BDMC
On April 20, 2018, pursuant to an order of the Ontario Superior Court of Justice (Commercial List) (“Appointment Order”), FAAN Mortgage Administrators Inc. (“FAAN Mortgage”) was appointed as trustee (“Trustee”) over all of the assets, undertakings and properties of Building & Development Mortgages Canada Inc. (”BDMC”) under section 37 of the Mortgage Brokerages, Lenders and Administrators Act, 2006, as amended, and section 101 of the Courts of Justice Act, as amended.
For clarity, the Trustee is not appointed over any of the projects with syndicated mortgage loans not administered by BDMC.
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Trustee’s Nineteenth Report
On September 15, 2020, the Trustee served materials in connection with its motion returnable September 22, 2020, in support of the Trustee’s request for an order (“Orchard Approval Order”) that, among other things:
Confirms and approves the Trustee and Olympia Trust Company discharging the Orchard Mortgages registered on title to the Property in respect of the Orchard Loans in connection with the Orchard Sale Transaction upon receipt of the BDMC Discharge Payment; and
Authorizes the Trustee to make a pari-passu distribution of the Realized Property to be received from the Orchard Sale Transaction, net of the Administrative Holdback, to the Orchard Individual Lenders.
Copies of the materials filed on September 15, 2020, including the Trustee’s Nineteenth Report, are available below.
Solterra Settlement Agreement Approval Order
On August 27, 2020, the Court granted an order approving a settlement agreement in respect of the Solterra loan advanced by BDMC.
A copy of the Solterra Settlement Agreement Approval Order and the related endorsement is provided below.
Trustee’s Eighteenth Report
On August 19, 2020, the Trustee served materials in connection with its motion returnable August 27, 2020, which provides, among other things:
A recommendation that the Court grant an order approving a settlement offer made by the Solterra borrower in respect of the Solterra loan advanced by BDMC.
Copies of the materials filed on August 19, 2020, including the Trustee’s Eighteenth Report, are available below.
Trustee’s Seventeenth Report
On March 27, 2020, the Trustee served its seventeenth report to Court in connection with legal proceedings initiated by Emerald Castle Developments Inc., the Castlemore Borrower. Emerald Castle is seeking a Court order that, upon payment of approximately $9.1 million to the Trustee, on behalf of BDMC, among other things, the Borrower: (i) has fully satisfied the debt owing under the Loan Agreement; (ii) is entitled to a full discharge of all security related to the Loan Agreement; and (iii) is entitled to a full and final release from BDMC and the syndicated mortgage lenders who loaned money to the Borrower pursuant to the Loan Agreement.
The Trustee’s Seventeenth Report is available below.
Danforth Settlement Agreement Approval Order
On March 16, 2020, the Court granted an order approving a settlement agreement in respect of the Danforth loan advanced by BDMC.
A copy of the Danforth Settlement Agreement Approval Order and the related endorsement is provided below.
Trustee’s Sixteenth Report
On March 10, 2020, the Trustee served materials in connection with its motion returnable March 17, 2020, which provides, among other things:
A recommendation that the Court grant an order approving a settlement offer made by the Danforth borrower in respect of the Danforth loan advanced by BDMC.
Copies of the materials filed on March 10, 2020, including the Trustee’s Sixteenth Report, are available below.
Bauhaus Settlement Agreement Approval Order
On February 28, 2020, the Court granted an order approving a settlement agreement in respect of the Bauhaus loan advanced by BDMC.
A copy of the Bauhaus Settlement Agreement Approval Order and the related endorsement is provided below.
Trustee’s Fifteenth Report
On February 24, 2020, the Trustee served materials in connection with its motion returnable February 28, 2020, which provides, among other things:
A recommendation that the Court grant an order approving a settlement offer made by the Bauhaus borrower in respect of the Bauhaus loan advanced by BDMC.
Copies of the materials filed on February 24, 2020, including the Trustee’s Fifteenth Report, are available below.
Peter Richmond Assignment Agreement Approval Order
On January 30, 2020, the Court granted an order approving an assignment agreement in respect of the Peter-Richmond loan advanced by BDMC.
A copy of the Peter Richmond Assignment Agreement Approval Order and the related endorsement is provided below.
Trustee’s Fourteenth Report
On January 23, 2020, the Trustee served materials in connection with its motion returnable January 30, 2020, which provides, among other things:
A recommendation that the Court grant an order approving an assignment agreement in respect of the Peter-Richmond loan advanced by BDMC.
Copies of the materials filed on January 23, 2020, including the Trustee’s Fourteenth Report, are available below.
Omnibus Order
On December 2, 2019, the Court granted an order (“Omnibus Order”):
approving the QEWN Administration Settlement (as defined in the Thirteenth Report); and
approving the Eighth Report, Ninth Report, Tenth Report, Eleventh Report, Twelfth Report and the Thirteenth Report, and the fees and disbursements of the Trustee and its counsel for the period from April 1, 2019 to September 30, 2019.
A copy of the Omnibus Order and the related endorsement is provided below.
Trustee’s Thirteenth Report
On November 22, 2019, the Trustee served materials in connection with its motion returnable December 2, 2019, which provides, among other things, a comprehensive update on developments in these proceedings since the Seventh Report. In addition to providing updates on projects subject to significant developments, including enforcement proceedings, postponements and other significant events, the Thirteenth Report was filed in support of the Trustee’s request for an order (the “December 2019 Omnibus Order”) which includes, among other things:
approving the QEWN Administration Settlement (as defined in the Thirteenth Report); and
approving the Eighth Report, Ninth Report, Tenth Report, Eleventh Report, Twelfth Report and the Thirteenth Report, and the fees and disbursements of the Trustee and its counsel for the period from April 1, 2019 to September 30, 2019.
Copies of the materials filed on November 22, 2019, including the Trustee’s Thirteenth Report, are available below.
Castlemore Settlement Approval Order
On November 5, 2019 the proceedings regarding a settlement offer made by the Castlemore borrower in respect of the Castlemore loan advanced by BDMC were adjourned until November 14, 2019.
A copy of the Endorsement of Hainey, J. is available below.
Nobleton North Settlement Approval Order
On November 5, 2019 the Court issued an order (“Nobleton North Settlement Approval Order”), which, among other things:
Approved a settlement offer made by the Nobleton North borrower in respect of the Nobleton North loan advanced by BDMC.
A copy of the Nobleton North Settlement Approval Order is available below.
Trustee’s Twelfth Report
On October 31, 2019, the Trustee served materials in connection with its motion returnable November 5, 2019, which provides, among other things:
A recommendation that the Court grant an order approving a settlement offer made by the Castlemore borrower in respect of the Castlemore loan advanced by BDMC.
Copies of the materials filed on October 31, 2019, including the Trustee’s Twelfth Report, are available below.
Trustee’s Eleventh Report
On October 31, 2019, the Trustee served materials in connection with its motion returnable November 5, 2019, which provides, among other things:
A recommendation that the Court grant an order approving an assignment agreement in respect of the Nobleton North loan advanced by BDMC.
Copies of the materials filed on October 31, 2019, including the Trustee’s Eleventh Report, are available below.
Humberstone Settlement Approval Order
On September 11, 2019 the Court issued an order (“Humberstone Settlement Approval Order”), which, among other things:
Approved a settlement offer made by the Humberstone borrower in respect of the Humberstone loan advanced by BDMC;
A copy of the Humberstone Settlement Approval Order is available below.
Trustee’s Tenth Report
On September 4, 2019, the Trustee served materials in connection with its motion returnable September 11, 2019, which provides, among other things:
A recommendation that the Court grant an order approving a settlement offer made by the Humberstone borrower in respect of the Humberstone loan advanced by BDMC.
Copies of the materials filed on September 4, 2019, including the Trustee’s Tenth Report, are available below.
Trustee’s Ninth Report (re Charlotte-Adelaide Project)
On July 30, 2019, the Trustee served materials in connection with its motion to approve the proposed distribution to the syndicated mortgage lenders to the Charlotte-Adelaide (“CHAT”) project in accordance with:
the terms of the inter-lender agreement entered into in respect of the loan agreements that govern the CHAT Loan and the LH1 Loan (as defined in the Trustee’s Ninth Report below); or
as the Court may otherwise direct.
A hearing on this matter has been scheduled for October 16, 2019.
Copies of the materials filed on July 30, 2019, including the Trustee’s Ninth Report, are available below.