Brampton UPtowns at Heart Lake | ?m | 4s | VANDYK

jbaa1 said:
I think courts will decide
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the original lawyers had the cash sitting in a trust acct and if it was gaining any interest they have to give you as previous lawyers submitted a T3 to CRA for last year , when they were asking for our data.
 
Anybody receive a package from lawyers yesterday? Hand delivered to door. Looks like the same info received in e mail.
 
Check your email friends, new Factum Doc sent. And it looks like the amendment request is in full effect!
My sister received a package to the house today and it’s a hefty booklet from fedex. Oddly she is the only one out all my family members who bought… I don’t know if they are still on the way for the rest of us but it looks like they are booklets with the court documents that they sent electronically
 
Got another email today, had chatGPT summarize for me before getting a lawyer involved.

The document is a “Factum” (legal brief) filed by KSV Restructuring Inc. (the Receiver), representing real estate development companies under receivership due to financial difficulties. These companies include Vandyk-Uptowns Limited, Vandyk-Heart Lake Limited, and others, involved in residential real estate projects in Ontario, Canada.

Key Points to Summarize:

1. Receivership: KSV Restructuring Inc. was appointed as Receiver by the Ontario Superior Court to manage assets and complete real estate development projects after these companies faced financial issues.
2. Projects Involved:
• Uptowns Project (Brampton): 342 townhomes, of which 329 were pre-sold.
• Heart Lake Project (Brampton): 200 townhomes, 109 pre-sold, with construction yet to begin.
• Lakeview Project (Mississauga): 478 condo units, already under construction.
3. Orders Sought by the Receiver:
• Uptowns Project: The Receiver seeks approval to amend or terminate purchase agreements to maximize stakeholder benefits and secure financing.
• Heart Lake Project: The Receiver seeks approval for a $120 million loan to fund the project and for appointing a construction manager (Elm).
• Lakeview Project: The Receiver seeks approval to transfer certain land to the City of Mississauga and the Regional Municipality of Peel to facilitate development.
4. Completion of Projects: The Receiver emphasizes that completing the projects during the receivership will benefit all stakeholders, including lenders, pre-sale homebuyers, and municipalities. The court is asked to approve necessary amendments and financing to continue the developments.

As a purchaser of an Uptown unit, here are the main points that could impact you based on the factum:

1. Project Continuation: The Uptowns Project is set to continue during the receivership. The Receiver has secured court approval to restart construction, which had previously been halted.
2. Potential Amendment of Your Purchase Agreement: The Receiver is seeking court approval to amend or terminate pre-sale purchase agreements like yours (referred to as Pre-Sale APS). The amendment would likely:
• Extend the completion deadline to October 1, 2027, giving more time to complete the project.
• Increase the purchase price for 287 units (if your agreement is below market value). The new price would still be on average 13% lower than current market prices, ensuring you retain some value in your purchase.
3. Consequences of Non-Amendment: If you do not agree to the proposed amendments, the Receiver could terminate your purchase agreement. If this happens, your deposit would be refunded, but you would lose the chance to purchase the unit at the pre-sale price.
4. Sealing of Financial Information: The financial details of the project and the specific terms of amended agreements will be sealed, meaning they won’t be publicly available for now.

In summary, if you agree to the amendment, your purchase agreement will continue with a new deadline and possibly a price adjustment. If not, your agreement may be terminated, and your deposit refunded.
 
Sigh101 said:
Got another email today, had chatGPT summarize for me before getting a lawyer involved.

The document is a “Factum” (legal brief) filed by KSV Restructuring Inc. (the Receiver), representing real estate development companies under receivership due to financial difficulties. These companies include Vandyk-Uptowns Limited, Vandyk-Heart Lake Limited, and others, involved in residential real estate projects in Ontario, Canada.

Key Points to Summarize:

1. Receivership: KSV Restructuring Inc. was appointed as Receiver by the Ontario Superior Court to manage assets and complete real estate development projects after these companies faced financial issues.
2. Projects Involved:
• Uptowns Project (Brampton): 342 townhomes, of which 329 were pre-sold.
• Heart Lake Project (Brampton): 200 townhomes, 109 pre-sold, with construction yet to begin.
• Lakeview Project (Mississauga): 478 condo units, already under construction.
3. Orders Sought by the Receiver:
• Uptowns Project: The Receiver seeks approval to amend or terminate purchase agreements to maximize stakeholder benefits and secure financing.
• Heart Lake Project: The Receiver seeks approval for a $120 million loan to fund the project and for appointing a construction manager (Elm).
• Lakeview Project: The Receiver seeks approval to transfer certain land to the City of Mississauga and the Regional Municipality of Peel to facilitate development.
4. Completion of Projects: The Receiver emphasizes that completing the projects during the receivership will benefit all stakeholders, including lenders, pre-sale homebuyers, and municipalities. The court is asked to approve necessary amendments and financing to continue the developments.

As a purchaser of an Uptown unit, here are the main points that could impact you based on the factum:

1. Project Continuation: The Uptowns Project is set to continue during the receivership. The Receiver has secured court approval to restart construction, which had previously been halted.
2. Potential Amendment of Your Purchase Agreement: The Receiver is seeking court approval to amend or terminate pre-sale purchase agreements like yours (referred to as Pre-Sale APS). The amendment would likely:
• Extend the completion deadline to October 1, 2027, giving more time to complete the project.
• Increase the purchase price for 287 units (if your agreement is below market value). The new price would still be on average 13% lower than current market prices, ensuring you retain some value in your purchase.
3. Consequences of Non-Amendment: If you do not agree to the proposed amendments, the Receiver could terminate your purchase agreement. If this happens, your deposit would be refunded, but you would lose the chance to purchase the unit at the pre-sale price.
4. Sealing of Financial Information: The financial details of the project and the specific terms of amended agreements will be sealed, meaning they won’t be publicly available for now.

In summary, if you agree to the amendment, your purchase agreement will continue with a new deadline and possibly a price adjustment. If not, your agreement may be terminated, and your deposit refunded.
Click to expand...
Ya fk KSV I’m out
 
Sigh101 said:
Got another email today, had chatGPT summarize for me before getting a lawyer involved.

The document is a “Factum” (legal brief) filed by KSV Restructuring Inc. (the Receiver), representing real estate development companies under receivership due to financial difficulties. These companies include Vandyk-Uptowns Limited, Vandyk-Heart Lake Limited, and others, involved in residential real estate projects in Ontario, Canada.

Key Points to Summarize:

1. Receivership: KSV Restructuring Inc. was appointed as Receiver by the Ontario Superior Court to manage assets and complete real estate development projects after these companies faced financial issues.
2. Projects Involved:
• Uptowns Project (Brampton): 342 townhomes, of which 329 were pre-sold.
• Heart Lake Project (Brampton): 200 townhomes, 109 pre-sold, with construction yet to begin.
• Lakeview Project (Mississauga): 478 condo units, already under construction.
3. Orders Sought by the Receiver:
• Uptowns Project: The Receiver seeks approval to amend or terminate purchase agreements to maximize stakeholder benefits and secure financing.
• Heart Lake Project: The Receiver seeks approval for a $120 million loan to fund the project and for appointing a construction manager (Elm).
• Lakeview Project: The Receiver seeks approval to transfer certain land to the City of Mississauga and the Regional Municipality of Peel to facilitate development.
4. Completion of Projects: The Receiver emphasizes that completing the projects during the receivership will benefit all stakeholders, including lenders, pre-sale homebuyers, and municipalities. The court is asked to approve necessary amendments and financing to continue the developments.

As a purchaser of an Uptown unit, here are the main points that could impact you based on the factum:

1. Project Continuation: The Uptowns Project is set to continue during the receivership. The Receiver has secured court approval to restart construction, which had previously been halted.
2. Potential Amendment of Your Purchase Agreement: The Receiver is seeking court approval to amend or terminate pre-sale purchase agreements like yours (referred to as Pre-Sale APS). The amendment would likely:
• Extend the completion deadline to October 1, 2027, giving more time to complete the project.
• Increase the purchase price for 287 units (if your agreement is below market value). The new price would still be on average 13% lower than current market prices, ensuring you retain some value in your purchase.
3. Consequences of Non-Amendment: If you do not agree to the proposed amendments, the Receiver could terminate your purchase agreement. If this happens, your deposit would be refunded, but you would lose the chance to purchase the unit at the pre-sale price.
4. Sealing of Financial Information: The financial details of the project and the specific terms of amended agreements will be sealed, meaning they won’t be publicly available for now.

In summary, if you agree to the amendment, your purchase agreement will continue with a new deadline and possibly a price adjustment. If not, your agreement may be terminated, and your deposit refunded.
Click to expand...
Great! I’m happy at least that we have the safety net of getting our deposits back fully.

So to get this straight, if we choose not to proceed with the amendment… we will get our deposits back in full. We don’t have to fight, hire a lawyer, go through a whole circus? Simply receive a cheque in the amount of the deposit we paid, made out to our names?
 
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