency: CAD · security: First mortgage construction loan, original amount $64,220,000 (2016)
- secured creditorsnote: Indebtedness per Payout Statement (Exhibit S) as at Jan 10, 2022, inclusive of interest and 2% Exit Fee, exclusive of legal fees/continuing interest. Loan Facility (original $56,380,000) matured July 1, 2021; Events of Default declared; Demand Letters and NOIs issued Oct 25, 2021. Full amount jointly and severally guaranteed by Rockwood Management Ltd. (parent/related party) and Allen Wasnea (individual, personal guarantee) up to $56,380,000 plus interest/costs (Guarantee dated June 25, 2019). · page: 8 · as of: 2022-01-10 · amount: 24185265.35 · debtor: Symphony Condominium Ltd. ("Borrower", successor by amalgamation to Royal, Lincoln, Lillian, Broadview, Whitehill, Malowney, Viewpoint, Arcade, Tyrone and Hillside entities) · creditor: Timbercreek Mortgage Servicing Inc. / 2292912 Ontario Inc. ("229 Inc.") (the "Lender"), acting through Computershare Trust Company of Canada as custodian/nominee · currency: CAD · security: Blanket first (and second, re Lincoln/Lillian Lands) Mortgage in original principal amount of $56,380,000 registered against the Lands; General Security Agreement over all present and after-acquired personal property; Assignment of Leases and Rents; related agreements (environmental/fraud indemnities, insurance assignment, deposits/rights assignment, LOC assignment)
- secured creditorsnote: DISCHARGED - paid in full from Rockwood Portfolio Sale proceeds on Nov 30, 2021 in satisfaction of the prior registered mortgage against the Lillian Land, pursuant to the First National Priority Agreement dated June 27, 2019, under which the Lender's security on the Lincoln/Lillian Lands was postponed (cession of rank) to First National's security. · page: 15 · as of: 2021-11-30 · amount: 750434.85 · debtor: Symphony Condominium Ltd. (Borrower) · creditor: First National Financial GP Corporation ("First National") · currency: CAD · security: First mortgage registered against the Lincoln Land (original facility $3,500,000, maturity Dec 2019) and against certain of the Lillian Lands (original facility ~$880,000, maturity Dec 2021) (the "First National Facilities")