Alberta · Receivership (court-appointed)
Affidavit of BMO
Affidavit · 29 November 2023
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 filing6 verified
- secured creditorsnote: Exclusive Direct Indebtedness (no stated total) comprises: Loan #373144530001 $12,791,456.61; Loan #373144530002 $219,727.34; Loan #0014-1965-981 $8,077.80; LC #BMT0664048OS $1,300,000.00; LC #BMT0664049OS $128,868.08; LC #BMT0664050OS $34,000.00 (all balances as at Nov 22, 2023), plus future advances and solicitor-client costs. Exclusive also guaranteed BMO's Action and 811 direct indebtedness (First/Second Exclusive Indirect Indebtedness), secured by the same package. Demand for payment and BIA s.244 Notice of Intention to Enforce Security served Nov 7, 2023. David Reid (principal/director of Exclusive, Action, and 811) personally guaranteed all three companies' indebtedness to BMO (Reid-Exclusive/Action/811 Guarantees); demand made on Reid Nov 7, 2023. · page: 2 · as of: 2023-11-22 · debtor: Exclusive Hardwood Flooring Ltd. · creditor: Bank of Montreal · currency: CAD · security: Exclusive Mortgage of Land dated Dec 10, 2021 (reg #222 158 930), limited to principal sum of $15,000,000.00; Exclusive General Assignment of Rents and Leases (reg #222 158 931); Exclusive GSA (all present/after-acquired personal & real property); Exclusive Equitable Mortgage (Caveat reg #232 362 495) securing $5,000,000.00; PPR registrations #22021411475 (personal property) and Land Charge #22021411499, both Feb 14, 2022
- secured creditorsnote: Action Direct Indebtedness (no stated total) comprises: Loan #0014-1966-087 $3,922,189.51; Overdraft on #0014-1966-087 $69,988.12; Loan #5264********5746 $48,184.21 (all balances as at Nov 22, 2023), plus future advances and solicitor-client costs. Action also guaranteed BMO's Exclusive and 811 direct indebtedness (First/Second Action Indirect Indebtedness), secured by the Action GSA. Demand for payment and BIA s.244 Notice served Nov 7, 2023. · page: 3 · as of: 2023-11-22 · debtor: Action Flooring Ltd. · creditor: Bank of Montreal · currency: CAD · security: Action GSA dated Dec 10, 2021 (all present/after-acquired personal & real property); PPR registrations #22021411475 (personal property) and Land Charge #22021411499, both Feb 14, 2022
- secured creditorsnote: 811 Direct Indebtedness (no stated total) comprises: Loan #0014-1966-001 $330.77; Loan #373144600001 $767,428.44 (balances as at Nov 22, 2023), plus future advances and solicitor-client costs. 811 also guaranteed BMO's Exclusive and Action direct indebtedness (First/Second 811 Indirect Indebtedness), secured by the same package. Demand for payment and BIA s.244 Notice served Nov 7, 2023. · page: 3 · as of: 2023-11-22 · debtor: 811044 Alberta Ltd. · creditor: Bank of Montreal · currency: CAD · security: 811 Mortgage of Land dated Dec 10, 2021 (reg #222 158 919), limited to principal sum of $757,500.00; 811 General Assignment of Rents and Leases (reg #222 158 920); 811 GSA (all present/after-acquired personal & real property); 811 Equitable Mortgage (Caveats reg #232 362 496/497/498) securing $500,000.00 against each of three parcels; PPR registrations #22021411475 (personal property) and Land Charge #22021411499, both Feb 14, 2022
- secured creditorsnote: Granted on or about June 21, 2023 without the knowledge, consent, or approval of BMO; registered after BMO's Exclusive Mortgage (reg #222 158 930, 2021) and would rank subordinate to it. · page: 10 · as of: 2023-06-21 · debtor: Exclusive Hardwood Flooring Ltd. · creditor: V. Ford Professional Corporation · currency: CAD · security: Mortgage registered against the Exclusive Lands in the principal amount of $1,030,000.00 (registered principal, not a stated balance)
- secured creditorsnote: Outstanding property taxes per Tax Search (Exhibit LL); regulatory/municipal claim. · page: 10 · as of: 2023-11-06 · amount: 222793.11 · debtor: Exclusive Hardwood Flooring Ltd. · creditor: City of Edmonton · currency: CAD · security: Statutory municipal property tax charge against the Exclusive Lands
- secured creditorsnote: Outstanding property taxes per Tax Search (Exhibit MM); regulatory/municipal claim. · page: 10 · as of: 2023-11-06 · amount: 82860.61 · debtor: 811044 Alberta Ltd. · creditor: City of Edmonton · currency: CAD · security: Statutory municipal property tax charge against the 811 Lands