Alberta · Receivership (court-appointed)
First Report of the Receiver, June 14, 2021
Court officer report · 14 June 2021
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What we verified from this filing3 verified
- secured creditorsnote: Approximate indebtedness per Initial Affidavit sworn Nov 13, 2020, as at Nov 11, 2020 (pre-filing; Receivership Order granted Dec 4, 2020). CFCU later advised Receiver that outstanding indebtedness including interest and costs to June 1, 2021 approximates $15.8 million (post-filing update). At time of Oct 12, 2018 Consent Redemption Order in the prior foreclosure action, outstanding indebtedness was stated exactly as $16,643,409. · page: 8 · as of: 2020-11-11 · amount: 15500000 · debtor: CEP LP Investment Corp. (registered mortgagor) / Safeguard Real Estate Investment Fund IV Limited Partnership (beneficial owner) · creditor: Connect First Credit Union Ltd. (formerly First Calgary Financial Credit Union Limited) · currency: CAD · security: Mortgage registered 2013-04-29 (original principal $19,200,000) and Assignment of Rents and Leases against the Property
- secured creditorsnote: Property Tax Arrears of approximately $1.4 million as at June 1, 2021 (inclusive of charges, penalties and interest). Additional 2021 Property Taxes of approximately $448,000 were due by June 30, 2021 (separate component, not summed). Receiver's Proposed Receiver's Borrowings table combines 'Property Taxes (Arrears + 2021)' as $1,823,774 for borrowing-charge purposes. · page: 8 · as of: 2021-06-01 · amount: 1400000 · debtor: Safeguard Real Estate Investment Fund IV Limited Partnership / CEP LP Investment Corp. · creditor: City of Calgary · currency: CAD · security: Statutory charge for unpaid municipal property taxes, understood to constitute a secured charge on the Property ranking in priority to CFCU
- secured creditorsnote: Initial Affidavit stated $274,069 outstanding as of July 23, 2020 (prose/earlier figure); updated to approximately $369,847 as of the date of this report (June 14, 2021) after accounting for further accrued monthly fees of ~$45,678 less payments of ~$41,257. · page: 8 · as of: 2021-06-14 · amount: 369847 · debtor: Safeguard Real Estate Investment Fund IV Limited Partnership / CEP LP Investment Corp. · creditor: Condominium Corporation Plan No. 0811241 · currency: CAD · security: Condominium corporation lien/claim for unpaid common expense (condo) contributions; Receiver understands this represents a priority amount ranking ahead of CFCU