United States District Court, D. Nevada
JPMORGAN CHASE BANK, N.A. a national banking association, Plaintiff,
SFR INVESTMENTS POOL 1, LLC, a Nevada limited liability company; ABSOLUTE COLLECTION SERVICES, LLC, a Nevada limited liability company; MOUNTAINS EDGE MASTER ASSOCIATION; and VIA VALENCIA/VIA ASSOCIATION, Defendants.
BALLARD SPAHR, LLP, Justin A. Shiroff, Esq., Attorneys for
RIFKIN, SHAPIRO, SCHULMAN & RABKIN, LLP, Gregory P. Kerr,
Esq., Attorneys for Defendant Association
STIPULATION AND ORDER OF DISMISSAL
JPMORGAN CHASE BANK, N.A. (“Plaintiff”), and
Defendant MOUNTAINS EDGE MASTER ASSOCIATION
(“Association”) hereby agree and stipulate as
matter concerns real property located at 9875 Maspalomas
Street, Las Vegas, Nevada 89178 (the “Property”).
Plaintiff alleges that it is the beneficiary under a deed of
trust recorded on the Property on April 22, 2008, which was
assigned by Mortgage Electronic Registration Systems, Inc.,
to Plaintiff by an assignment recorded against the Property
on October 30, 2010.
deed of trust secured a promissory note executed by the
former owner of the Property, Gordon Adam, III
Property is subject to both Via Valencia/Via Ventura
Homeowners Association (“Via Valencia”) and
Mountains Edge Master Association (“Mountains
Edge”) and the recorded declarations of covenants,
conditions, and restrictions (“CC&Rs”) recorded
against the Property. Both CC&Rs required the Borrower to pay
regular common expense assessments to each, respectively. Via
Valencia is a sub-association within Mountains Edge.
is believed that the Borrower failed to pay common expense
assessments due from him to Via Valencia pursuant to its
CC&Rs, which are recorded against the Property. Those
assessments are secured by a statutory lien on the Property
pursuant to NRS 116.3116(1).
6. As a
result, Via Valencia allegedly foreclosed its assessment lien
on July 17, 2012, where SFR Investments was the purchaser as
the winning bidder.
Mountains Edge did not foreclose its assessment lien and, as
of the date this stipulation is signed by both parties,
Mountains Edge represents that the current owner of the
Property is not delinquent in any assessments and is
otherwise current on all assessments owed by it to Mountains
Association does not, at this time, have any opposition to
any of Plaintiff's positions or causes of action as set
forth in its complaint. It is recognized that the causes of
action in the complaint are asserted against Via Valencia,
SFR Investments, and Absolute Collection Services and not
against Mountains Edge.
an effort to save Mountains Edge and the Plaintiff litigation
costs, these parties hereby agree to the below stipulated
THEREFORE, it is hereby agreed at stipulated by and between
the Plaintiff and Mountains Edge as follows:
AGREED that Mountains Edge will not have to file any other
responsive pleading in this matter, other than this
stipulation and its answer, which has already been filed, and
that Mountains Edge will not oppose Plaintiff's efforts
to obtain the relief as prayed for in the complaint in this
matter. However, it is understood and agreed that the
Property will still be subject to Mountains Edge's
recorded CC&Rs and ...