Will Smith owns a parcel of land in Summerside, Prince Edward Island. He decides to build his dream house. He hires Chris Rock Construction to build his house. The contract price with Chris Rock Construction is for $2,000,000. Will estimates that his costs for permits, surveying, legal fees and closing costs will be $25,000. Scotiabank has approved mortgage financing in the amount of $1,200,000.Will has saved money from movie roles, and has some money from his spouse, Jada Pinkett Smith, for the balance of funds of $825,000. Scotiabank issues 3 mortgage draws as construction proceeds. Eventually, Chris Rock Construction completes the house and the final draw of financing is issued by Scotiabank when the house is substantially completed on August 31, 2022.

Of the total mortgage financing that has been issued ($1,200,000), 15% or $180,000 is retained by Scotiabank as a mechanic's lien holdback (and not paid to Chris Rock Construction). Chris Rock is irate that he will have to wait for the rest of the money for the house construction and demands immediate payment from Will Smith; but Will says nothing, he just slaps Chris across the face. On what date will the holdback of $180,000 be released to Chris Rock Construction? (4 points)

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