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U.S. Bank National Association v. SFR Investments Pool 1, LLC

United States District Court, D. Nevada

April 26, 2018

U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR STRUCTURED ASSET SECURITIES CORPORATION MORTGAGE LOAN TRUST 2007-BNC1, MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2007-BNC1, Plaintiff,
v.
SFR INVESTMENTS POOL 1, LLC, a domestic limited liability company; LOS PRADOS COMMUNITY ASSOCIATION, a domestic non-profit coop corp without stock; NEVADA ASSOCIATION SERVICES, INC., a domestic corporation, Defendants. SFR INVESTMENTS POOL 1, LLC, Counter/Cross-Claimant
v.
U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE FOR STRUCTURED ASSET SECURITIES CORPORATION MORTGAGE LOAN TRUST 2007-BNC1, MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2007-BNC1; SALVATORE A. MONCADA, an individual; MARY M. MONCADA, an individual, Counter/Cross-Defendants.

          WRIGHT, FINLAY & ZAK, LLP Yanxiong Li, Esq. Attorney for Plaintiff/Counter-Defendant, U.S. Bank National Association, as Trustee for Structured Asset Securities Corporation Mortgage Loan Trust 2007-BNC1, Mortgage Pass-Through Certificates, Series 2007-BNC1

          ALVERSON, TAYLOR, MORTENSEN SANDERS Adam R. Knecht, Esq. Attorney for Defendant, Los Prados Community Association

          STIPULATION AND ORDER TO TEMPORARILY STAY CASE PENDING SETTLEMENT

         Plaintiff, U.S. Bank National Association, as Trustee for Structured Asset Securities Corporation Mortgage Loan Trust 2007-BNC1, Mortgage Pass-Through Certificates, Series 2007-BNC1 (“U.S. Bank”) and Defendant, Los Prados Community Association (“HOA”) (collectively, the “Parties”), by and through their respective counsels of record, hereby stipulate and agree as follows:

         RECITALS

         1. On or about June 15, 2017, the Plaintiff filed a complaint alleging various causes of action stemming from an HOA foreclosure sale conducted on behalf of HOA.

         2. Discovery closed in this matter on January 8, 2018 [ECF No. 27].

         3. HOA filed its Motion for Summary Judgment [ECF No. 62] on February 7, 2018. The current deadline for U.S. Bank to file any response to HOA's Motion for Summary Judgment is April 25, 2018 [see ECF No.69].

         4. The undersigned attorneys are engaged in settlement discussions and are hopeful that a resolution may be had, in lieu of further motion practice and/or proceeding to trial.

         5. In the interest of judicial economy, the parties agree that if this matter is settled, then the completion of dispositive motions will not be a good use of the party's resources and time.

         6. The parties stipulate to stay this case, including dispositive motion deadlines, subject to these deadlines being reset upon the filing of a notice by any party that a settlement is/was not possible.

         7. In the event that settlement fails, then U.S. Bank would have 14 days from the date of the filing of the notice that settlement failed, to file a response to HOA's Motion for Summary Judgment. HOA shall have 7 days from the date of service of U.S. Bank's response to file any reply in support of its Motion for Summary Judgment.

         STIPULATION

         IT IS HEREBY STIPULATED AND AGREED that all proceedings in this lawsuit are stayed, and all upcoming deadlines, hearings and conferences, including the deadline to file dispositive motions are hereby STAYED pending further settlement discussions between the parties;

         IT IS FURTHER STIPULATED AND AGREED that if a settlement is reached, the parties will file a stipulation for ...


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