United States District Court, D. Nevada
FINDINGS OF FACT AND CONCLUSIONS OF LAW
Findings of Fact and Conclusions of Law are based upon the
stipulations of the parties and the evidence presented at the
trial of this matter from December 7, 2016 through December
8, 2016. Any and all findings of fact set forth herein shall
constitute findings of fact even if stated as conclusions of
law, and any and all conclusions of law set forth herein
constitute conclusions of law even if stated as findings of
court hereby finds as follows:
June 6, 2006, Wells Fargo Bank, N.A. (“Wells
Fargo”) and ANC Vista I, LLC
(“Borrower”) entered into a Loan
Agreement in which Wells Fargo agreed to loan Borrower the
original principal amount of $21, 000, 000. Pursuant to
subsequent amendments and modifications, the parties agreed
to increase the maximum principal balance of the loan to $26,
275, 000 (“Loan”).
original loan agreement was modified multiple times between
June 2006 and November 2009.
Loan is evidenced by, among other things, a Second Amended
and Restated Promissory Note Secured By Deed of Trust dated
February 3, 2010 (“Amended Note”),
executed by Borrower in favor of Wells Fargo.
May 18, 2011, Wells Fargo and Borrower entered into a
Modification Agreement (“2011
Modification”). Pursuant to the 2011 Modification,
Borrower paid $2, 200, 000 to reduce the principal amount to
$24, 075, 000.
Pursuant to the terms of the Note and 2011 Modification, the
Loan accrues interest at the variable rate of LIBOR plus
3.25%, but in no event less than 4% per annum
Under the 2011 Modification, the Amended Note matured on
December 31, 2012 (“Maturity”).
Failure to pay the Loan and amounts due under the Note in
full upon Maturity was an event of default under the Amended
or about February 3, 2010, Defendants Michael and Sonja
Saltman, American Nevada Holdings, LLC, and the Saltman
Living Trust dated 5/29/97 each separately executed an
Amended and Restated Repayment Guaranty, guarantying to Wells
Fargo the timely and proper payment of all amounts due and
owing under the Amended Note and other loan documents.
or about February 3, 2010, G.C. Investments, LLC executed a
Restated Repayment Guaranty, guarantying to Wells Fargo the
timely and proper payment of all amounts due and owing under
the Amended Note and other loan documents up to the amount of
$3, 284, 375.00 (collectively with the Saltman, ANH, and
Saltman Trust Amended and Restated Payment Guarantees, the
Repayment of the Loan and Borrower's performance of its
obligations under the Amended Note were secured by a Deed of
Trust with Assignment of Leases and Rents, Security Agreement
and Fixture Filing (as subsequently modified or amended,
“Deed of Trust”) dated June 6, 2006,
executed by Borrower as trustor in favor of Wells Fargo as
Deed of Trust created a lien against certain real property
commonly known as the University Park Apartments and located
at 4259 S. Maryland Parkway, Las Vegas, ...