British Columbia · Receivership (court-appointed)
Affidavit #1 of Chelsea Denton
Affidavit · 21 February 2024
What we verified from this filing2 verified · 1 withheld
- secured creditorsnote: Second-ranking mortgagee; registered same day as First Commercial Bank's mortgage but subordinated by Priority Agreements CA9581189 and CA9581190 granting First Commercial Bank's mortgage and assignment of rents priority. No outstanding balance stated in the document. · page: 5 · debtor: Grandlake Investments Corp. · creditor: Intact Insurance Company Intact Compagnie d'Assurance · currency: CAD · security: Mortgage (CA9581070) and Assignment of Rents (CA9581071) registered 2021-12-14, charging PID 030-305-381 (Lot A, District Lots 325A/526, Plan EPP62515); PPSA Security Agreement base registration 353003N dated November 5, 2021, general collateral re: all property relating to the 'MODUS' development project at 7560/7608 Granville Street and 1478/1488 Park Drive, Vancouver, including purchaser deposits
- secured creditorsnote: Balance per demand letter and Form 86 Notice of Intention to Enforce Security dated January 15, 2024: Loan Facility $10,207,419.00 + Outstanding Interest $149,701.41 + Legal Fees $12,002.61 = $10,369,123.02 total, plus accruing costs/interest. Registered mortgage principal ($15,000,000) is the facility/registration amount, not the balance. Secured also by personal guarantee dated November 15, 2021 of Ze Wen Zhong (individual guarantor; demand letter sent to him January 15, 2024 asserting same $10,369,123.02 balance). Priority Agreements CA9581189 and CA9581190 grant this mortgage and assignment of rents priority over Intact Insurance Company's mortgage/assignment of rents (CA9581070/CA9581071) despite later same-day registration of the latter. · page: 27 · as of: 2024-01-15 · amount: 10369123.02 · debtor: Grandlake Investments Corp. · creditor: First Commercial Bank · currency: CAD · security: General security agreement dated November 15, 2021 (PPSA base registration 425243N, also naming Ze Wen Zhong as debtor); Mortgage (CA9580598) and Assignment of Rents (CA9580599) registered 2021-12-14, in the registered principal amount of $15,000,000, charging PID 030-305-381 (Lot A, District Lots 325A/526, Plan EPP62515)
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.