Under And By Virtue of a Writ of a Writ of Seizure and Sale issued out of the Ontario, Superior Court of Justice at Toronto, Ontario, dated June 04, 2002, Court File Number 01-CV-208386CM, to me directed, against the real and personal property of Michael Petrishin, Defendant, at the suit of Marlene Chorney and Mark Chorney, Plaintiffs, I have seized and taken in execution all the right, title, interest and equity of redemption of Michael Petrishin, Defendant in and to:

Part of Lot 5, Plan B-27, City of Mississauga, Regional Municipality of Peel, designated as Parts 2, 3, 6 and 7, on Reference Plan 43R1368, Registry Division of Peel (No. 43), subject to an easement over Parts 3, 6 and 7 on Plan 43R1368, together with a right-of-way for persons and vehicles over Part 4 on Plan 43R1368 over said Lot, previously described in Instrument No. 298171VS and municipally known as 65 North Service Road, Mississauga, Ontario. This is an apartment building.

The sale by Public Auction of the land and tenements described above on May 11th, 2005 was aborted due to the lack of bidders. The joint execution creditors, Marlene Chorney and Mark Chorney, have requested that a new sale be scheduled and the property be sold by Sealed Bids. The Enforcement Office has agreed pursuant to the request of the creditor, Marlene Chorney and Mark Chorney, to the sale of all the right, interest and equity of redemption of Michael Petrishin, Defendant and Execution Debtor, in the said land and tenements described above, I shall offer for sale by Sealed Bids, subject to the conditions set out below at 7755 Hurontario Street, in Brampton, Ontario, on May 31, 2006 at 10:00 o’clock in the morning.

Further Particulars Related To The Property:

The following information has been provided by the Execution Creditors. The Enforcement Office makes no representations to anyone as to the accuracy of the following information:

  1. There are 75 rental units at the property.
  2. The gross rental revenue for the period January 1st, 2005 to December 31st, 2004 was $690,000.00.
  3. The outstanding balance owing on the first mortgage, Montreal Trust Company, as of December 31st, 2005, was $1,426,660.72, less the average 2005 principle payment of $6,762.00, resulting in a figure of $1,419,668.00 as of January 31, 2006.
  4. The outstanding balance owing on registered lien in favour of Consumer’s Gas Co. Ltd., as of January 31st, 2006, was $9,382.24.

Method of Bidding:

  1. All Sealed Bids will be tendered to the Enforcement Office on or before May 30, 2006 at 4:00 p.m.
  2. A Sealed Bid shall be deposited in a sealed envelope, tendered to the Enforcement Office and addressed to:

Ministry Of The Attorney General
Regional Municipality of Peel, Enforcement Office
7755 Hurontario Street, Brampton, Ontario, L6W 4T6
Attention: Joan Zammit – Supervisor Court Operations
RE: Sale of 65 North Service Road, Mississauga, Ontario

  1. The bid enclosed in the sealed envelope shall only include:
    1. The name, address and telephone number of the bidder; and,
    2. The bid amount. The bid amount should be a specific number and Not a range of numbers; and,
    3. A certified cheque or bank draft in the amount of $50,000.00 made payable to the Minister of Finance (cash will not be accepted).
  1. No Sealed Bids will be neither accepted nor considered by the Enforcement Office if tendered after May 30, 2006 at 4:00 p.m.
  2. All Sealed Bids will be opened by the Enforcement Office for Its consideration in Training Rm 1 on Wednesday, May 31, 2006.
  3. All bidders are requested to attend the opening of the Sealed Bids on Wednesday, May 31, 2006. All members of the public can attend the opening of the Sealed Bids on Wed., May 31, 2006.
  4. The Enforcement Officer conducting the sale has the sole and unfettered discretion not to accept the highest bid if in his or her opinion the bid price is not close enough to what he or she believes to be a reasonable value of the judgment debtor’s interest in the property.
  5. If the Enforcement Officer accepts a private bid, the private bidder shall be notified on Wednesday, May 31, 2006. The successful bidder shall complete the closing of the sale pursuant to the Terms noted below.
  6. All unsuccessful Bidders will receive the return of his or her $50,000.00 deposit on Wednesday, May 31, 2006.

Viewing of Property By Bidders:

Due to the present circumstances of the property to be sold, all potential bidders or members of the public shall have access to the property on Tuesday, May 16, 2006 from 2:00 to 4:00 p.m. Access to the public is limited to common areas of the building located on the property and not to any apartments that are leased. A representative of the execution creditor and the Enforcement Office will be on site on Tuesday, May 16, 2006 between the aforesaid time of viewing.

Terms:

  1. The successful bidder shall pay the balance of the bid price, by certified cheque or bank draft, on Friday June 30, 2006, to the Enforcement Office or as it directs and made payable to The Minister of Finance. The deposit shall be credited to the successful bidder. The successful bidder’s deposit is non- refundable.
  2. On tendering the balance of the bid price aforesaid, the successful bidder shall receive a Document General and attached Poll Deed.
  3. The successful bidder shall have the full day to complete registration of the Poll Deed.
  4. The Enforcement Officer conducting the closing of the sale has the sole and unfettered discretion negotiate amendments to the closing procedures with the successful bidder if in his or her opinion such amendments are in the public interest.
  5. Time is of the essence in regard to the aforesaid date of paying the balance of the bid price.

Conditions:

The purchaser shall assume responsibility for all mortgages, charges, liens, outstanding taxes, and other encumbrances. No representation is made regarding the title of the land or any other matters relating to the interest to be sold. Responsibility for ascertaining these matters rests with the potential purchaser(s).

This Sale Is Subject To Cancellation By The Sheriff Without Further Notice Up To The Time Of Sale.

Note: No employee of the Ministry of the Attorney General may purchase any goods or chattels, lands or tenements exposed for sale by a Sheriff under legal process, either directly or indirectly.

Dated this 16th day of April, 2006.

Joan Zammit, Supervisor Court Operations
Enforcement, Finance & Small Claims Court
Regional Municipality of Peel
905-456-4725
(139-P101)