NOTICE OF PURCHASER'S LIEN FOR DEFAULT

1. Where a person tenders for registration a notice of purchaser’s lien to which is attached an affidavit in which the person claiming such lien deposes, (a) that default has occurred in the Agreement of Purchase and Sale mentioned in such notice; (b) that the purchaser does not intend to complete such Agreement for Purchase and Sale or to continue to acquire the land therein agreed to be sold; (c) that the purchaser has become entitled to the repayment of the money or other consideration paid by the purchaser on account of the purchase price; and (d) the amount or value for which such lien is claimed, the value of the consideration may, despite the definition in subsection 1 (1) of the Act, be declared and accepted as nil if the sole purpose of registration of such notice of purchaser’s lien is the protection of the purchaser’s rights under an Agreement of Purchase and Sale that the purchaser does not intend to complete and that the purchaser considers the vendor therein named has breached. R.R.O. 1990, Reg. 701, s. 1.