MORTGAGES - Mortgagee’s remedies - Foreclosure order

Law360 Canada (January 25, 2023, 6:57 AM EST) -- Appeal from an order of a Master dated August 23, 2022, to extend redemption period in foreclosure proceeding and approve order of sale of the property. The Master granted the appellant Aapna Real Estate Mortgage and Development Ltd. (“Aapna”) an extension of the redemption period in the subject foreclosure proceeding and approved an order for sale of the subject property to Cell 5 Landowners Inc. (“Cell 5”). Aapna was the registered owner of the properties. The Chilliwack Properties were unimproved lands that Aapna acquired for the commercial purpose of developing the lands. The purchase of the Chilliwack Properties was funded by two mortgages from the Petitioner (respondent herein) Dundarave Mortgage Investment Corporation (“Dundarave”) and one mortgage from Canguard Mortgage Investment Corporation, formerly known as Vanguard Mortgage Investment Corporation (“Canguard”). Apart from an initial interest reserve hold back, Aapna made no payments towards the mortgages. Dundarave commenced the within foreclosure proceeding. By notice of motion, Dundarave sought an order absolute. By cross-applications, Canguard sought an order for conduct of sale and Aapna sought an extension of the redemption period. The various applications came before Master Robertson. Aapna sought an adjournment on the basis that there was an imminent offer coming in. An adjournment was granted but no offer materialized....
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