3 total
Action on VTB mortgage stayed due to standstill agreement, but default judgment not set aside.
The plaintiffs sold a property to the defendants, taking back a VTB mortgage that was subordinated to a first mortgage via a Standstill Agreement.
When the defendants defaulted on the VTB mortgage, the plaintiffs sued and obtained default judgment.
The defendants moved to stay the action and set aside the default judgment.
The court held that the broad wording of the Standstill Agreement prohibited the plaintiffs from bringing any action to enforce the debt without the first mortgagee's consent, which was not obtained.
The court stayed the action but declined to set aside the default judgment, finding the defendants had no arguable defence on the merits.
Request to re-open appeal for further argument on property valuation date denied.
The appellants requested to re-open the appeal for further argument on the correct Initial Fair Market Value date for a property.
The Court of Appeal denied the request, noting that the interpretation of the agreement regarding the valuation date was not directly addressed at trial or on appeal, but arose indirectly regarding whether an enforceable agreement existed.
The Court held that the issue of the valuation date was not central to the appeal and that the record amply supported the trial judge's finding of a valid oral agreement.
The interpretation of the agreement was left to be resolved by an arbitrator.
Appeal dismissed; trial judge's finding of a binding oral agreement for equity participation upheld.
The appellants appealed a trial judgment finding that an oral agreement existed between the parties.
The agreement provided that the respondent would provide exclusive management services to the appellants' retirement residences in exchange for a 5% value-added equity position upon termination.
The Court of Appeal dismissed the appeal, finding no palpable and overriding error in the trial judge's conclusion, which was supported by objective evidence, surrounding circumstances, and the history between the parties.
