General Vancouver Development Updates II

[jollyburger]

Bonnis deal to sell Main/Union site fails after buyer backs out

"In the present case, Bonnis took the position in the litigation that the Agreements were void and unenforceable, and remained silent for months about what, if any, steps it was taking towards completion, in breach of its contractual obligation to keep Epix informed and involved," said the judge. "Then without warning, on December 1, 2022, Bonnis suddenly re-engaged by announcing it was close to securing the rezoning enactment and requesting that Epix lift the CPL. Through December 2022, Bonnis suggested (indirectly at first, and then explicitly on December 27, 2022) that the Agreements were valid and enforceable and demanded Epix take steps on expedited timeframes. When Epix did not take those steps, Bonnis asserted a repudiatory breach."

"As Bonnis did not cure the continuing breach of its contractual obligations in December 2022, Epix was entitled to accept Bonnis’ repudiation and terminate the Agreements as it did on December 30, 2022," the judge added. "For the reasons expressed above, it is not fatal that Epix did not provide a specific reason for accepting the repudiation in its December 30, 2022 email. Epix has established through trial that reasons existed at that date that can support its acceptance of Bonnis’ repudiation. Accordingly, I find Epix validly terminated the Agreements as of December 30, 2022."

https://storeys.com/bonnis-propertie...ancouver-epix/