144 Park | 67 m | 19 fl | Complete

[sportsfreak]

Lady at work here says developers lawyer is threatening to cancel purchase agreements if owners don't return their second parking spots. Can they do that?

[Markster]

What's going on? Have they run out of parking to bundle with unsold units?

If only they charged an appropriate demand-driven rate for parking in the first place!

[tomh009]

If only they charged an appropriate demand-driven rate for parking in the first place!

How much did they charge?

[tomh009]

Lady at work here says developers lawyer is threatening to cancel purchase agreements if owners don't return their second parking spots. Can they do that?

Not having seen the contract ... I wouldn't expect them to be able to cancel an agreement unless the buyer is in breach of the agreement in some way.  Not knowing the second parking spot arrangement and situation, it's hard to say whether this is real or just bluster.

[Markster]

How much did they charge?

If they have to shake down residents with legal threats to claw some back, then apparently not enough.

[Cmb]

If only they charged an appropriate demand-driven rate for parking in the first place!

How much did they charge?

$30,000 + HST I hear.

[tomh009]

How much did they charge?

$30,000 + HST I hear.

That sure doesn't seem underpriced.  Other buildings I have seen have been around $20K.

Maybe there is something else going on here?

[Cmb]

$30,000 + HST I hear.

That sure doesn't seem underpriced.  Other buildings I have seen have been around $20K.

Maybe there is something else going on here?

Agreed. I believe Mady oversold the parking with the intent to locate the oversold parking units, and parking for the unsold units, in the 155 Caroline structure. Given the uncertainty around 155 I wonder if they are trying to get spots to make the unsold units more appealing to potential buyers.

Anyone here live in this building? Is it true that the trustee is saying they cannot allocate second parking spots to owners that had them in their agreement of purchase and sale and threatening termination if they do not agree?  Are they even allowed to do so legally?

[sportsfreak]

My sister has a friend in the building. Got our hands on this sent to purchaser's lawyer…

"At the time of execution of the Agreement of Purchase and Sale, the Vendor agreed to sell to the Purchaser(s) a second Parking Unit. Unfortunately there are not sufficient parking units available to be sold in this project. Accordingly, the Court Appointed Trustee is requesting that the Purchaser(s) agree to amend the Agreement of Purchase and Sale to delete the second Parking Unit and correspondingly reduce the Purchase Price by the amount of $33,900.00 (inclusive of HST). If your client is agreeable to same, please sign and return a copy of this letter to us by no later than 5:00 pm. on June 22, 2015 and we will then be in a position to set a final closing date. If we do not hear from you by that time or if your client is not agreeable to the Amendment, the Trustee may seek a Court Order terminating the Agreement of Purchase and Sale."

Sent by Mark Karoly, Harris, Sheaffer LLP (Mady, the developer's lawyer)
Trustee is Arif Dhanani, Collins Barrow
One of the creditors is a local firm Marshall Zehr Group (David Marshall, CEO and Gregory Zehr, President)

[panamaniac]

What a schmozzle.  It would seem to me, depending on how many owners purchased two parking spots, they could end up with too many parking spaces in the garage.  If I were affected, and inclined to amend my agreement of purchase and sale, I'd want to be sure I'd have dibs on purchasing any second spots that become available and at the original price.  I wonder if the notification when to all owners with two parking spots or only to some?

[tomh009]

The nice thing about assigned parking spots is that they are unlikely to have been oversold.  At least you would find out fairly quickly when someone else starts parking in your 2nd spot!


As for the situation at 144 Park, it's not clear from the letter, probably intentionally, (1) how many 2nd parking spots are actually available, and (2) how many were sold -- which in turn would tell us (3) how many people need to give one back.  As panamaniac said, it would be a very good idea to ensure you have a first (or near-first) right of refusal on 2nd spots if some become available, either as a result of more people giving one back, or otherwise.

[Section ThirtyOne]

With all the drama around this project, I wonder if any of the residents have used this situation to bail on their unit? Would the deposit and other monies be refunded if Mady terminated the agreement?

[kwliving]

I'm pretty sure additional parking spots would be an amendment that would be a contract unto itself.

[sportsfreak]

I'm pretty sure additional parking spots would be an amendment that would be a contract unto itself.

Mixed bag: some have amendments, some have it imbedded in their unit agreement, some have given back their second spots, some are continuing to fight.

Everyone hates the tactics used by the lawyers to get the spots back. Did you read the last line in the letter they received?

[kwliving]

I'm pretty sure additional parking spots would be an amendment that would be a contract unto itself.

Mixed bag: some have amendments, some have it imbedded in their unit agreement, some have given back their second spots, some are continuing to fight.

Everyone hates the tactics used by the lawyers to get the spots back. Did you read the last line in the letter they received?

I'm keenly aware of their tactics and their ethics. Neither of which I'd be proud of it were my company.