The plaintiffs brought an action seeking declarations that the defendant, Ashcroft Homes – Eastboro Inc., was not entitled to terminate their agreements of purchase and sale for residential homes.
The plaintiffs argued that the early termination condition (Condition 2 of Schedule U) was contrary to the Tarion Addendum, was invoked untimely, or that Ashcroft breached its obligation to take commercially reasonable steps to satisfy the condition.
The court found that Condition 2 was consistent with the Tarion Addendum, Ashcroft terminated the agreements in a timely manner, and Ashcroft did take all commercially reasonable steps to satisfy the condition.
The action was dismissed.