The applicant sought an urgent interlocutory injunction restraining the closing of a condominium sale under power of sale by second mortgagees.
The applicant argued the notice of sale was invalid and that the mortgagees impeded his right of redemption by failing to provide timely discharge statements.
The court held that the notice of sale was regular and that cross-default provisions are normal commercial terms.
Even if there were an arguable issue regarding communications of discharge statements, the applicant failed to establish irreparable harm or a favourable balance of convenience, particularly given minimal equity, an existing agreement of purchase and sale, and the lack of an undertaking as to damages.
The court also noted that the statutory right of redemption ends once a mortgagee enters into an agreement to sell the secured property.
