British Columbia · Receivership (court-appointed)
Affidavit #1 of Benjamin Chua, November 19, 2024
Affidavit · 19 November 2024
Also filed as: Petition to the Court for Receivership Order, November 20, 2024
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What we verified from this filing1 verified
- secured creditorsnote: Outstanding balance under the Credit Facilities not quantified on these pages (referenced in Demand Letter, Exhibit 'I', not reproduced). Default Notice issued Sept 12, 2023; Forbearance Agreement expired Aug 30, 2024; Demand Letter and NOI under s.244 BIA issued Oct 30, 2024, amounts demanded unpaid. Performance guaranteed jointly and severally by Myron Calof (personal guarantor) and I4 Property Group Inc. (corporate guarantor) under guarantee dated April 6, 2022 (unlimited liability). · page: 2 · as of: October 30, 2024 (Demand Letter / NOI to Enforce Security) · debtor: I4PG Hastings Street Inc. and Hastings Street Limited Partnership · creditor: Desjardins Financial Security Life Assurance Company · currency: CAD · security: First ranking mortgage and assignment of rents dated April 6, 2022, registered April 12, 2022 (Nos. CA9850842, CA9850843); general security agreement over all personal property (April 6, 2022); collateral assignment of capital call rights; assignment of insurance; environmental warranty and indemnity; cost overrun and completion guarantee (Mar 31, 2022); letter of credit authorization and indemnity agreement. Credit Facilities comprise a first-ranking mortgage/construction loan facility in the principal amount of $29,200,000 (inclusive of a $500,000 demand revolving line of credit) and a letter of credit facility with a maximum amount of $2,500,000 — these are facility limits, not outstanding balances. A related Collateral Mortgage registered for $37,000,000 is a registered ceiling/principal amount, not a balance.