First Interstate Bank v. Brinson Farms et al

Filing 22

STIPULATED JUDGMENT AND DECREE OF FORECLOSURE. Signed by Judge Brian Morris on 12/5/2017. (ELL)

IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF MONTANA
BUTTE DIVISION
FIRST INTERSTATE BANK,
Plaintiff,
v.
BRINSON FARMS, LLC d/b/a BIG SKY
GUIDE AND OUTFITTERS OF MONTANA
and JOHN W. LOGAN,
Defendants.

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Cause No. CV-17-4-BU-BMM

STIPULATED JUDGMENT AND
DECREE OF FORECLOSURE

Upon the parties Joint Motion for a Judgment and Decree of Foreclosure, the
Court orders the following:
A.

Judgment on the Note in the full sum of $644,580.21 together with

interest at the per diem rate of $82.20 from November 22, 2017, as well as
attorneys’ fees, costs, and disbursements against Brinson;
B.

The Mortgage is a valid first lien against the Property, as described in

Exhibit A attached hereto, and the Mortgage is prior in time and superior in right to
any lien, claim, or interest of Defendants save for the priority, if any, granted by
Montana law for unpaid taxes;
C.

The Mortgage shall be foreclosed, and the Property shall be sold by

such decree and according to the laws of Montana governing execution sales;

D.

The proceeds of said sale of the Property remaining after deduction of

costs thereof shall be applied in payment of the amounts adjudged owing Lender
for principal, interest, costs, attorneys’ fees and other expenses, and that the
surplus, if any, shall be deposited with the Clerk of Court for further disposition;
E.

The Defendants and every person whose conveyance, encumbrance,

lien, or judgment that has been recorded after the execution of the Mortgage shall
be forever barred and foreclosed of any and all right, claim, equity, title, estate or
interest in, or lien or encumbrance on, the Property, except the statutory rights of
redemption of the Property, if applicable;
F.

Lender may become a purchaser at the sale of the Property by making

a credit bid, in which case Lender shall deduct from the amounts owed to it under
the Note the amount of the credit bid;
G.

In the event Lender is the purchaser at the sale of the Property and

possession of the Property is not surrendered to Lender, a writ of assistance be
issued directing the sheriff of Gallatin County or the U.S. Marshall to deliver
Lender possession of the Property;
H.

The said purchaser or purchasers of the Property at the foreclosure

sale shall be entitled to the rents, profits, income, and immediate possession of the
Property from and after the time of the sale;

I.

After the statutory period of redemption on the Property, if any, has

expired, the sheriff of Gallatin County or the U.S. Marshall shall execute a deed or
other instrument of title that may be necessary to convey the Property to the
purchaser or purchasers at said sale;
J.

If the proceeds of the sale of the Property, after deduction for the costs

and expenses thereof, shall not be sufficient to satisfy the amount due, including
interest, costs and disbursements, and attorneys’ fees, as stated in the prayer for
relief, the Lender shall have a deficiency judgment against Brinson; and
K.

Judgment on the Guaranty for the full sum of $644,580.21, together

with interest, attorneys’ fees, costs, and disbursements against Logan.
Dated this 5th day of December, 2017.

EXHIBIT A

The West Half of the Northeast Quarter (W1/2NE1/4),
the East Half of the East Half of the Northwest Quarter
(E1/2E1/2NW1/4), and the West Half of the East Half of
the Northeast Quarter (W1/2E1/2NE1/4) of Section 16,
Township Three (3) North, Range Six (6) East, Gallatin
County, Montana.

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