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Wells Fargo Bank, N.A. v. ANC Vista I, LLC

United States District Court, D. Nevada

January 12, 2017

WELLS FARGO BANK, N.A., Plaintiff,
v.
ANC VISTA I, LLC, a Nevada limited liability company; AMERICAN NEVADA HOLDINGS, LLC, a Nevada limited liability company; MICHAEL SALTMAN and SONJA SALTMAN, husband and wife; MICHAEL SALTMAN and SONJA SALTMAN AS CO-TRUSTEES OF THE SALTMAN LIVING TRUST DATED MAY 29, 1997; G.C. INVESTMENTS, LLC, a Nevada limited liability company, Defendants.

          FINDINGS OF FACT AND CONCLUSIONS OF LAW

         These 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 fact.

         FINDINGS OF FACT

         The court hereby finds as follows:

         1. On 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”).

         2. The original loan agreement was modified multiple times between June 2006 and November 2009.

         3. The 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.

         4. On 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.

         5. 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 (“Note Rate”).

         6. Under the 2011 Modification, the Amended Note matured on December 31, 2012 (“Maturity”).

         7. Failure to pay the Loan and amounts due under the Note in full upon Maturity was an event of default under the Amended Note.

         8. On 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.

         9. On 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 “Guarantees”).

         10. 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 beneficiary.

         11. The 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, ...


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