Thank you, Mr. Chairman. The urgency in terms of extending the lease was really on the part of the owner. He was looking to find a way to make his building an attractive investment for a potential buyer. We knew that was the case and we were prepared to talk with him about extending the lease if he could make it financially worthwhile for us to do so. On that basis we sat down with him and it was not difficult within a period of a couple of days to come up with the details of the renewed lease. I should make it clear that when we entered into that, when we gave the commitment to the owner, Mr. Marceau, through a letter of intent, we signed a document which committed us to this arrangement. This would allow the owner to get a new mortgage to, perhaps, attract investors. Even though we had not signed the lease extension, we were still legally committed to the extension at that point, which, I believe, was the end of July, 1997. Thank you.
Mr. Lovely on Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
In the Legislative Assembly on February 16th, 1998. See this statement in context.
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
Item 19: Consideration In Committee Of The Whole Of Bills And Other Matters
February 16th, 1998
Page 836
Lovely
See context to find out what was said next.