Deanfeb
Active Member
Thats what i would think as the deposits is moved over to KSV lawyers Osler..it indicated that info in this motion being confirmed now.
- Thread starter gquest
- Start date
jbaa1
Active Member
I hope so.
Some lawyers have told me likely we would have to fight for the deposit. Tarion insurance would be the saving grace. Class action lawsuit to fight for any outstanding amounts.
aoomonuwa
New Member
If the Heart Lake Project cannot be completed within the last occupancy date and buyers choose not to continue with their pre-sale contracts, the document indicates that the deposits made by homebuyers under the Pre-Sale Agreements of Purchase and Sale (APS) are covered by a Trisura surety policy. This means that any counterparties to disclaimed Pre-Sale APSs will receive a refund of their deposits.
In summary, buyers who do not wish to continue with their pre-sale contracts will have their deposits refunded through the Trisura surety policy.
In summary, buyers who do not wish to continue with their pre-sale contracts will have their deposits refunded through the Trisura surety policy.
aoomonuwa
New Member
The Heart Lake Project is a residential development in Brampton, Ontario, consisting of 200 stacked townhomes, of which 109 have been pre-sold.
Construction has not yet begun.
Sales Process:
A sales process was initiated by the Receiver, resulting in two bids. However, the offers were deemed unsatisfactory as they were insufficient to repay KingSett’s loans or other subordinated debts.
Engagement of Elm:
Elm was engaged to evaluate the feasibility of completing the Heart Lake Project. Following their assessment, Elm was selected as the construction manager and development manager.
Heart Lake CM Contract:
On October 7, 2024, the Receiver and Elm executed a CCDC 5A Construction Management Contract. Elm will manage the pre-construction, construction, and post-construction phases.
The estimated hard costs to complete the project are $63 million, with a target completion date of 26 months. Elm will be paid a fixed fee of $1.5 million plus reimbursement for actual expenses.
Heart Lake Construction Facility:
KingSett has committed to providing a construction financing facility of $120,325,000 at an interest rate of prime plus 5% per annum.
The loan matures 24 months after the first advance, with possible extensions.
Third Amended and Restated Receivership Order:
The Receiver seeks court approval for the Heart Lake CM Contract and the Heart Lake Construction Facility.
The Receiver also seeks authorization to borrow up to $120,325,000 to fund the project and grant a charge to secure the borrowed amounts.
These steps are aimed at facilitating the completion of the Heart Lake Project to maximize benefits for stakeholders, including secured lenders and pre-sale homebuyers.
The document provided does not contain information beyond October 10, 2024. For the latest updates on this case, you would need to check recent court filings or contact the legal representatives involved. The lawyers for the applicants are from Osler, Hoskin & Harcourt LLP, and their contact details are provided in the document:
Construction has not yet begun.
Sales Process:
A sales process was initiated by the Receiver, resulting in two bids. However, the offers were deemed unsatisfactory as they were insufficient to repay KingSett’s loans or other subordinated debts.
Engagement of Elm:
Elm was engaged to evaluate the feasibility of completing the Heart Lake Project. Following their assessment, Elm was selected as the construction manager and development manager.
Heart Lake CM Contract:
On October 7, 2024, the Receiver and Elm executed a CCDC 5A Construction Management Contract. Elm will manage the pre-construction, construction, and post-construction phases.
The estimated hard costs to complete the project are $63 million, with a target completion date of 26 months. Elm will be paid a fixed fee of $1.5 million plus reimbursement for actual expenses.
Heart Lake Construction Facility:
KingSett has committed to providing a construction financing facility of $120,325,000 at an interest rate of prime plus 5% per annum.
The loan matures 24 months after the first advance, with possible extensions.
Third Amended and Restated Receivership Order:
The Receiver seeks court approval for the Heart Lake CM Contract and the Heart Lake Construction Facility.
The Receiver also seeks authorization to borrow up to $120,325,000 to fund the project and grant a charge to secure the borrowed amounts.
These steps are aimed at facilitating the completion of the Heart Lake Project to maximize benefits for stakeholders, including secured lenders and pre-sale homebuyers.
The document provided does not contain information beyond October 10, 2024. For the latest updates on this case, you would need to check recent court filings or contact the legal representatives involved. The lawyers for the applicants are from Osler, Hoskin & Harcourt LLP, and their contact details are provided in the document:
aoomonuwa
New Member
Marc Wasserman: mwasserman@osler.com, Tel: 416.862.4908
Dave Rosenblat: drosenblat@osler.com, Tel: 416.862.6573
You can also check the Ontario Superior Court of Justice's online resources or visit the court in person for the most recent information.
Dave Rosenblat: drosenblat@osler.com, Tel: 416.862.6573
You can also check the Ontario Superior Court of Justice's online resources or visit the court in person for the most recent information.
aoomonuwa
New Member
I hope the above helps.