The statement KSV lawyer made was "by the end of this week". He then revised the statement during the motion that 》》》he got word from his client (KSV) that they'll send out a general notice stating what was approved by the court between the end of this week and next week...and they'll reach out to purchasers individually during that time frame. However, not everyone will receive their revised APS by next week because they'll need a bit of time to prepare it individually...stating that they'll try their best to get it out in a quick fashion.
 
gquest said:
The statement KSV lawyer made was "by the end of this week". He then revised the statement during the motion that 》》》he got word from his client (KSV) that they'll send out a general notice stating what was approved by the court between the end of this week and next week...and they'll reach out to purchasers individually during that time frame. However, not everyone will receive their revised APS by next week because they'll need a bit of time to prepare it individually...stating that they'll try their best to get it out in a quick fashion.
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I must have missed that because I remember the lawyer saying "by the end of the week" Then the judge ask for them to give a specific day, and the lawyer said "Friday". And the judge reiterated we should expect the APS by Friday when we got the opportunity to ask questions.
 
UptownGirl said:
I must have missed that because I remember the lawyer saying "by the end of the week" Then the judge ask for them to give a specific day, and the lawyer said "Friday". And the judge reiterated we should expect the APS by Friday when we got the opportunity to ask questions.
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Yeah you're correct on the above statement. You might have missed it. The revision was towards the end when one of the purchasers asked for clarification on the APS and timeline.

Hopefully this week we'll age the revised APS.
 
gquest said:
Yeah you're correct on the above statement. You might have missed it. The revision was towards the end when one of the purchasers asked for clarification on the APS and timeline.

Hopefully this week we'll age the revised APS.
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So by this Friday, we shoul receive notice of our individual specific APS?
 
Deanfeb said:
Seems the pricelist is sealed from everyone even lenders , guess just ELM ksv knows, wondering if they will amend existin agreements o completely new ones
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Yeah sealed...but at least, they should adhere to what they said in court last week...that they'll reach out to buyers on or before the end of this week.
 
I received this notice in my email, does it mean they will build the project without any amendment and hold the deposit for a long time? I bought the unit in April 2023 for a down payment of $ 100k
 

Attachments

  • vandyk---heart-lake-notice-to-unit-purchasers.pdf
    175 KB · Views: 89
maninder thind said:
I received this notice in my email, does it mean they will build the project without any amendment and hold the deposit for a long time? I bought the unit in April 2023 for a down payment of $ 100k
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What notice? If you bought in apr2023 probably paid current o overpaid prices!
 
maninder thind said:
I received this notice in my email, does it mean they will build the project without any amendment and hold the deposit for a long time? I bought the unit in April 2023 for a down payment of $ 100k
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What is your "Outside Occupancy Date", is it after Oct 2027?
 
my outside ocupacy date is 2029, even though Meg pushed me to pay my last installment in April this year during the receivership, so I do not know how to fight with these giants to get my deposit back
 

Attachments

  • vandyk---heart-lake-notice-to-unit-purchasers.pdf
    175 KB · Views: 77
maninder thind said:
my outside ocupacy date is 2029, even though Meg pushed me to pay my last installment in April this year during the receivership, so I do not know how to fight with these giants to get my deposit back
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Why you want out? ur place will be done before 2029, unless u have second thoughts? But will be difficult to exit if no adjustments to ur APS
 
BABAR said:
What is your "Outside Occupancy Date", is it after Oct 2027?
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October 16, 2024
To: Counterparties (“Home Buyers”) to unit purchase agreements with Vandyk-Heart Lake
Limited (the “Company”)
Re: Update No. 7 to Home Buyers
Pursuant to the order issued by the Ontario Superior Court of Justice (the “Court”) on November 14, 2023,
as most recently amended on October 15, 2024 (the “Third Amended and Restated Receivership Order”),
KSV Restructuring Inc. was appointed as receiver and manager (the “Receiver”) of certain property, assets
and undertakings of the Company, including the real property located at 10194 Heart Lake Road, Brampton
(the “Real Property”).
A copy of the Third Amended and Restated Receivership Order and other materials filed in the receivership
proceedings can be found on the Receiver’s case website at
Heart Lake Project Update
The purpose of this notice is to provide Home Buyers with an update regarding the Company’s real estate
development project (the “Heart Lake Project”).
The Receiver, after discussions with key stakeholders, has determined that the Heart Lake Project should
be completed during the receivership proceedings in order to maximize the potential benefits to
stakeholders, including secured lenders and the existing pre-sale Home Buyers.
On October 15, 2024, the Court granted the Third Amended and Restated Receivership Order, among
other things:
• authorizing the Receiver to retain ELM Forward as the construction manager to complete the Heart
Lake Project; and
• authorizing the Receiver to borrow the funds necessary to complete the construction of the Heart
Lake Project, up to an aggregate principal amount of $120,325,000, pursuant to a commitment
letter between the Receiver and KingSett Mortgage Corporation.
 
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