This case involved urgent motions concerning the sale of land (Huntmar Lands) by Amazon Land Development Corp. to Lioness Developments Inc., which was complicated by a Caution registered by 2718379 Ontario Inc. ("271") based on an earlier "In Principle Agreement" (IPA) with Amazon.
Corfinancial Corp., Amazon's agent, sought orders to facilitate the sale and remove the caution. 271 and 2587410 Ontario Inc. ("258") brought a cross-motion seeking to block the sale, enforce the IPA, and obtain partial summary judgment, arguing Amazon's termination of the IPA was invalid.
The court found that there were too many disputed facts and credibility issues to grant summary judgment on the validity of the IPA's termination.
However, to preserve the deteriorating equity in the property due to accruing mortgage interest and ongoing power of sale proceedings, the court ordered an interim sale of the Huntmar Lands to Lioness under Rule 45.01(2).
The Caution by 271 and a $1 million mortgage registered by 258/271 were vacated, and the net proceeds of sale were ordered to be paid into court, while Corfinancial's proposed mortgage was not registered.