Vira et al v. S&R Development, Inc.
Filing
43
ORDER ADOPTING 42 REPORT AND RECOMMENDATIONS. ORDERED that Defendant's Second Motion to Enforce Settlement Agreement and for Sanctions, be and hereby is GRANTED IN PART AND DENIED IN PART and that judgment be entered in favor of S&R Developmen t, Inc. and against Arvind Mike Vira, Airport Motel,L.L.C., and 1300 Holiday Inn Airport, LLC, enforcing the parties' settlement agreement as written without the additional obligations sought by S&R. Signed by Judge Martin L.C. Feldman on 7/23/2018.(Reference: Both Cases)(clc)
UNITED STATES DISTRICT COURT
EASTERN DISTRICT OF LOUISIANA
ARVIND MIKE VIRA ET AL.
CIVIL ACTION
VERSUS
NO. 17-5858
c/w 17-6211
S&R DEVELOPMENT, INC.
SECTION “F” (2)
ORDER
The Court, after considering the complaint, the record, the applicable law, the
Magistrate Judge’s Findings and Recommendation, and finding that as of this date
plaintiffs have filed no objections to the Magistrate Judge’s Findings and
Recommendation,
hereby
approves
the
Magistrate
Judge’s
Findings
and
Recommendation and adopts it as its opinion.
Accordingly, IT IS ORDERED that Defendant’s Second Motion to Enforce
Settlement Agreement and for Sanctions, Record Doc. No. 32, be and hereby is
GRANTED IN PART AND DENIED IN PART and that judgment be entered in favor
of S&R Development, Inc. (“S&R”) and against Arvind Mike Vira, Airport Motel,
L.L.C., and 1300 Holiday Inn Airport, LLC (hereinafter collectively referred to as
“Vira”), enforcing the parties’ settlement agreement as written without the additional
obligations sought by S&R; specifically, requiring Vira to
(1) make payment to all creditors of the Holiday Inn Full Service Hotel located
in Kenner, Louisiana (the “HIFS Property,” the legal description of which is attached
to the settlement agreement as Exhibit A) that have filed liens on the HIFS Property as
of February 8, 2018 (the “Secured Claims”);
(2) indemnify, defend and hold S&R harmless forever for any claims brought
relating to the Secured Claims and against any loss from any claims, demands or actions
that may already have been made or that may hereafter be made against S&R by any
individual or entity holding a Secured Claim in relation to the HIFS Property or by
anyone on their behalf, for the purpose of enforcing or pursuing a further claim for
injuries or damages for said Secured Claim, including paying the full sum of Five
Thousand Eight Hundred Two Dollars and Sixty-Eight Cents ($5,802.68) to S&R as
indemnification for the amount it paid to the Secured Claimant, Quaker Window
Products Co.;
(3) pay S&R the sum of Four Hundred Thousand Dollars ($400,000.00) (the
“Settlement Payment”) in monthly installments of Fifty Thousand Dollars ($50,000.00)
per month, beginning on March 15, 2018 and continuing on the fifteenth (15th) day of
each month until paid in full, via certified checks made payable to S&R Development,
Inc. and delivered to the office of its counsel. If, by July 15, 2018, Vira is able to make
payment to S&R in the manner set forth in the preceding sentence, the amount of Three
Hundred Seventy-Seven Thousand Two Hundred and Fifty Dollars ($377,250.00), with
due credit given for prior payments made towards the Settlement Payment, Vira will be
relieved of the obligation to make full payment of the final Twenty-Two Thousand
Seven Hundred and Fifty Dollars ($22,750.00) owed towards the Settlement Payment;
and
(4) as Vira makes payments to the creditors for the Secured Claims, he shall
obtain releases from the creditors releasing all claims relating to the HIFS Property
against both Vira and S&R, and shall provide copies of each obtained release to S&R
once received from each creditor.
New Orleans, Louisiana, this _______ day of July, 2018.
23rd
_________________________________
MARTIN L.C. FELDMAN
UNITED STATES DISTRICT JUDGE
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