British Columbia · Receivership (court-appointed)
Affidavit #1 of E. Welte
Affidavit · 3 October 2024
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: Balance owing not stated in document. Second Ranking Loan dated May 27, 2022; Genesis commenced foreclosure proceedings against By the Bay in November 2023 (Order Nisi, Order for Conduct of Sale, and Certificate of Pending Litigation registered) · page: 5 · debtor: By the Bay Home Development Ltd. · creditor: Genesis Mortgage Investment Corp. · currency: CAD · security: Mortgage over the Project (dated June 9, 2022, registered June 15, 2022) and general security agreement dated June 9, 2022 — second-ranking/subordinate to National Bank's mortgage
- secured creditorsnote: Construction lien claim per Land Title Office search · page: 6 · as of: 2023-06-16 · amount: 124000 · debtor: By the Bay Home Development Ltd. · creditor: Fairway Demolition Ltd. · currency: CAD · security: Claim of lien registered against title to the Project
- secured creditorsnote: Construction lien claim per Land Title Office search · page: 6 · as of: 2024-06-25 · amount: 69996.13 · debtor: By the Bay Home Development Ltd. · creditor: London Mah & Associate Ltd. · currency: CAD · security: Claim of lien registered against title to the Project
- secured creditorsnote: Total indebtedness per Bank payout statement (Exhibit A), comprising Swing Line $500,000 + accrued interest $34,610.67; Term Loan $6,100,000 + accrued interest $512,397.03; Letter of Credit $289,000 + fees $3,263.22; plus professional fees $27,604.07 (fees/interest continuing to accrue, estimated FTD to closing TBD). Loan guaranteed by Dimex Properties Inc. and Dimex Developments Inc. (corporate guarantors) and Sundhir Dhillon (personal guarantee, individual) each up to $16,550,000. · page: 10 · as of: 2024-08-21 · amount: 7472019.99 · debtor: By the Bay Home Development Ltd. · creditor: National Bank of Canada · currency: CAD · security: First-ranking collateral mortgage and assignment of rents on the Project registered December 19, 2019 in the amount of $16,550,000 (registered principal, not balance); general security agreement (GSA) over all Project-related assets