Background:
Gracorp and Fiera were co-owners of a development project, with Fiera holding a 90% interest and Gracorp 10%. The project involved a 16-story rental building. Gracorp was responsible for overseeing development under the Development Management Agreement (DMA). Fiera alleged that Gracorp caused the project’s holding company to enter an easement agreement without Fiera’s approval, violating the "major decisions" clause of their contract, which required joint approval for such actions. The easement was necessary for crane operations and required a $200,000 payment to a neighboring property owner.

Legal Issue:
The central issue was whether Gracorp breached the DMA by proceeding with the easement without Fiera’s written consent. Fiera argued this breach triggered default provisions, allowing them to buy out Gracorp’s interest. Gracorp claimed no breach occurred or, if it had, Fiera acted in bad faith by refusing to allow a cure.

Court’s Analysis:
The court assessed the merits, irreparable harm, and balance of convenience. Gracorp showed a "serious question to be tried," but the court found its case weak. Gracorp’s claim of irreparable harm was also considered unconvincing.

Outcome:
The court dismissed Gracorp’s application, allowing Fiera to proceed with enforcing default provisions. No specific costs or awards were mentioned.