United States District Court, D. Nevada
ASSOC1A TES, LTD. Karen M. Avar be. Esq. Attorneys for
Springland Village Homeowners Association
HUTCHINSON & STEFFEN, PLLC Matthew K. Schriever. Esq.
Attorneys for Champery Rental REO, LLC
ALDRIDGE PITE, LLP Jory Garabedian. Esq. JORY GARABEDIAN,
ESQ. Attorneys for Federal National Mortgage Association
STIPULATION AND ORDER FOR DISBURSEMENT OF SURPLUS
FUNDS AND DISMISSAL OF INTERPLEADER
Springland Village Homeowners Association (the
"Association"), by and through its counsel, Kern
& Associates Ltd., Plaintiff/Counter-Defendant
Champery Rental REO LLC ("Champery"), by and
through its counsel Hutchinson & Steffen, and
Defendant/Cross-Defendant Federal National Mortgage
Association ("Fannie Mae"), by and through its
counsel Aldridge Pite, hereby state, agree, and stipulate as
action arises from the Association's NRS Chapter 116
assessment lien foreclosure sale of certain real property
identified below, and the legal dispute as between Champery
and Fannie Mae concerning the legal effect of the
Association's foreclosure on Fannie Mae's deed of
Association filed its Counterclaim and Cross-Claim in
Interpleader on March 9, 2018 ("Interpleader
Action" DE 81 and 82). The Association's
Interpleader Action contains a single claim to distribute
surplus funds, less fees and costs incurred by the
Association in connection with the Interpleader Action,
remaining from the August 19, 2016 foreclosure sale of that
certain real property located in Sparks, Nevada, commonly
known as 2614 Sunny Slope Drive, #3, Sparks NV, 89434, and
more particularly described as:
UNIT 3 IN BUILDING 12 OF SPRINGLAND VILLAGE UNIT NO. IB (A
CONDOMINIUM SUBDIVISION), AS SHOWN ON THE MAP THEREOF, FILED
IN THE OFFICE OF THE COUNTY RECORDER OF WASHOE COUNTY,
NEVADA, ON MARCH 23, 1982, FILE NO. 786846, TRACT MAP NO.
2038. PARCEL 2:
AN UNDIVIDED 1/86™ INTEREST IN THE COMMON AREA OF
SPRINGLAND VILLAGE UNIT NO. IB (A CONDOMINIUM SUBDIVISION),
AS SHOWN ON THE MAP THEREOF, FILED IN THE OFFICE OF THE
COUNTY RECORDER OF WASHOE COUNTY, NEVADA, ON MARCH 23, 1982.
Property") and is also identified as APN 030-328-11.
Counter-Defendant and Cross-Defendants named herein are all
parties who may have an interest in the Subject Property and
the surplus funds remaining after the Association's
foreclosure of the Property, as provided for in NRS
116.31164(7)(b).The statute sets forth the
distribution priority of funds following an association's
assessment lien foreclosure sale conducted pursuant to NRS
116.3116 et seq.
Association foreclosed its lien for delinquent assessments in
accord with the provisions set forth in NRS 116.3116 et
seq and sold the Subject Property to the highest bidder
Cross-Defendant Hollyvale Rental Holdings, LLC
("HRH"), predecessor in interest to Champery, for
the sum of $80, 000.00. After payment of the unpaid
assessments and permitted foreclosure fees, surplus funds
remain in the sum of $69, 200.00 ("Surplus Funds")
and which are held in trust by the Association's
undersigned counsel, Kern & Associates, Ltd.
Association, through its counsel, has undertaken efforts to
locate and serve the Counter-Defendant and numerous
Cross-Defendants named herein who may have an interest in the
Surplus Funds from the above-referenced foreclosure sale.
Counter-Defendant Champery was served with a copy of the
Interpleader Action on or about March 9, 2018 and filed ...