JPMorgan Chase Bank N.A. v. SFR Investments Pool 1, LLC et al

Filing 36

ORDER Granting 34 Stipulation of Dismissal as to Mountains Edge Master Association. Signed by Judge James C. Mahan on 1/12/17. (Copies have been distributed pursuant to the NEF - ADR)

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Case 2:16-cv-01677-JCM-GWF Document 34 Filed 01/11/17 Page 1 of 3 1 WOLF, RIFKIN, SHAPIRO, SCHULMAN & RABKIN, LLP GREGORY P. KERR, ESQ. 2 Nevada Bar No. 10383 JORDAN BUTLER, ESQ. 3 Nevada Bar No. 010531 3556 E. Russell Road, Second Floor 4 Las Vegas, Nevada 89120 (702) 341-5200/Fax: (702) 341-5300 5 6 Attorneys for Mountains Edge 7 Master Association 8 UNITED STATES DISTRICT COURT 9 DISTRICT OF NEVADA 10 JPMORGAN CHASE BANK, N.A. a national banking association, 11 Plaintiff, 12 vs. 13 SFR INVESTMENTS POOL 1, LLC, a 14 Nevada limited liability company; ABSOLUTE COLLECTION SERVICES, 15 LLC, a Nevada limited liability company; MOUNTAINS EDGE MASTER 16 ASSOCIATION; and VIA VALENCIA/VIA ASSOCIATION, 17 Defendants. 18 Case No. 2:16-cv-01677 STIPULATION AND ORDER OF DISMISSAL 19 20 Plaintiff JPMORGAN CHASE BANK, N.A. (“Plaintiff”), and Defendant MOUNTAINS 21 EDGE MASTER ASSOCIATION (“Association”) hereby agree and stipulate as follows: 22 1. This matter concerns real property located at 9875 Maspalomas Street, Las Vegas, 23 Nevada 89178 (the “Property”). 24 2. Plaintiff alleges that it is the beneficiary under a deed of trust recorded on the 25 Property on April 22, 2008, which was assigned by Mortgage Electronic Registration Systems, 26 Inc., to Plaintiff by an assignment recorded against the Property on October 30, 2010. 27 3. The deed of trust secured a promissory note executed by the former owner of the 28 Property, Gordon Adam, III (“Borrower”). STIPULATION AND ORDER Case 2:16-cv-01677-JCM-GWF Document 34 Filed 01/11/17 Page 2 of 3 4. 1 The Property is subject to both Via Valencia/Via Ventura Homeowners Association 2 (“Via Valencia”) and Mountains Edge Master Association (“Mountains Edge”) and the recorded 3 declarations of covenants, conditions, and restrictions (“CC&Rs”) recorded against the Property. 4 Both CC&Rs required the Borrower to pay regular common expense assessments to each, 5 respectively. Via Valencia is a sub-association within Mountains Edge. 5. 6 It is believed that the Borrower failed to pay common expense assessments due 7 from him to Via Valencia pursuant to its CC&Rs, which are recorded against the Property. Those 8 assessments are secured by a statutory lien on the Property pursuant to NRS 116.3116(1). 6. 9 As a result, Via Valencia allegedly foreclosed its assessment lien on July 17, 2012, 10 where SFR Investments was the purchaser as the winning bidder. 7. 11 Mountains Edge did not foreclose its assessment lien and, as of the date this 12 stipulation is signed by both parties, Mountains Edge represents that the current owner of the 13 Property is not delinquent in any assessments and is otherwise current on all assessments owed by 14 it to Mountains Edge. 8. 15 The Association does not, at this time, have any opposition to any of Plaintiff’s 16 positions or causes of action as set forth in its complaint. It is recognized that the causes of action 17 in the complaint are asserted against Via Valencia, SFR Investments, and Absolute Collection 18 Services and not against Mountains Edge. 9. 19 In an effort to save Mountains Edge and the Plaintiff litigation costs, these parties 20 hereby agree to the below stipulated terms. NOW THEREFORE, it is hereby agreed at stipulated by and between the Plaintiff and 21 22 Mountains Edge as follows: It is AGREED that Mountains Edge will not have to file any other responsive pleading in 23 24 this matter, other than this stipulation and its answer, which has already been filed, and that 25 Mountains Edge will not oppose Plaintiff’s efforts to obtain the relief as prayed for in the 26 complaint in this matter. However, it is understood and agreed that the Property will still be 27 subject to Mountains Edge’s recorded CC&Rs and assessments and other related charges as 28 provided for in the CC&Rs as those assessments and other charges come due in the future; 2547166.1 -2- STIPULATION AND ORDER Case 2:16-cv-01677-JCM-GWF Document 34 Filed 01/11/17 Page 3 of 3 It is FURTHER AGREED that Mountains Edge will appropriately participate in and 1 2 respond to discovery requests served on them during the course of this litigation; It is FURTHER AGREED that in the event the Plaintiff discovers any basis for re- 3 4 asserting any of its claims against Mountains Edge in the future as those claims may relate to the 5 foreclosure of the Property, Mountains Edge will not oppose Plaintiff’s efforts to amend its 6 Complaint accordingly or to vacate this stipulation; It is FURTHER AGREED that, in the event Mountains Edge is named as a cross defendant 7 8 or otherwise has claims asserted against it in this action by any other party or a third party, the 9 terms of this stipulation shall automatically be deemed null and void and all parties, including 10 Mountains Edge and the Plaintiff, may proceed in ordinary course; It is FURTHER AGREED that as for any claims by Plaintiff against Mountains Edge, the 11 12 Association will not be subject to any award of damages, court costs, or attorney fees in 13 connection with this matter as long as it complies with this stipulation. th 14 DATED this 11 day of January, 2017 DATED 11th day of January, 2017 15 BALLARD SPAHR, LLP WOLF, RIFKIN, SHAPIRO, SCHULMAN & RABKIN, LLP 16 17 By: 18 19 /s/ Justin A. Shiroff Justin A. Shiroff, Esq. (No. 12869) 100 North City Parkway, Suite 1750 Las Vegas, NV 89106 Attorneys for Plaintiff By: /s/ Gregory P. Kerr Gregory P. Kerr, Esq. (No. 10383) 3556 E. Russell Road, 2nd Floor Las Vegas, Nevada 89120 Attorneys for Defendant Association IT IS SO ORDERED. 20 January day of 12, 2017. DATED this 21 , 2017. 22 23 UNITED STATES DISTRICT JUDGE 24 Respectfully submitted by: WOLF, RIFKIN, SHAPIRO, 25 SCHULMAN & RABKIN, LLP 26 /s/ Gregory P. Kerr GREGORY P. KERR, ESQ. 27 Nevada Bar No. 10383 28 Attorneys for Defendant Association 2547166.1 -3- STIPULATION AND ORDER

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