LPP Mortgage Ltd., L.P. v. David W. Gates et al

Filing 100

JUDGMENT OF FORECLOSURE AND ORDER OF SALE by Judge Dale S. Fischer. (MD JS-6, Case Terminated). (SEE JUDGMENT FOR SPECIFICS) (bp)

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JS 6

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UNITED STATES DISTRICT COURT

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CENTRAL DISTRICT OF CALIFORNIA

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) Case No.: 2:15-cv-10008-DSF-PLA
)
)
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) JUDGMENT OF FORECLOSURE
Plaintiff,
) AND ORDER OF SALE
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v.
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David W. Gates, Trustee of the David W.
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Gates Trust dated August 5, 1996; and
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JPMorgan Chase Bank, N.A., as acquirer of )
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certain assets and liabilities of Washington )
Mutual Bank from the Federal Deposit
)
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Insurance Corporation, as Receiver for
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Washington Mutual Bank,
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Defendants.
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LPP MORTGAGE LTD., L.P., a Texas
Limited Partnership,

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The Court having granted summary judgment in favor of Plaintiff LPP

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Mortgage Ltd., L.P. (LPP or Plaintiff) and the default of JPMorgan Chase Bank, N.A.,

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as acquirer of certain assets and liabilities of Washington Mutual Bank from the

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Federal Deposit Insurance Corporation as Receiver for Washington Mutual Bank

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(Chase) having been entered,

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IT IS ORDERED that:

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1.

Judgment shall be entered in favor of Plaintiff against Defendants David

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W. Gates, Trustee of the David W. Gates Trust dated August 5, 1996 (Gates) and

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Chase on the terms set forth in the following paragraphs.

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2.

Gates is indebted to LPP in the following sums, which are secured by the

deed of trust set forth in the complaint.

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a.

Principal in the amount of $1,117,739.75;

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b.

Interest in the amount of $177,766 through November 29, 2016,

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and additional interest of $99.52 per day from November 30, 2016 to the date of this

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judgment, for a total of $185,727.60.

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c.

Miscellaneous fees/charges in the amount of $12,444.19;

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d.

Attorneys’ fees in the sum of $69,156.94 ($86,631.44, less

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$17,474.50 already paid by Gates) and costs in the amount of $6,851.98, for a total of

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$76,008.92;

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e.

Money expended for taxes under the deed of trust in the sum of

$39,849.59; and

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f.

Actual costs of foreclosure and sale in the sum of $2,000;

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g.

The fire insurance proceeds remaining in the restricted escrow

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account associated with Gates’ Loan, totaling $19,667.53, and the suspense funds

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balance, totaling $6,132.64, shall be credited against the amount of indebtedness set

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forth above.

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3.

The Court orders that the real property described in paragraph 9, or as

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much of it as may be necessary, be sold in the manner prescribed by law, and that a

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writ of sale be issued to the Sheriff of Santa Barbara County, ordering and directing

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the Sheriff to conduct such sale.

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4.

Any party to this action may purchase the property at the sale. From the

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sale proceeds, the Sheriff shall pay to LPP, after deducting expenses of the levy and

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sale, the sums adjudged owing under paragraph 2, together with interest at the annual

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rate of 10 percent from the date of this judgment.

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5.

If any surplus remains after the payments specified in paragraph 2 are

made, the surplus shall be paid first to Chase, and then to Gates.
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Plaintiff has waived judgment for any deficiency, and therefore Gates is

not personally liable for payment of the sums secured by the deed of trust.
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On completion of the sale, the Sheriff shall execute a deed of sale to the

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purchasers, who may then take possession of the property, if necessary with the

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assistance of the Sheriff of Santa Barbara County.

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8.

Defendant Gates, all persons claiming from or under him, all persons and

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their personal representatives having liens subsequent to the deed of trust by judgment

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or decree on the described real property, all persons and their heirs or personal

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representatives having any lien or claim by or under such subsequent judgment or

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decree, all persons claiming under them, and all persons claiming to have acquired

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any estate or interest in the premises after the recordation of notice of the pendency of

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this action with the County Recorder are forever barred and foreclosed from all equity

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of redemption in and claim to the premises, from and after delivery of the deed by the

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Sheriff.

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9.

The legal description of the property that is the subject of this judgment

and order is:

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That portion of Parcel 1 of Mission Ranchos, in the County of Santa Barbara,

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State of California, according to the map thereof filed October 11, 1955 in Book

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37, Page 5 of Records of Survey, in the office of the County Recorder of said

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County, described as follows:

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Beginning at the Northwest corner of the tract of land described in the Deed to

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Joseph A. Berti, recorded August 9, 1956 as Instrument no. 15563 in Book

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1395, Page 23 of Official Records, records of said County, being a point of the

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Westerly line of said Parcel 1, from which a 2 inch brass capped survey

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monument set at the Northwest corner of Parcel 1 bears North 0°14'20” East

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377.56 feet; thence along the Northerly line of said Berti tract of land, the

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following courses and distances; North 79°47' East, 101.89 feet; South

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83°53'30" East 50.03 feet; North 56°13' East 197.01 feet; North 60°25'20" East

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158.91 feet; and South 49°06'10" East 49.19 feet to a 3/4 inch pipe on the center

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line of Palomino Road and a point on the Easterly line of said Parcel 1 at the

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beginning of a non-tangent curve, concave to the West, having a radius of

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100.23 feet, a delta of 130°28'30" and whose radial center from said point bears

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North 49°06'10” West; thence along the Easterly, Northerly and Westerly lines

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of said Parcel 1, the following courses and distances; Northerly and

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Northwesterly along the arc of said curve, 228.25 feet to the end thereof; North

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8°25'20" East 30.00 feet; North 89°34'40" West, 410.46 feet; and South

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0°14'20" West 377.56 feet to the point of beginning.

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The land herein described is shown with other property on a map of survey filed

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in Book 38, Page 54 of Record of Surveys, in the office of the County Recorder

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of said County.

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IT IS SO ORDERED.

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Dated: February 17, 2017

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________________________________
United States District Judge