Court File and Parties

COURT FILE NO.: CV-16-00011541-00CL

DATE: 2023-10-03

SUPERIOR COURT OF JUSTICE - ONTARIO

RE: IN THE MATTER OF THE COMPANIES’ CREDITORS ARRANGEMENT ACT, R.S.C. 1985, c. C-36, AS AMENDED

AND IN THE MATTER OF A PLAN OF COMPROMISE OR ARRANGEMENT OF URBANCORP CUMBERLAND 2 GP INC., URBANCORP CUMBERLAND 2 L.P., BOSVEST INC., EDGE ON TRIANGLE PARK INC., EDGE RESIDENTIAL INC. AND WESTSIDE GALLERY LOFTS INC.

(the “Applicants”)

BEFORE: Chief Justice Geoffrey B. Morawetz

COUNSEL: Robert Drake, for the Fuller Landau Group Inc., in its capacity as the Monitor for Urbancorp Cumberland 2 GP Inc., Urbancorp Cumberland 2 L.P., Bosvest Inc., Edge Residential Inc., Edge on Triangle Park Inc. and Westside Gallery Lofts Inc.

Kenneth Kraft, for the Foreign Representative of Urbancorp Inc.

HEARD and DETERMINED: September 29, 2023

REASONS: October 3, 2023

Endorsement

[1] At the conclusion of the hearing, the motion was granted with brief reasons to follow. These are the reasons.

[2] The Fuller Landau Group Inc. (“FL”), in its capacity as the court appointed Monitor (the “Monitor”) of the Applicants brings this motion for an order:

(a) extending the Stay Period from September 29, 2023 to January 31, 2024;

(b) approving the Monitor’s activities described in the Monitor’s 47th Report; and

(c) approving the Monitor’s and its legal counsel’s fees and disbursements for the period of May 3, 2023 to August 31, 2023.

[3] The motion was not opposed.

[4] The most recent Stay Extension Order extended the Stay Period up to September 29, 2023.

[5] The purpose of the last Stay Extension was to allow the Monitor to complete the claims process, including the resolution of amended claims brought by certain Plazacorp-related entities.

[6] The Monitor brought a motion to direct the Monitor to reject the amended claims. The court has yet to render a decision on this motion.

[7] The Monitor is of the view that certainty on the Plazacorp-related entitites’ claims is required in order to proceed with any further interim dividends due to the materiality of the claims.

[8] The cash flow statements prepared by the Monitor indicates that the Applicants will have sufficient cash to operate during the proposed Stay Period.

[9] Having reviewed the record and hearing submissions, I am satisfied that the Applicants have been acting, and continue to act, in good faith and with due diligence such that the request to extend the Stay Period to January 31, 2024 is reasonable in the circumstances.

[10] The Monitor advises that no adverse comment has been received with respect to the 47th Report and the Monitor’s activities as described therein are approved.

[11] I am also satisfied that the fee requests of the Monitor and it legal counsel for the period of May 3, 2023 to August 31, 2023 are reasonable in the circumstances and they are approved.

[12] The motion is granted and the order has been signed.

Chief Justice Geoffrey B. Morawetz

Date: October 3, 2023