Background: Carben Projects Inc. sought a default judgment against Chanzhi Liu for unpaid mortgage amounts on property located at 170 Bethany Leigh Drive, Toronto, Ontario.
Facts:
Mortgage granted by Liu to Carben on March 3, 2022, with a principal of $324,800.00 at 12% interest, maturing on February 25, 2023.
Liu failed to pay at maturity; mortgage automatically renewed with additional fees.
Total amount claimed: $358,841.96, including principal, renewal fee, administrative fees, and interest.
Issues/Main Discussion: The legality of the renewal fee, administrative fees, and interest rates applied upon the automatic renewal of the mortgage.
Ruling: Judgment in favor of Carben Projects Inc. for possession of the property, the balance due ($358,194.37), and costs of the action ($1,260.40).
Amount Awarded: $358,194.37 plus costs of $1,260.40, with post-judgment interest at 15% per annum as per mortgage terms.
