Background:

• Loan: $4,200,000 on February 23, 2018, secured by a mortgage on 7810 McCowan Road, Markham, and guarantees from Alex Rust and family.
• Due Date: August 23, 2018, repaid on December 6, 2019.
• Claim: Plaintiff paid an additional $304,500 under protest to discharge the mortgage, seeking damages for breach of contract and unjust enrichment, plus $101,510.30 for interest paid to a third-party lender.

Court’s Analysis:

• Terms: Loan included a 6-month term, 1.25% monthly interest, and various fees.
• Renewals:
  • First Renewal (September 25, 2018): Extended maturity to December 15, 2018, with extra fees.
  • Oral Renewals: Alleged but unsupported by written evidence required by the Statute of Frauds.
• Payments:
  • Plaintiff paid $400,000 between February and May 2019 for interest.
  • Paid $304,500 under protest on December 6, 2019.
  • Court found the additional $63,000 broker fee charged twice and awarded it back.
  • The $241,500 in fees for alleged oral renewals were unsupported and awarded back.

Decision:

• Summary Judgment: In favor of the plaintiff for $304,500 plus pre-judgment interest.
• Counterclaim: Dismissed due to lack of evidence on damages for late repayment and unpaid fees.

Costs:

• Plaintiff to submit a bill of costs within 7 days, with defendants to respond within 7 days thereafter.