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

United States District Court, D. Nevada

January 12, 2017

JPMORGAN CHASE BANK, N.A. a national banking association, Plaintiff,
v.
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 Plaintiff

          WOLF, RIFKIN, SHAPIRO, SCHULMAN & RABKIN, LLP, Gregory P. Kerr, Esq., Attorneys for Defendant Association

          STIPULATION AND ORDER OF DISMISSAL

         Plaintiff JPMORGAN CHASE BANK, N.A. (“Plaintiff”), and Defendant MOUNTAINS EDGE MASTER ASSOCIATION (“Association”) hereby agree and stipulate as follows:

         1. This matter concerns real property located at 9875 Maspalomas Street, Las Vegas, Nevada 89178 (the “Property”).

         2. 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.

         3. The deed of trust secured a promissory note executed by the former owner of the Property, Gordon Adam, III (“Borrower”).

         4. The 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.

         5. It 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.

         7. 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 Edge.

         8. The 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.

         9. In an effort to save Mountains Edge and the Plaintiff litigation costs, these parties hereby agree to the below stipulated terms.

         NOW THEREFORE, it is hereby agreed at stipulated by and between the Plaintiff and Mountains Edge as follows:

         It is 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 ...


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