FirstMerit Bank v. Fanaro, Jr. et al

Filing 23

MOTION by Plaintiff FirstMerit Bank for judgment by consent (Attachments: # 1 Exhibit A)(McCormick, Gregory)

UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF ILLINOIS, EASTERN DIVISION
FIRSTMERIT BANK, N.A. as successor
in interest to FEDERAL DEPOSIT
INSURANCE CORPORATION, as Receiver
For MIDWEST BANK AND TRUST
COMPANY
Plaintiff,
v.
CHARLES J. FANARO, JR.,
HI-TECH HOUSING, INC. and
DWG CORPORATION
Defendants.

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Case No.

13 cv 7504

District Judge: Edmond E. Chang
Magistrate Judge: Jeffrey T. Gilbert

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AGREED MOTION FOR ENTRY OF FINAL JUDGMENT BY CONSENT

Plaintiff, FIRSTMERIT BANK, N.A., as successor in interest to FEDERAL DEPOSIT
INSURANCE CORPORATION, as Receiver, for MIDWEST BANK AND TRUST
COMPANY, (“FirstMerit”), by and through its attorneys, Garfield & Merel, Ltd., hereby moves
this Court for entry of final judgment, by consent and stipulation of the parties, against
Defendants, Charles J. Fanaro, Jr., Hi-Tech Housing, Inc. and DWG CORPORATION, alleges
as follows:
1.

Plaintiff, FirstMerit Bank, N.A., filed its Amended Complaint in this action on

January 20, 2014. The Defendants, Charles J. Fanaro, Jr., Hi-Tech Housing, Inc. and DWG
Corporation (hereinafter “Defendants”) each waived service of the Amended Complaint and
voluntarily appeared through counsel.
2.

Counts I and II of the Amended Complaint, respectively, assert causes of action

against Charles J. Fanaro, Jr. and Hi-Tech Housing, Inc. for breach of their respective
Commercial Guaranties (“Guaranties”) of the indebtedness of DWG Corporation, which arises

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from a promissory note attached to the Amended Complaint as Exhibit A to the Amended
Complaint (“Note”).
3.

Count III asserts a cause of action against DWG Corporation arising from its

indebtedness under the Note.
4.

This Court has original jurisdiction over this civil action based on diversity of

citizenship pursuant to 28 U.S.C. §1332, since Plaintiff and each defendant are citizens of
different states (Ohio and Illinois and Indiana, respectively) and the amount in controversy in
exceeds $75,000.00. Defendants stipulate and agree that the allegations of Plaintiff’s Amended
Complaint are confessed against each of the Defendants and that final judgment shall be entered,
jointly and severally, against each of the Defendants, to which each of the Defendants hereby
consents, thereby adjudicating all claims in Plaintiff’s Amended Complaint; subject to the terms
of the 8th Modification to Forbearance Agreement (“Modification Agreement”) between and
among the parties. A true and correct copy of the stipulated judgment by consent approved by
counsel for the parties is attached as Exhibit A (the “Consent Judgment”).
5.

The parties stipulate and agree that the amount due to Plaintiff under the Note,

Guaranties, and the Modification Agreement, as of January 22, 2014, is as follows:
Principal
Interest
Deferred Forbearance Fee
Extension Fee
Late Fees
Appraisal Fees
Attorneys Fees

$9,355,000.00
1,297,618.19
100,000.00
500,000.00
29,610.01
16,800.00
210,872.05

Total: $11,509,900.25 plus interest at the rate of $1,948.96 per diem for the period of January
22, 2014 through the date of the entry of the this Order, and thereafter, post-judgment interest at
the rate of 7.5% per annum.

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6.

Entry of the consent judgment adjudicates all issues against all parties alleged in

Plaintiff’s Amended Complaint and constitutes final judgment.
Plaintiff, FirstMerit, prays that this Court:
1. Enter the Consent Judgment in favor of Plaintiff and against Defendants, jointly and
severally, by agreement of the parties;
2. Find, based on the consent and agreement of Defendants, that Plaintiff is entitled to
judgment against Defendants pursuant to Counts I, II and III of Plaintiff’s Amended
Complaint;
3. Find that the Consent Judgment constitutes a final judgment with respect to all claims
pleaded in Plaintiff’s Amended Complaint against all Defendants and constitutes the final
order of the Court; and
4. For such further relief as this Court deems just and equitable.

FIRSTMERIT BANK, NA, as
successor in interest to Federal
Deposit Insurance Corporation, as
Receiver for Midwest Bank and
Trust Company
By: s/Gregory A. McCormick
Gregory A. McCormick (#6201621)
Keith A. Chadwick (#6200984)

GARFIELD & MEREL, LTD.
180 N. Stetson Avenue, Suite 1300
Chicago, IL 60601
[phone]

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