CapitalSource Bank v. Walcott Enterprises Inc et al

Filing 31

AGREED ORDER granting 30 Unopposed MOTION for Disbursement of Funds and to Terminate Obligation of Tenants to Pay Rent Into Registry of Court. IT IS THEREFORE ORDERED that the payment of rent into the registry of the Court shall terminate effectiv e immediately. DMC & JRM LLC, David Cook & Jackie McClure shall pay their monthly rental obligation of $12,000.00 in separate monthly payments of $8,423.00 to CapitalSource, it's successors & assigns, & $3,577.00 to Northchase, s o long as Northchase is the owner of the real property involved in this proceeding & maintains insurance on the property as required by the Plaintiff's mortgages. The Clerk of this Court shall promptly distribute the funds held in the registry of the Court in the amounts of $58,961.00 to CapitalSource & $25,039.00 to Northchase, with any interest earned on the funds held to be paid to CapitalSource. Signed by Judge James M. Moody on 9/9/2011. (jct)

IN THE UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF ARKANSAS
JONESBORO DIVISION

CAPITALSOURCE BANK
v.

PLAINTIFF
CASE NO. CV-3:10 CV00325 JMM

WALCOTT ENTERPRISES, INC. AND
JONES TRAVEL MART, INC.
NORTHCHASE DEVELOPMENT, INC.;
TIMOTHY J. LEATHERS, COMMISSIONER
OF REVENUES, STATE OF ARKANSAS;
BENNY MAGNESS AND JANIE MAGNESS;
THE CAPITAL BANK; DMC & JRM LLC,
DAVID COOK AND JACKIE McCLURE;
AND PEPSIAMERICAS, INC.

DEFENDANTS

SEPARATE DEFENDANTS

AGREED ORDER
On this day came on for consideration the Unopposed Motion to Terminate Payment of
Rent into Registry of Court (hereinafter, “Motion”) filed by Northchase Development, Inc.
(“Northchase”) on September 8, 2011 (Doc. #30). Upon the agreement of the Plaintiff,
CapitalSource Bank (“CapitalSource”) and separate Defendants, Northchase, DMC and JRM,
LLC, David Cook and Jackie McClure, the Court finds that the Motion should be approved.
IT IS THEREFORE ORDERED that (i) the obligation of DMC and JRM, LLC, David
Cook and Jackie McClure to pay rent into the registry of the Court shall terminate effective
immediately, (ii) commencing with the September, 2011 rent payment, DMC and JRM, LLC,
David Cook and Jackie McClure shall pay their monthly rental obligation of $12,000.00 in
separate monthly payments of $8,423.00 to CapitalSource, it successors and assigns and
$3,577.00 to Northchase, so long as Northchase is the owner of the real property involved in this

proceeding and maintains insurance on the property as required by the Plaintiff’s mortgages,
(iii) Northchase shall provide proof of payment of insurance to CapitalSource, its successors and
assigns, (iv) the Clerk of this Court shall promptly distribute the funds held in the registry of the
Court in the amounts of $58,961.00 to CapitalSource and $25,039.00 to Northchase with any
interest earned on the funds held in the registry of the Court to be paid to CapitalSource, and (v)
Northchase shall be responsible to maintain the existing insurance coverage on the subject
properties and pay the premium associated with such coverage as required under the mortgages
and name CapitalSource, its successors and assigns as an additional loss payee unless
Northchase’s interest in the property involved in this proceeding is extinguished through
foreclosure as provided in the mortgages.
IT IS SO ORDERED.
__________________________________
Honorable James M. Moody
United States District Judge

Date: September 9, 2011

APPROVED:

FRIDAY, ELDREDGE & CLARK
400 W. Capitol Avenue, Suite 2000
Little Rock, AR 72201-3493
[phone]
[e-mail]
/s/ Harry A. Light
By:_____________________________
Harry A. Light (89222)
Attorney for CapitalSource Bank

QUATTLEBAUM, GROOMS, TULL
& BURROW PLLC
111 Center Street, Suite 1900
Little Rock, AR 72201
[phone]
[e-mail]
/s/ Geoffrey B. Treece
By:____________________________
Geoffrey B. Treece (84146)
Attorney for Northchase Development, Inc.

SNELLGROVE, LANGLEY, CULPEPPER
WILLIAMS & MULLALLY
P.O. Box 1346
Jonesboro, AR 72403
[phone]
[e-mail]
/s/ Matt Modelevsky
By:_________________________________
Matt Modelevsky (2004106)
Attorney for DMC and JRM, LLC,
David Cook and Jackie McClure