Facts: 2615333 Ontario Inc., holding mortgages against properties in Ajax, sought a receiver's appointment after the mortgages defaulted. The Town of Ajax, involved in litigation over the properties' repurchase rights, eventually consented to the receivership, influenced by terms beneficial to it.

Issues:

• Whether the Town's contractual right of re-purchase is subordinate to the applicant's mortgage.
• If the Town lacks a re-purchase right on certain properties.
• Whether to amend the receivership order to remove provisions favored by the Town.

Court's Ruling:

• Dismissed the applicant's motion to subordinate the Town's re-purchase rights and to amend the receivership order.
• The court emphasized the negotiated nature of the receivership order, the Town's reliance on its terms, and the importance of maintaining the order's integrity.
• Noted that changes in circumstances, like the lack of viable bids under the sale procedure, did not justify amending the order, especially to the detriment of the Town.

Costs/Damages:

• The motion by 2615333 Ontario Inc. was dismissed, with a suggestion to resolve costs amicably. If unresolved, parties were instructed to submit cost-related submissions following an agreed timetable.