Town & Country Bank v. Katz et al
Filing
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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)
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
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UNITED STATES DISTRICT COURT
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DISTRICT OF NEVADA
10 TOWN & COUNTRY BANK,
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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,
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Defendants.
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Plaintiff Town & Country Bank (the “Bank” or “Plaintiff”) and Defendants Leon R. Katz
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(“Katz”) and the Katz Family Trust dated January 25, 1989, as amended and restated (the “Katz
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Trust”) (together with Katz, the “Defendants”), hereby stipulate and agree as follows:
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1.
On or about March 18, 2003, the Katz Family Trust dated January 25, 1989, as
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Amended and Restated (“Katz Trust”) entered into a Loan Agreement (the “Loan Agreement”)
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with the Bank whereby the Bank agreed to loan the Katz Trust the principal amount of
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$1,537,500.00 (the “Loan”).
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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.
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6566002_1
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4.
On or about March 18, 2003, to secure repayment of the Note and the Katz Trust’s
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obligation under the loan documents, the Katz Trust executed a Deed of Trust and Security
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Agreement and Fixture Filing with Assignment of Rents (the “Deed of Trust”) in favor of the Bank
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and encumbering certain real property or portions thereof located in Clark County, Nevada, and
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further identified as APN 163-20-819-009 (“Property”).
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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
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in the Clark County Recorder’s Office, Official Records, whereby the Katz Trust irrevocably
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HOLLAND & HART LLP
delivered to the Bank an Assignment of Leases and Rents dated March 18, 2003 (“Assignment of
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9555 Hillwood Drive, 2nd Floor
Las Vegas, Nevada 89134
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assigned all of its right, title and interest to the rents from the Property.
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7.
The Loan Agreement, Note, Deed of Trust, Assignment of Rents, together with
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such modifications, amendments, and related documents are collectively referred to herein as the
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“Loan Documents.”
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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.
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9.
The Katz Trust and Katz failed to pay the amounts due and owing under the Note.
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10.
On September 12, 2011, a Notice of Breach and Default and of Election Sell Under
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Deed of Trust was recorded in Book 20110912 as Document Number 0000850 in the Clark
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County Recorder’s Office, Official Records, thereby commencing a non-judicial foreclosure of the
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Subject Property.
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11.
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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.
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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:
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Principal balance under the Note
$ 1,267,197.00
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Accrued interest
$
44,864.10
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Late fees
$
1,562.31
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Fees and Costs
$
4,700.00
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Total
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15.
The fair market value of the Property on January 25, 2012 was $675,000.00.
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16.
After providing Defendants with a credit in the amount of $675,000.00, the total
$1,318,323.41
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amount due and owing under the Loan Documents on January 26, 2012 was $643,323.41, with
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interest accruing in the amount of $196.57 per diem.
HOLLAND & HART LLP
9555 Hillwood Drive, 2nd Floor
Las Vegas, Nevada 89134
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17.
As of December 16, 2013, the total amount owed by Defendants pursuant to the
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Loan Documents is $801,476.68, which includes principal in the amount of $643,323.41, interest
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in the amount of $135,634.02, and attorneys’ fees and costs in the amount of $22,519.25.
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18.
The parties agree that judgment shall be entered against Defendants, jointly and
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severally, in the total amount of $801,476.68, plus interest from December 17, 2013 through the
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date of entry of this judgment at $244.90 per diem, with post-judgment interest accruing at the
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default rate of 11% per annum from the date of entry of this judgment until it is paid in full.
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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
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JUDGMENT
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The foregoing stipulation is approved. JUDGMENT IS HEREBY ENTERED in favor of
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Plaintiff Town & Country Bank and against Defendants Leon R. Katz and the Katz Family Trust
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dated January 25, 1989, as amended and restated, in the amount of $801,476.68, plus interest from
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December 17, 2013 through the date of entry of this judgment at $244.90 per diem, with post-
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judgment accruing at the default rate of 11% per annum from the date of entry of this judgment
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until it is paid in full.
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IT IS SO ORDERED:
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UNITED STATES JUDGE
UNITED STATES DISTRICT JUDGE
January 28, 2014
Dated:
HOLLAND & HART LLP
9555 Hillwood Drive, 2nd Floor
Las Vegas, Nevada 89134
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Submitted by:
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/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
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