LN Management LLC Series 2543 Citrus Garden v. Gelgotas et al

Filing 23

ORDER Granting 20 Stipulation of Dismissal. Signed by Judge Miranda M. Du on 2/26/2015. (Copies have been distributed pursuant to the NEF - DC)

Case 2:15-cv-00112-MMD-CWH Document 20 Filed 02/24/15 Page 1 of 3

WOLF, RIFKIN, SHAPIRO, SCHULMAN & RABKIN LLP

1 JUSTIN C. JONES, ESQ.

Nevada State Bar No. 8519

2 GREGORY P. KERR, ESQ.
Nevada State Bar No. 10383

3 JORDAN J. BUTLER, ESQ.
Nevada State Bar No. 10531

4 3556 E. Russell Road, 2nd Floor
Las Vegas, Nevada 89120-2234

5 [phone] Tele
[phone] Fax

6 [e-mail]
[e-mail]

7 [e-mail]
8

Attorneys for Defendant Citrus Gardens Homeowners Association
UNITED STATES DISTRICT COURT

9

DISTRICT OF NEVADA

10

LN MANAGEMENT LLC SERIES 2543

Case No.: 2:15-cv-00112-MMD-CWH

11 CITRUS GARDEN
12

STIPULATION AND ORDER OF
DISMISSAL

Plaintiff,

13

v.

14 MARCELLE GELGOTAS, and individual;
MICHELLE ROCK, and individual; MARK

15 ROCK, an individual; PRINCIPAL

RESIDENTIAL MORTGAGE, INC.; CITRUS

16 GARDENS HOMEOWNERS ASSOCIATION, a
Nevada Non-Profit Corporation; and DOES I

17 through 10, inclusive;
18

Defendants.

19
FEDERAL NATIONAL MORTGAGE

20 ASSOCIATION,
21

Counterclaimant,

22

v.

23 LN MANAGEMENT LLC SERIES 2543 CITRUS
GARDENS, a Nevada LLC; GREEN VALLEY

24 RANCH COMMUNITY ASSOCIATION, INC., a
Nevada non-profit corporation; DOES 1 through

25 10, inclusive; ROES Business Entities 1 through
26

10, inclusive.
Counter-Defendants.

27
28
1864863.1

-1STIPULATION AND ORDER OF DISMISSAL

Case 2:15-cv-00112-MMD-CWH Document 20 Filed 02/24/15 Page 2 of 3

1

Plaintiff, LN Management LLC Series 2543 Citrus Gardens (“Plaintiff”), and Defendant,

2 Citrus Gardens Homeowners Association (“Association”) hereby agree and stipulate as follows:
3

1.

This matter concerns real property located at 2543 Citrus Garden, Henderson, NV

4 89052 (the “Property”).
5

2.

The Property is located in and is subject to both the Green Valley Ranch

6 Community Association (“Master Association”), which is the master association, and the Citrus
7 Gardens Homeowners Association, which is a sub-association of the Master Association. Both the
8 Master Association’s and the Association’s Declaration of Covenants, Conditions and Restrictions
9 (“CC&Rs”) require that the owners of the properties therein pay regular common expense
10 assessments. Under NRS 116.3116(1), both the Master Association and the Association have a
11 statutory lien on all properties located within their communities as security for payment of those
12 assessments.
13

3.

Plaintiff purchased the Property at the Master Association’s foreclosure sale held

14 on August 6, 2013, which was held for the non-payment of assessments by the former owner. At
15 the time of that foreclosure sale, there were delinquent assessments owed to the Association as
16 well.
17

4.

However, as of the date of this stipulation as signed by the parties hereto, there are

18 no delinquent assessments owed to the Association and the Plaintiff is current on payment of all
19 assessments since it acquired the Property on August 6, 2013. As such, the Association has no
20 claim or demand under its assessment for any additional assessments at this time.
21

5.

The Association does not, at this time, have any opposition to Plaintiff’s position or

22 its request to quiet title and declaratory relief as set forth in its Complaint. As such, the
23 Association does not, at this time, wish to assert any claims to the Property that would be adverse
24 to the Plaintiff’s alleged rights and interests in the Property as set forth in Plaintiff’s Complaint.
25

6.

In an effort to save the Association and the Plaintiff litigation costs, the parties

26 hereby agree to the below stipulated terms.
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1864863.1

-2STIPULATION AND ORDER OF DISMISSAL

Case 2:15-cv-00112-MMD-CWH Document 20 Filed 02/24/15 Page 3 of 3

1

NOW THEREFORE, it is hereby agreed at stipulated by and between the Plaintiff, the

2 Association as follows:
3

It is AGREED that the Association is hereby dismissed, without prejudice, from this case.

4 However, it is understood and agreed that the Property will still be subject to the Association’s
5 recorded CC&Rs and statutory lien for assessments and other related charges as stated in NRS
6 116.3116(1) for any and all assessments that come due in the future;
7

It is FURTHER AGREED that the Association will appropriately participate in and

8 respond to any subpoenas served on it in connection with this litigation;
9

It is FURTHER AGREED that in the event the Plaintiff discovers any basis for re-

10 asserting any of its claims against the Association in the future as they relate to the foreclosure of
11 the Property, the Association will not oppose Plaintiff’s efforts to amend its Complaint
12 accordingly;
13
14 DATED this 24th day of February, 2015

DATED this 24th day of February, 2015

15
WOLF, RIFKIN, SHAPIRO, SCHULMAN &
RABKIN, LLP

16
17
18
19
20

By:

/s/ Kerry P. Faughnan
Kerry P. Faughnan, Esq.
P.O. Box 335361
North Las Vegas, NV 89033
Attorney for Plaintiff

By: /s/ Gregory P. Kerr
Gregory P. Kerr, Esq. (No. 10383)
3556 E. Russell Road, 2nd Floor
Las Vegas, Nevada 89120
Defendant
Citrus Gardens Homeowners Association

21
IT IS SO ORDERED.

22

DATED this

23

26th

day of

February

, 2015.

24
25
UNITED STATES DISTRICT COURT JUDGE

26
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1864863.1

-3STIPULATION AND ORDER OF DISMISSAL