The applicants sought to appoint a receiver over a commercial property due to an alleged default on a third mortgage.
The respondents brought a counter-application arguing the mortgage was void or unenforceable due to material alterations, lack of independent legal advice, and unconscionability.
The court found the mortgage valid and enforceable, rejecting the respondents' arguments.
However, the court disallowed several fees claimed by the applicants, determining the actual amount secured by the mortgage.
Finding sufficient equity in the property to satisfy the debt, the court dismissed the application to appoint a receiver, without prejudice to future applications if the debt remains unpaid.