Town & Country Bank v. Katz et al

Filing 26

CONSENT JUDGMENT in favor of Town & Country Bank and against Leon R Katz and the Katz Family Trust dated January 25, 1989, as amended and restated, in the amount of $801,476.68, plus interest from December 17, 2013 through the date of entr y of this judgment at $244.90 per diem, with post-judgment accruing at the default rate of 11% per annum from the date of entry of this judgment until it is paid in full. Signed by Judge James C. Mahan on 1/28/2014. (Copies have been distributed pursuant to the NEF - SLR)

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1 Joseph G. Went, Esq. Nevada Bar No. 9220 2 Nicole E. Lovelock, Esq. Nevada Bar No. 11187 3 HOLLAND & HART LLP 9555 Hillwood Drive, 2nd Floor 4 Las Vegas, Nevada 89134 (702) 669-4600 5 (702) 669-4650 – fax jgwent@hollandhart.com 6 nelovelock@hollandhart.com 7 Attorneys for Plaintiff 8 UNITED STATES DISTRICT COURT 9 DISTRICT OF NEVADA 10 TOWN & COUNTRY BANK, 11 CASE NO. 2:13-cv-00312-JCM-NJK Plaintiff, HOLLAND & HART LLP 9555 Hillwood Drive, 2nd Floor Las Vegas, Nevada 89134 12 v. STIPULATED FINAL JUDGMENT 13 LEON R. KATZ, individually and as Trustee of the Katz Family Trust dated January 25, 1989, 14 as Amended and Restated; and ROE CORPORATIONS I-X, inclusive, 15 Defendants. 16 17 18 Plaintiff Town & Country Bank (the “Bank” or “Plaintiff”) and Defendants Leon R. Katz 19 (“Katz”) and the Katz Family Trust dated January 25, 1989, as amended and restated (the “Katz 20 Trust”) (together with Katz, the “Defendants”), hereby stipulate and agree as follows: 21 1. On or about March 18, 2003, the Katz Family Trust dated January 25, 1989, as 22 Amended and Restated (“Katz Trust”) entered into a Loan Agreement (the “Loan Agreement”) 23 with the Bank whereby the Bank agreed to loan the Katz Trust the principal amount of 24 $1,537,500.00 (the “Loan”). 25 26 27 28 2. The obligation of the Loan is evidenced by a Promissory Note (the “Note”) executed and delivered by the Katz Trust at the same time the Loan Agreement was executed. 3. In consideration for the Bank extending the loan, Katz, in his individual capacity, executed a Guaranty (the “Guaranty”) dated March 18, 2003, obligating him to pay all sums due and payable by the Katz Trust to the Bank under the terms of the Note, among other things. Page 1 of 4 6566002_1 1 4. On or about March 18, 2003, to secure repayment of the Note and the Katz Trust’s 2 obligation under the loan documents, the Katz Trust executed a Deed of Trust and Security 3 Agreement and Fixture Filing with Assignment of Rents (the “Deed of Trust”) in favor of the Bank 4 and encumbering certain real property or portions thereof located in Clark County, Nevada, and 5 further identified as APN 163-20-819-009 (“Property”). 6 7 8 5. On or about March 18, 2003, the Deed of Trust was recorded in Book 20030318 as Document Number 002405 in the Clark County Recorder’s Office, Official Records. 6. As further security for the repayment of the Note, the Katz Trust executed and Rents”), which was recorded on March 18, 2003 in Book 20030318 as Document Number 002406 11 in the Clark County Recorder’s Office, Official Records, whereby the Katz Trust irrevocably 12 HOLLAND & HART LLP delivered to the Bank an Assignment of Leases and Rents dated March 18, 2003 (“Assignment of 10 9555 Hillwood Drive, 2nd Floor Las Vegas, Nevada 89134 9 assigned all of its right, title and interest to the rents from the Property. 13 7. The Loan Agreement, Note, Deed of Trust, Assignment of Rents, together with 14 such modifications, amendments, and related documents are collectively referred to herein as the 15 “Loan Documents.” 16 17 8. The Katz Trust failed to make payments to the Bank when due and, on or about August 5, 2011, the Bank declared the amounts due under the Note immediately due and payable. 18 9. The Katz Trust and Katz failed to pay the amounts due and owing under the Note. 19 10. On September 12, 2011, a Notice of Breach and Default and of Election Sell Under 20 Deed of Trust was recorded in Book 20110912 as Document Number 0000850 in the Clark 21 County Recorder’s Office, Official Records, thereby commencing a non-judicial foreclosure of the 22 Subject Property. 23 11. 24 25 26 27 28 On January 25, 2012, a non-judicial foreclosure sale was held in connection with the Deed of Trust encumbering the Property. 12. On or about January 25, 2012, the Bank acquired title to the Property as a result of its successful credit bid via a Trustee’s Deed Upon Sale. 13. The Trustee’s Deed Upon Sale was recorded on January 26, 2012, in Book 20120126 as Document No. 0001335 in the Clark County Recorder’s Office, Official Records. Page 2 of 4 6566002_1 1 2 14. On January 25, 2012, the date of the trustee's sale of the Property, the amount of the indebtedness remaining unpaid under the Note, included the following amounts: 3 Principal balance under the Note $ 1,267,197.00 4 Accrued interest $ 44,864.10 5 Late fees $ 1,562.31 6 Fees and Costs $ 4,700.00 7 Total 8 15. The fair market value of the Property on January 25, 2012 was $675,000.00. 9 16. After providing Defendants with a credit in the amount of $675,000.00, the total $1,318,323.41 10 amount due and owing under the Loan Documents on January 26, 2012 was $643,323.41, with 11 interest accruing in the amount of $196.57 per diem. HOLLAND & HART LLP 9555 Hillwood Drive, 2nd Floor Las Vegas, Nevada 89134 12 17. As of December 16, 2013, the total amount owed by Defendants pursuant to the 13 Loan Documents is $801,476.68, which includes principal in the amount of $643,323.41, interest 14 in the amount of $135,634.02, and attorneys’ fees and costs in the amount of $22,519.25. 15 18. The parties agree that judgment shall be entered against Defendants, jointly and 16 severally, in the total amount of $801,476.68, plus interest from December 17, 2013 through the 17 date of entry of this judgment at $244.90 per diem, with post-judgment interest accruing at the 18 default rate of 11% per annum from the date of entry of this judgment until it is paid in full. 19 DATED January 27, 2014. DATED January 27, 2014 /s/ Joseph G. Went, Esq. _______ Joseph G. Went, Esq. Nicole E. Lovelock, Esq. HOLLAND & HART LLP 9555 Hillwood Drive, 2nd Floor Las Vegas, Nevada 89134 /s/ Joseph T. Nold, Esq. Joseph T. Nold, Esq. Accelerated Law Group 624 S. 10th Street Las Vegas, Nevada 89101 Attorneys for Plaintiff Attorneys for Defendants 20 21 22 23 24 25 26 27 28 Page 3 of 4 6566002_1 1 JUDGMENT 2 The foregoing stipulation is approved. JUDGMENT IS HEREBY ENTERED in favor of 3 Plaintiff Town & Country Bank and against Defendants Leon R. Katz and the Katz Family Trust 4 dated January 25, 1989, as amended and restated, in the amount of $801,476.68, plus interest from 5 December 17, 2013 through the date of entry of this judgment at $244.90 per diem, with post- 6 judgment accruing at the default rate of 11% per annum from the date of entry of this judgment 7 until it is paid in full. 8 IT IS SO ORDERED: 9 10 11 UNITED STATES JUDGE UNITED STATES DISTRICT JUDGE January 28, 2014 Dated: HOLLAND & HART LLP 9555 Hillwood Drive, 2nd Floor Las Vegas, Nevada 89134 12 13 Submitted by: 14 15 16 17 18 19 /s/ Joseph G. Went, Esq. Joseph G. Went, Esq. Nicole E. Lovelock, Esq. HOLLAND & HART LLP 9555 Hillwood Drive, 2nd Floor Las Vegas, Nevada 89134 Attorneys for Plaintiff 20 21 22 23 24 25 26 27 28 Page 4 of 4 6566002_1

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