Putnam Bridge Funding III LLC v. Jenkins

Filing 34

ORDER for 32 Report and Recommendations. This Court has reviewed Judge Freeman's thorough and well-reasoned Report, and finds that it is not erroneous on its face. See 28 U.S.C. § 636(b)(1). Plaintiff's sole objection was invited by Judge Freeman. See Report 13 n.7. Because Plaintiff now has declared under penalty of perjury that it "has not received any interest payments" on the promissory note, Obj. Paragraph 5, the Court concludes, as Judge Freeman contemplate d, that Plaintiff is entitled to those damages. Accordingly, this Court adopts in part and modifies in part the Report to hold that Plaintiff be awarded damages in the amount of (1) $500,000 in outstanding principal due under the promissory n ote and guarantee, plus prejudgment interest based on the contract rate of 3% per annum (assuming a 360-day year) from November 1, 2013, the first date of non-payment, and (2) $14,313.82 in back taxes paid by Plaintiff to prevent foreclosure of the property that secured the mortgage. The Clerk of the Court is directed to enter judgment accordingly. SO ORDERED. (Signed by Judge Analisa Torres on 7/31/17) (yv)