Background: RiverRock Mortgage Investment Corporation sought summary judgment to enforce a mortgage on 2031 Eckland Court, Mississauga, after Amadeus and Luisa Blazys defaulted on October 23, 2023. The original $1,360,000 mortgage (2021) was renewed twice, with the latest interest rate of 9.99%. Payments of $11,322 monthly (interest-only) ceased in October 2023, and the Defendants also failed to pay property taxes and maintain insurance.

Key Issues:

1. RiverRock issued its Statement of Claim before serving a Notice of Sale, violating the Mortgages Act.
2. Defendants argued renewal fees and a three-month interest penalty violated s. 8 of the Interest Act.
3. Additional fees (e.g., tax and NSF charges) were disputed.

Decision:

• Summary Judgment Granted: The court found no genuine issue requiring trial.
• Procedural Breach Excused: No prejudice to Defendants from the premature Statement of Claim.
• Renewal Fee Valid: The $14,750 fee was contractual and reasonable.
• Three-Month Penalty Invalid: Contravened s. 8 of the Interest Act by increasing interest beyond the stated rate.
• Additional Fees: Valid fees (e.g., tax administration, property management) totaled $2,747.20; others (e.g., NSF fees) were unsupported.

Outcome: Judgment of $1,529,444.92 awarded, including principal, interest, renewal fee, property taxes, and valid fees. Post-judgment interest set at 9.99%. Costs to be determined, with a reduction for procedural breaches.