Ontario · Receivership (court-appointed)
Motion Record of the Plaintiff, Centurion Mortgage Capital Corporation dated December 4, 2020
Application / notice of application · 4 December 2020
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 filing10 verified
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-20-00652174-00CL
- commencement date27 November 2020
- applicantCenturion Mortgage Capital Corporation
- secured creditorsnote: Amount owing per Demand Letter dated November 18, 2020, plus legal fees and other protective disbursements not quantified; loan principal was $15,948,280, amended to increase by $681,312; one advance of $7,331,559 made December 21, 2018; Guarantors (Dream Maker Developments Inc. and Temitope Olowolafe) provided unlimited joint and several personal/corporate guarantees - personal guarantor is an individual, not a company · page: 8 · as of: 2020-11-18 · amount: 8505625.9 · debtor: 10268054 Canada Corp. · creditor: Centurion Mortgage Capital Corporation · currency: CAD · security: Charge/Mortgage (Instrument No. DR1762699), registered principal $17,500,000; General Security Agreement; Guarantee and Postponement of Claim from Dream Maker Developments Inc. and Temitope Olowolafe; Assignment of Rights under Agreements of Purchase and Sale
- secured creditorsnote: Registered charge amount; also provides condominium deposit insurance facility to 102 Corp. · page: 9 · amount: 6000000 · debtor: 10268054 Canada Corp. · creditor: Westmount Guarantee Services Inc. · currency: CAD · security: Registered encumbrance, Instrument No. DR1762723 (priority 2)
- secured creditorspage: 9 · amount: 500000 · debtor: 10268054 Canada Corp. · creditor: Garrison Hill Developments Inc. / Kimila Treasure Campbell Greaux · currency: CAD · security: Registered encumbrance, Instrument No. DR1809576 (priority 4)
- secured creditorspage: 9 · amount: 2000000 · debtor: 10268054 Canada Corp. · creditor: Diversified Capital Inc. · currency: CAD · security: Registered encumbrance by transfer of charge, Instrument Nos. DR1821027 / DR1905821 (priority 3)
- secured creditorsnote: Second, separate registered charge held by Diversified Capital Inc. · page: 10 · amount: 500000 · debtor: 10268054 Canada Corp. · creditor: Diversified Capital Inc. · currency: CAD · security: Registered encumbrance, Instrument No. DR1874554 (priority 5)
- secured creditorspage: 10 · amount: 1565000 · debtor: 10268054 Canada Corp. · creditor: 5023018 Ontario Inc. · currency: CAD · security: Registered encumbrance, Instrument No. DR1937533 (priority 6)