Law360 Canada (June 5, 2024, 1:24 PM EDT) -- Appeal by appellant from application judge’s (judge) interpretation of parties’ agreement of purchase and sale (APS), particularly on cost sharing agreement. The appellant purchased two buildings owned by the respondents with the intention to redevelop them. At the time they entered into the APSs, they were aware that they would have to enter into a cost sharing agreement for the common areas of the development; however, they did not address the specific terms of such an agreement. After the parties executed the APS, the appellant was required to enter into a development agreement with the City of Toronto (City). The parties brought cross-applications to the Superior Court, seeking orders regarding their respective obligations arising from the requirements set out in s. 111 of the Agreement that the appellant entered into with the City. The judge agreed with the respondents. On appeal, the appellant submitted that the judge erred in failing to require the respondents to pay a higher share of the common amenities, and in deciding that it held the rental units in trust for the respondents, entitling them to lease and populate the units and were to receive rental payments once the units were rented, even before the legal transfer to the respondents....