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Kelowna  

Kelowna Mtn. foreclosure

A judge in Kelowna has ordered foreclosure proceedings against Kelowna Mountain.

Earlier this week in B.C. Supreme Court, Master Wilson ruled in favour of Tri City Capital Corp. in foreclosure proceedings against the development proposed by businessman Mark Consiglio.

The case stemmed from a mortgage Consiglio's company took out in the amount of $770,000, a debt guaranteed by Consiglio and his wife Nicola.

It appeared to hinge on inconsistencies within different documents and whether minimum monthly payments of $50,000 a month were required to be made after Sept. 7, 2014.

Master Wilson, in a complex ruling, sided with Tri City Capital Corp.

He stated:

"In the circumstances, the petitioner is entitled to its order nisi of foreclosure with a one-day redemption period and an immediate order for conduct of sale thereafter, all in accordance with its statement of relief sought filed on Nov. 30, 2015. The redemption amount is $1,297,107.63 as at Dec. 9, 2015, with interest accruing at $694.35 per diem thereafter.... The parties are at liberty to apply for a further accounting."

Prior to the case being heard, both parties agreed that findings would apply to seven other foreclosure proceedings before the Supreme Court.

In a letter sent by Consiglio's lawyer Reinhard Burke, he states Master Wilson granted a one-month redemption period with an order for sale to commence March.

Burke said they have appealed the ruling to a judge of the Supreme Court. The case will be heard Feb. 29.

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