The applicant vendor sought specific performance of an option to buy back a property after the respondent purchaser failed to construct a building within the agreed timeframe.
The applicant also sought to discharge second and third mortgages placed on the property by the respondent.
The court dismissed the application, finding that the applicant failed to strictly comply with the option's notice terms, which included a 'time is of the essence' clause, and failed to tender the purchase funds.
The court also held that the presence of the subsequent mortgages did not prevent the applicant from exercising the option.
