Vested Capital’s JV partner in the Project (Welllercorp) has been served with a notice of default. Our legal department has issued a Notice of Exercise of Power of Sale. pursuant to Section 84 of the Property Law Act.
This notification was exercised to expedite the sale of the asset due the non performance of Wellercorp and the parties not agreeing on the sale price.
Vested Capital gave notice to Wellercorp on March 13th 2018. Unless the default is remedied within 30 Days of notification, the Mortgagee (Vested Capital ) can proceed to sell to the party that Vested Capital chooses to, regardless the price.
Two contracts are currently executed, both give Vested Capital “ First Right of Refusal” which allows us to mitigate any risk associated to either party not reaching settlement but also allows Vested to deal with both parties during settlement.
Time frames in the below contracts are current with the prior monthly updates and timeframes taking into account.
We continue to reduce the time frame(s) of Contract 1 to run parallel with the times frame(s) of Contract 2. Both parties have indicated their ability to settle and acknowledgment of the time frames needed by the Mortgagee.
$4.0 Million Exclusive GST
- Further 2 Days of DD
- 30 Days Finance
- 30 Days Settlement on or before June 7th 2018
$3.7 Million Exclusive GST
- Further 10 days
- 15 Days Settlement on or before of May 16th 2018
Expected Capital & Profit Date: May 28th.
Once the transaction has settled, all funds shall be immediately distributed by Vested Capital Lawyers to all shareholders.
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