Mitigation Update: A Deal is a Deal

The Ontario Court of Appeal handed down its long-awaited decision in the case of Unisys Canada Inc. v. York Three Associates Inc. on September 25, 2001. The case was the subject of vigorous debate among the commercial real estate bar in Ontario, as it caused confusion relating to the law of mitigation.

The situation before the Court involved a commercial sub-lease of office space in a declining market. The subtenant, a law firm, had leased more space than it needed for itself, intending to sub-sublease the remainder to other law firms. A limited personal guarantee was provided by the principal lawyer of the law firm. 

Read the full article here: Mitigation Update - A Deal is a Deal- November 20-2001

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