Fifth Third Bank v. Scheibli

Filing 29

ORDER 26 for AGREED FINAL JUDGMENT signed by Senior Judge William B. Shubb on 2/8/2013. Fifth Third Bank awarded Judgment against defendants Inderjit Grewal and Michael Scheibli in amount of $350,000. If and only if following occurs on or befo re dates specified, however, Fifth Third Bank agrees to collect only $175,000 on Judgment amount and forgive remaining balance owed by filing a Satisfaction of Judgment: a) defendants Scheibli and Grewal wire or cause to be wired $5,000 to plaintiff Fifth Third Bank on or before 8/31/2012; b) defendants Scheibli and Grewal wire or cause to be wired $20,000 to plaintiff on or before 9/30/2012; c) defendants Scheibli and Grewal wire or cause to be wired $150,000 to plaintiff o n earlier of refinancing described in Section 2(d) below or 12/31/2012; and d) defendants Scheibli and Grewal shall cause: (i) Griffen Flink & Watson and/or Hank Griffen to serve as escrow agent for refinancing of debt by Colonnade Acquisitions LLC, the refinancing of debt related to Colonnade Hotel in Branson, Missouri and/or proceeds from sale of such Hotel; (ii) irrevocably direct such escrow agent to wire $150,000 from such refinancing (and/or sale) to plaintiff Fifth Third Bank should there be a refinancing and/or sale; and (iii) irrevocably directs such escrow agent to advise Fifth Third Bank of last known address of Defendant Grewal. (Marciel, M)

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IN THE UNITED STATES DISTRICT COURT

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EASTERN DISTRICT OF CALIFORNIA

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SACRAMENTO DIVISION

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) Case No.: 2:12-cv-00427-WBS-AC
) Judge William B. Shubb
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) AGREED FINAL JUDGMENT
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FIFTH THIRD BANK,
Plaintiff,

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vs.
MICHAEL SCHEIBLI, et al.,

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Defendants.

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Plaintiff Fifth Third Bank, Defendant Michael Scheibli, and Defendant Inderjit Grewal

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have resolved the matters in controversy in this action and have consented to the terms of this

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Judgment in a Settlement Agreement, and the Court hereby enters this Judgment and hereby

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ORDERS, ADJUDGES AND DECREES that:

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1.

Fifth Third Bank is awarded a judgment against Defendants Inderjit Grewal and

Michael Scheibli in the amount of $350,000 (the “Judgment Amount”).

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2.

If and only if the following occurs on or before the dates specified herein,

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however, Fifth Third Bank agrees to collect only $175,000 on the Judgment Amount and forgive

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the remaining balance owed on the Judgment Amount by filing a satisfaction of Judgment:

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a.

Defendants Scheibli and Grewal wire or cause to be wired $5,000 to

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Plaintiff Fifth Third Bank on or before August 31, 2012;

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b.

Defendants Scheibli and Grewal wire or cause to be wired $20,000 to
Plaintiff Fifth Third Bank on or before September 30, 2012;

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FINAL JUDGMENT- 1

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c.

Defendants Scheibli and Grewal wire or cause to be wired $150,000 to

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Plaintiff Fifth Third Bank on the earlier of a refinancing described in

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Section 2(d) below or December 31, 2012; and

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d.

Defendants Scheibli and Grewal shall cause:

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i.

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Griffen Flink & Watson and/or Hank Griffen to serve as an escrow

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agent for the refinancing of debt by Colonnade Acquisitions, LLC,

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the refinancing of debt related to the Colonnade Hotel in Branson,

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Missouri and/or proceeds from the sale of such Hotel;

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ii.

irrevocably direct such escrow agent to wire $150,000 from such

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refinancing (and/or sale) to Plaintiff Fifth Third Bank should there

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be a refinancing and/or sale; and

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iii.

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irrevocably directs such escrow agent to advise Plaintiff Fifth
Third Bank of the last known address of Defendant Grewal.

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IT IS SO ORDERED.

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Date: February 8, 2013

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FINAL JUDGMENT- 2