Ralph Aaron Rubinoff

The applicant landlord sought a declaration that it had the right to early terminate a commercial lease and an order for the respondent tenant to vacate.

The lease, originally from 1994, had been extended and amended multiple times.

The dispute centered on whether a landlord's early termination right, present in previous lease iterations and linked to the tenant's right of first refusal, continued to apply under the most recent "Lease Amendment and Extension Agreement" from 2016, which did not explicitly mention the provision.

The court found that the landlord failed to demonstrate a continuing right of early termination during the current lease term (2022-2027), as the specific language of the agreements limited this right to particular renewal terms that had expired.

The application was dismissed, allowing the tenant to remain in occupation until the lease's expiry in 2027.

The defendants moved for an order requiring the plaintiffs to post security for costs.

The plaintiffs, a Ukrainian national residing abroad and a British Virgin Islands corporation with no Ontario assets, argued that Mr. Spektor's shares in Black Iron Inc. (BKI) were sufficient assets and that the defendants' wealth and a forum selection clause should negate or reduce the security.

The court found the BKI shares too volatile and illiquid due to the war in Ukraine and trading volume to serve as sufficient security.

It rejected arguments based on the forum selection clause and the defendants' affluence, distinguishing the case from Yaiguaje.

The motion for security for costs was granted, with the plaintiffs ordered to post $270,000 in installments, a reduction from the $318,000 sought, primarily due to the counterclaim.