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

Filing 93

ORDER granting 92 Stipulation of Dismissal With Prejudice; Signed by Judge James C. Mahan on 4/2/2019. (Copies have been distributed pursuant to the NEF - JM)

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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 LOS PRADOS
COMMUNITY ASSOCIATION

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)

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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, Los Prados Community

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Association (“HOA”), by and through the undersigned counsels hereby stipulate and agree as

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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.

U.S. Bank is the holder of a first Deed of Trust securing a loan in the amount of

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$344,250.00 made on or about May 25, 2007 (“Note”), by Mary M. Moncada (“Borrower”) and

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recorded on June 8, 2007 in the Official Records of Clark County, Nevada as Book and

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Instrument Number 20070608-0000660 (“Deed of Trust”);

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3.

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;
4.

On October 17, 2011, a Notice of Foreclosure Sale was recorded against the

Property by NAS, as agent for HOA;
5.

On April 5, 2013, a second Notice of Foreclosure Sale was recorded against the

Property by NAS, as agent for HOA;
6.

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

SFR by Foreclosure Deed;
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As a result of the HOA Sale, NAS collected proceeds in excess of the HOA’s

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

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

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8.

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

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recorded as Book and Instrument Number 201304290001692 in the official records of the

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Clark County Recorder;

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Foreclosure in this action, naming SFR, HOA and NAS [ECF No. 1];
10.

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On July 21, 2017, HOA filed an Answer to U.S. Bank’s Complaint [ECF No.

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

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
Title [ECF No. 16];
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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

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

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13.

On December 22, 2017, U.S. Bank filed a Motion for Protective Order [ECF

No. 51], which SFR opposed [ECF No. 58];
14.

The undersigned Parties have now come to a resolution regarding their

respective claims and interest in the Property and the Excess Proceeds;
15.

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

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terms of which are confidential, but under which U.S. Bank agrees to dismiss its claims

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against HOA for agreed-upon consideration;

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16.

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Excess Proceeds;

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17.

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HOA agrees to relinquish any right, title and interest in the Property and in the

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

be dismissed with prejudice;
18.

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 SFR, NAS and Borrower; and

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

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19.

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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 HOA in
U.S. Bank’s June 15, 2017 Complaint shall be dismissed with prejudice;

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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 HOA and shall not

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affect claims and arguments asserted therein against SFR and HOA Trustee;
IT IS FURTHER STIPULATED AND AGREED that HOA’s February 8, 2018

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Motion for Summary Judgment [ECF No. 62] shall be withdrawn;

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IT IS FURTHER STIPULATED AND AGREED that HOA hereby relinquishes any
right, title and interest in the Property and 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 SFR and

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

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

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

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the Borrower for any deficiency judgment;

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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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///

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

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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.

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Dated this ___ day of ___________, 2018.

Dated this ___ day of ___________, 2018.

WRIGHT, FINLAY & ZAK, LLP

ALVERSON, TAYLOR, MORTENSEN &
SANDERS

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

/s/ Adam R. Knecht, Esq.
Adam R. Knecht, Esq.
Nevada Bar No. 13166
6605 Grand Montecito Pkwy., Suite 200
Las Vegas, NV 89149
Attorney for Defendant, Los Prados
Community Association

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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.

Dated:_______________________
April 2, 2019
_________________________________________
UNITED STATES DISTRICT COURT JUDGE

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