Alberta · Receivership (court-appointed)
Affidavit of Colin Brenneis
Affidavit · 8 August 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 filing4 verified
- secured creditorsnote: Ranks senior to (ahead of) KV Capital's PPR registration per PPR report reviewed by affiant. · page: 4 · debtor: Jasper Summerlea Shopping Center Ltd. · creditor: Ford Credit Canada Company · currency: CAD · security: PPSA registration in Alberta Personal Property Registry listing a 2020 Ford F-150 as collateral
- secured creditorsnote: Registered principal amount, not a stated balance. Postponed/subordinated to KV Capital's 2023 mortgage (232 022 511) and caveat (232 022 512) per postponement registered April 18, 2023 (Instrument 232 121 494); third-party mortgagee, not a related party. · page: 14 · debtor: Jasper Summerlea Shopping Center Ltd. · creditor: West Edmonton Truckland Ltd. (with 1756282 Alberta Ltd. as co-mortgagee) · currency: CAD · security: Mortgage registered May 28, 2022, Instrument No. 222 121 335, original principal amount $5,700,000
- secured creditorsnote: Registered principal amount, not a stated balance. Postponed/subordinated to KV Capital's 2023 mortgage (232 022 511) and caveat (232 022 512) per postponement registered April 18, 2023 (Instrument 232 121 493); third-party mortgagee, not a related party. · page: 14 · debtor: Jasper Summerlea Shopping Center Ltd. · creditor: West Edmonton Truckland Ltd. · currency: CAD · security: Mortgage registered September 10, 2022, Instrument No. 222 201 087, original principal amount $1,500,000
- secured creditorsnote: Balance per demand letter and s.244 Notice of Intention to Enforce Security (Form 86), both dated June 19, 2023, with per diem interest of $2,318.08 continuing to accrue. Prior KV mortgage/assignment of rents dated Dec 13, 2020 (Instrument 212 006 275/276, original principal $5,500,000) was amended/replaced by the current 2023 mortgage and subject to pending discharge registrations per land title certificate. Secured by personal guarantee of Judy Chen (director/100% shareholder of debtor). PPR registration ranks subordinate only to Ford Credit Canada Company. · page: 201 · as of: 2023-06-19 · amount: 6679729.4 · debtor: Jasper Summerlea Shopping Center Ltd. · creditor: KV Capital Inc. · currency: CAD · security: First mortgage registered Jan 20, 2023 (Instrument No. 232 022 511) securing principal indebtedness up to $6,500,000; Assignment of Rents and Leases (Caveat 232 022 512); General Security Agreement dated Dec 13, 2020 over all present and after-acquired personal property (PPR registration Dec 16, 2020)