U.S. Bank National Association v. SFR Investments Pool 1, LLC et al

Filing 84

ORDER granting 78 Stipulation of Dismissal with prejudice as to SFR Investments Pool 1, LLC; Signed by Judge James C. Mahan on 2/12/2019. (Copies have been distributed pursuant to the NEF - JM)

Case 2:17-cv-01677-JCM-NJK Document 78 Filed 02/05/19 Page 1 of 6

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WRIGHT, FINLAY & ZAK, LLP
Dana Jonathon Nitz, Esq.
Nevada Bar No. 0050
Yanxiong Li, Esq.
Nevada Bar No. 12807
7785 W. Sahara Ave., Suite 200
Las Vegas, Nevada 89117
[phone]; Fax: [phone]
[e-mail]
Attorneys for Plaintiff, U.S. Bank National Association, as Trustee for Structured Asset
Securities Corporation Mortgage Loan Trust 2007-BNC1, Mortgage Pass-Through
Certificates, Series 2007-BNC1

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UNITED STATES DISTRICT COURT
DISTRICT OF NEVADA

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U.S. BANK NATIONAL ASSOCIATION, AS
TRUSTEE FOR STRUCTURED ASSET
SECURITIES CORPORATION MORTGAGE
LOAN TRUST 2007-BNC1, MORTGAGE
PASS-THROUGH CERTIFICATES, SERIES
2007-BNC1,

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vs.
SFR INVESTMENTS POOL 1, LLC, a
domestic limited liability company; LOS
PRADOS COMMUNITY ASSOCIATION, a
domestic non-profit coop corp without stock;
NEVADA ASSOCIATION SERVICES, INC.,
a domestic corporation,

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STIPULATION AND ORDER FOR
DISMISSAL OF SFR INVESTMENTS
POOL 1, LLC

Plaintiff,

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Case No.: 2:17-cv-01677-JCM-NJK

Defendants.
SFR INVESTMENTS POOL 1, LLC,

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Counter/Cross-Claimant

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vs.
U.S. BANK NATIONAL ASSOCIATION, AS
TRUSTEE FOR STRUCTURED ASSET
SECURITIES CORPORATION MORTGAGE
LOAN TRUST 2007-BNC1, MORTGAGE
PASS-THROUGH CERTIFICATES, SERIES
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Stipulation and Order for Dismissal (Case No.: 2:17-cv-01677-JCM-NJK)

Case 2:17-cv-01677-JCM-NJK Document 78 Filed 02/05/19 Page 2 of 6

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2007-BNC1; SALVATORE A. MONCADA, an
individual; MARY M. MONCADA, an
individual,

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Counter/Cross-Defendants.

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Plaintiff/Counter-defendant, U.S. Bank National Association, as Trustee for Structured

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Asset Securities Corporation Mortgage Loan Trust 2007-BNC1, Mortgage Pass-Through

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Certificates, Series 2007-BNC1 (hereinafter “U.S. Bank”), Defendant/Counterclaimant SFR

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Investments Pool 1, LLC (“SFR”), by and through the undersigned counsels hereby stipulate

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and agree as follows:

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WHEREAS:

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1.

The real property which is the subject of this case is commonly known as 5404

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Singing Hills Drive, Las Vegas NV 89130, APN No. 125-36-113-002 (“Property”) and is part

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of the Los Prados Community Association (“HOA’);

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2.

Mary M. Moncada executed a first Deed of Trust stating it was securing a loan in

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the amount of $344,250.00 (the “Note”) recorded on June 8, 2007 in the Official Records of

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Clark County, Nevada as Book and Instrument Number 20070608-0000660 (“Deed of Trust”).

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The Deed of Trust named Mortgage Electronic Registration Systems, Inc. (“MERS”) as the

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beneficiary;

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3.

An Assignment of Deed of Trust transferring the beneficiary interest under the

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Deed of Trust from MERS to U.S. Bank was recorded on May 26, 2010 in the Official Records

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of Clark County, Nevada as Book and Instrument Number 201005260003078;

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4.

On May 9, 2011, a Notice of Default and Election to Sell was recorded against

the Property by Nevada Association Services, Inc. (“NAS”), as agent for HOA;
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On October 17, 2011, a Notice of Foreclosure Sale was recorded against the

Property by NAS, as agent for HOA;
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On April 5, 2013, a second Notice of Foreclosure Sale was recorded against the

Property by NAS, as agent for HOA;

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Stipulation and Order for Dismissal (Case No.: 2:17-cv-01677-JCM-NJK)

Case 2:17-cv-01677-JCM-NJK Document 78 Filed 02/05/19 Page 3 of 6

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SFR by Foreclosure Deed;

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NAS sold the Property on behalf of HOA on April 26, 2013 (“HOA Sale”) to

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As a result of the HOA Sale, NAS collected proceeds in excess of the HOA’s

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statutory lien in the amount of $8,816.43 (the “Excess Proceeds”);

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9.

On April 29, 2013, a Foreclosure Deed naming SFR as the grantee was recorded

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as Book and Instrument Number 201304290001692 in the official records of the Clark County

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Recorder;

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10.

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Deed of Trust;

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11.

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On June 15, 2017, U.S. Bank filed a Complaint for Quiet Title and Wrongful

Foreclosure in this action, naming SFR, HOA and NAS [ECF No. 1];
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On July 21, 2017, HOA filed an Answer to U.S. Bank’s Complaint [ECF No.

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At the time of the HOA Sale, U.S. Bank was the recorded beneficiary of the

On July 24, 2017, SFR filed an Answer to U.S. Bank’s Complaint and a

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Counterclaim/Crossclaim against U.S. Bank, Borrower and Salvatore A. Moncada for Quiet

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Title [ECF No. 16];

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14.

On September 8, 2017, U.S. Bank filed a Motion for Summary Judgment [ECF

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No. 24], which both SFR and HOA opposed [ECF Nos. 31 and 33]. SFR also filed a Motion for

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FRCP 56(d) Relief [ECF No. 32], which U.S. Bank opposed [ECF No. 41];

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15.

On December 22, 2017, U.S. Bank filed a Motion for Protective Order [ECF No.

51], which SFR opposed [ECF No. 58];
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The undersigned Parties have come to a resolution regarding their respective

claims and interest in the Property and the Excess Proceeds;
17.

The undersigned Parties have, or will, execute a settlement agreement, the terms

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of which are confidential, but under which U.S. Bank agrees to relinquish its right, title and

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interest in the Property for agreed-upon consideration;

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18.

SFR agrees to relinquish any right, title and interest in the Excess Proceeds;

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Stipulation and Order for Dismissal (Case No.: 2:17-cv-01677-JCM-NJK)

Case 2:17-cv-01677-JCM-NJK Document 78 Filed 02/05/19 Page 4 of 6

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19.

All other claims asserted by or against any of the undersigned Parties hereto shall

be dismissed with prejudice;

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Nothing in this Stipulation should be construed as intended to benefit any other

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party not identified as the undersigned Parties hereto, and in particular, shall not constitute a

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waiver or relinquishment of any claims by U.S. Bank against the HOA, NAS and Borrower or

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of a waiver or relinquishment of any claims by SFR against the Borrower as former unit owner

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and

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settlement.

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Each Party shall bear its own fees and costs incurred in this litigation and

IT IS HEREBY STIPULATED AND AGREED that claims asserted against SFR in
U.S. Bank’s June 15, 2017 Complaint shall be dismissed with prejudice;

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IT IS HEREBY STIPULATED AND AGREED that claims asserted against U.S.

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Bank in SFR’s July 24, 2017 Counterclaim/Crossclaim shall be dismissed with prejudice;
IT IS FURTHER STIPULATED AND AGREED that U.S. Bank’s September 8, 2017

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Motion for Summary Judgment [ECF No. 24] shall be withdrawn only as to SFR and shall not

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affect claims and arguments asserted therein against HOA and HOA Trustee;

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IT IS FURTHER STIPULATED AND AGREED that SFR’s October 2, 2017 Motion

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for FRCP 56(d) Relief [ECF No. 32] and U.S. Bank’s December 22, 2017 Motion for Protective

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Order [ECF No. 51] shall be withdrawn as moot;

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IT IS FURTHER STIPULATED AND AGREED that SFR hereby relinquishes any
right, title and interest in the Excess Proceeds;

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IT IS FURTHER STIPULATED AND AGREED that nothing in this Stipulation and

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Order is intended to be, or will be, construed as an admission of the claims or defenses of the

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Parties;

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IT IS FURTHER STIPULATED AND AGREED that this Stipulation and Order is in

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no way intended to impair the rights of U.S. Bank (or any of its authorized agents, investors,

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affiliates, predecessors, successors, and assigns) to pursue any and all remedies against the

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HOA and NAS with regard to the Property or Excess Proceeds and against the Borrower, as

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Stipulation and Order for Dismissal (Case No.: 2:17-cv-01677-JCM-NJK)

Case 2:17-cv-01677-JCM-NJK Document 78 Filed 02/05/19 Page 5 of 6

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defined in the Note, that U.S. Bank (or any of its authorized servicers, agents, investors,

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affiliates, predecessors, successors, and assigns) may have relating to the Note, including the

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right to sue the Borrower for any deficiency judgment;

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IT IS FURTHER STIPULATED AND AGREED that this Stipulation and Order is in

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no way intended to impair the rights of SFR (or any of its authorized agents, investors,

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predecessors, successors, and assigns) to pursue quiet title against Salvatore A. Moncada and

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Mary M. Moncada.

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IT IS FURTHER STIPULATED AND AGREED that the settlement entered into by

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and between the undersigned Parties has been entered into in good faith, pursuant to NRS

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17.245; and

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Stipulation and Order for Dismissal (Case No.: 2:17-cv-01677-JCM-NJK)

Case 2:17-cv-01677-JCM-NJK Document 78 Filed 02/05/19 Page 6 of 6

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IT IS FURTHER STIPULATED AND AGREED that each Party shall bear its own
attorney’s fees and costs incurred in this litigation and settlement.
Dated this 4th day of February, 2019.

Dated this 4th day of February, 2019.

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WRIGHT, FINLAY & ZAK, LLP

KIM GILBERT EBRON

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/s/Yanxiong Li
Dana Jonathon Nitz, Esq.
Nevada Bar No. 00050
Yanxiong Li, Esq.
Nevada Bar No. 12807
7785 W. Sahara Avenue, Suite 200
Las Vegas, Nevada 89117
Attorneys for U.S. Bank National
Association, as Trustee for Structured Asset
Securities Corporation Mortgage Loan
Trust 2007-BNC1, Mortgage Pass-Through
Certificates, Series 2007-BNC1

/s/Jacqueline A. Gilbert_______________
DIANA S. EBRON, ESQ.
Nevada Bar No. 10580
JACQUELINE A. GILBERT, ESQ.
Nevada Bar No. 10593
KAREN L. HANKS, ESQ.
Nevada Bar No. 9578
7625 Dean Martin Drive, Suite 110 300 S.
Fourth Street, Suite 1550
Las Vegas, Nevada 89101
Attorneys SFR Investments Pool 1, LLC

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ORDER

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Based on the foregoing Stipulation by and between the parties, and good cause
appearing, IT IS SO ORDERED.
February 12, 2019
Dated:_______________________
_________________________________________
UNITED STATES DISTRICT COURT JUDGE

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Stipulation and Order for Dismissal (Case No.: 2:17-cv-01677-JCM-NJK)