Ableauctions.com announced today that the Supreme Court of British Columbia has granted the company’s subsidiary Axion Investment Corporation application for an Order Nisi.
On October 17, 2005, Axion Investment Corporation advanced a loan in the amount of $2,200,000 CAD at an interest rated of 9.75% per annum with the principal due for repayment on October 17, 2006, secured by a mortgage on the properties of the borrower and personal guarantees. The loan was not repaid on the due date and Axion applied to obtain an Order Nisi of foreclosure in the matter.
Under the Order Nisi, the borrower has until December 20, 2007 to refinance and payout Axion’s mortgage and all interest in arrears. If the borrower does not payout Axion’s mortgage by December 20, 2007, Axion can make an application to the Court to sell the mortgaged properties. As at February 23, 2007, the appraised value of the properties (land and improvements) was $5,300,000 CAD.

Posted: 07|10|07 at 6:35 am. Filed under: Auction News.