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USROF III Legal Title Trust 2015-1 v. TBD, LLC

United States District Court, D. Nevada

November 1, 2017

USROF III LEGAL TITLE TRUST 2015-1, BY U.S. BANK NATIONAL ASSOCIATION, AS LEGAL TITLE TRUSTEE, Plaintiff,
v.
TBD, LLC, a Nevada Limited-Liability Company; TBR I, LLC, a Nevada Limited-Liability Company; AIRMOTIVE INVESTMENTS, LLC, a Nevada Limited-Liability Company; HIGHLAND RANCH HOMEOWNERS ASSOCIATION, a Nevada Non-Profit Corporation; KERN & ASSOCIATES, LTD., a Nevada Corporation, Defendants.

          WRIGHT, FINLAY & ZAK, LLP, Dana Jonathon Nitz, Esq. Nevada Bar No. 0050 Paterno C. Jurani, Esq. Nevada Bar No. 8136 Natalie C. Lehman, Esq. Nevada Bar No. 12995, Attorneys for Plaintiff, USROF III Legal Title Trust 2015-1, by U.S. Bank National Association, as Legal Title Trustee

          KERN & ASSOCIATES, LTD., Karen M. Ayarbe, Esq. Nevada Bar No. 3358 5421 Kietzke Lane, Ste. 200 Reno, Nevada 89511 Attorneys for Defendant, Gayle A. Kern, Ltd., dba Kern & Associates, Ltd.

          STIPULATION AND ORDER FOR DISMISSAL WITHOUT PREJUDICE OF GAYLE A. KERN, LTD., DBA KERN & ASSOCIATES, LTD.

          RICHARD F. BOULWARE, II, United States District Judge

         Plaintiff, USROF III Legal Title Trust 2015-1, by U.S. Bank National Association, as Legal Title Trustee (hereinafter “U.S. Bank” or “Plaintiff”), by and through its attorneys of record, Dana Jonathon Nitz, Esq., Paterno C. Jurani, Esq., and Natalie C. Lehman, Esq., of the law firm of Wright, Finlay & Zak, LLP, and Defendant Gayle A. Kern, Ltd., dba Kern & Associates, Ltd. (“K&A, ” and collectively with “U.S. Bank” as the “Parties”), by and through its attorneys of record, Karen M. Ayarbe, Esq. of Kern & Associates, Ltd. hereby stipulate and agree as follows:

         WHEREAS the above-captioned action concerns Defendant, Highland Ranch Homeowners Association's (the “Association”) NRS Chapter 116 non-judicial foreclosure sale on or about March 19, 2013 (“HOA Sale”) involving certain real property located in Washoe County, Nevada, commonly known as 6360 Zuni Court, Sun Valley, Nevada 89433, APN: 508-221-44 (“Property”);

         WHEREAS U.S. Bank filed its Complaint on August 1, 2017, alleging several causes of action against K&A in connection with the HOA Sale and the Property [ECF No. 1];

         WHEREAS K&A has never claimed, any interest in the Property;

         NOW THEREFORE, IT IS HEREBY STIPULATED AND AGREED that the Complaint against Defendant K&A is hereby dismissed in its entirety without prejudice;

         IT IS FURTHER STIPULATED AND AGREED that K&A shall not contest, seek reconsideration of, and/or appeal any final order, judgment or decree as to the validity and enforceability of the HOA Sale of the Property.

         IT IS FURTHER STIPULATED AND AGREED as follows:

1. The period of time commencing of August 1, 2017 (the “Effective Date”) and ending on the Termination Date (as that term is defined in paragraph 4 below), shall not be included in determining the applicability of any statute of limitations, laches, or any other defense based on lapse of time in any action or proceeding brought by U.S. Bank against K&A with respect to the HOA Sale, the Property, and the Complaint;
2. Except as is set forth in the preceding paragraph, nothing in this Stipulation shall diminish or affect any defense available to any Party as of the date of this Stipulation, and this Stipulation shall not be deemed to revive any claim, remedy, and/or cause of action, legal or equitable, that is or was already barred as of the Effective Date, nor shall this Stipulation create any new claim, remedy, and/or cause of action, legal or equitable, against any Party hereto. Nothing in this Stipulation, or in the circumstances that gave rise to this Stipulation shall be construed as an acknowledgement by any Party that any claim, remedy, and/or cause of action, legal or equitable, has or has not been barred, or is about to be barred, by the statute of limitations, laches, or other defense based on the lapse of time;
3. This Stipulation shall not operate as an admission of liability by any Party. Neither this Stipulation nor any action taken pursuant to this Stipulation shall be offered or received in evidence in any action or proceeding as an admission of liability or wrongdoing by any Party;
4. Any Party may terminate this Stipulation on thirty (30) days' written notice to counsel for the other Parties. The Termination Date shall be the first business day following thirty (30) days after a Party has provided ...

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