Filed: Mar. 11, 2019
Latest Update: Mar. 11, 2019
Summary: JOINT MOTION TO STAY BRIEFING OF SECOND MOTION FOR SUMMARY JUDGMENT PENDING ANTICIPATED SETTLEMENT MIRANDA M. DU , District Judge . COMES NOW, Defendant, THUNDER PROPERTIES, INC. and Plaintiff, BANK OF AMERICA, N.A., by and through their undersigned counsel, and hereby jointly move to stay briefing of Plaintiff's Second Motion for Summary Judgment [ECF #85], as well as all other applicable deadlines, for a period of approximately 60 days, stating as follows: 1. On November 19, 2018, Plain
Summary: JOINT MOTION TO STAY BRIEFING OF SECOND MOTION FOR SUMMARY JUDGMENT PENDING ANTICIPATED SETTLEMENT MIRANDA M. DU , District Judge . COMES NOW, Defendant, THUNDER PROPERTIES, INC. and Plaintiff, BANK OF AMERICA, N.A., by and through their undersigned counsel, and hereby jointly move to stay briefing of Plaintiff's Second Motion for Summary Judgment [ECF #85], as well as all other applicable deadlines, for a period of approximately 60 days, stating as follows: 1. On November 19, 2018, Plaint..
More
JOINT MOTION TO STAY BRIEFING OF SECOND MOTION FOR SUMMARY JUDGMENT PENDING ANTICIPATED SETTLEMENT
MIRANDA M. DU, District Judge.
COMES NOW, Defendant, THUNDER PROPERTIES, INC. and Plaintiff, BANK OF AMERICA, N.A., by and through their undersigned counsel, and hereby jointly move to stay briefing of Plaintiff's Second Motion for Summary Judgment [ECF #85], as well as all other applicable deadlines, for a period of approximately 60 days, stating as follows:
1. On November 19, 2018, Plaintiff filed a Second Motion for Partial Summary Judgment herein [ECF #85]. Defendant's Response to said Motion was originally due on December 17, 2018.
2. Pursuant to a Stipulation and order to Extend Time to Respond to Second Motion for Summary Judgment (Fourth Request) filed on February 15, 2019 [ECF #100], and approved on February 19, 2019 [ECF #101], Thunder Properties, Inc.'s Response to said Motion is presently due on March 8, 2019.
3. Since the filing of the Second Motion for Partial Summary Judgment, the parties have been engaged in settlement negotiations. Pursuant to these negotiations, the parties have agreed upon an amicable resolution of all claims at issue in this action. The terms of the settlement will ultimately be confidential, however, the agreement entails each of the Defendants paying a sum of money to the Plaintiff in exchange for a formal release and reconveyance of the deed of trust recorded against the real property at issue herein and a corresponding mutual release of claims between the parties.
4. Although all of the essential terms of the proposed settlement have been agreed upon by the parties, certain rather unique logistical issues exist with regard to the manner in which the surplus funds related to the homeowners association lien foreclosure sale at issue are to be distributed, including the terms of an indemnification agreement between the parties.
5. The parties desire to avoid unnecessarily expending additional resources on continued litigation given the agreed upon settlement. The parties do not believe that the issue of the surplus funds will render the settlement infeasible, however, additional time is required in order to resolve this issue.
6. Based upon the foregoing, the parties respectfully request that the briefing of Plaintiff's Second Motion for Summary Judgment, as well as all other related deadlines, be stayed for a period of approximately 60 days, until May 8, 2019.
7. The parties expect to finalize the settlement and cause this matter action to be dismissed in its entirety within said time period. In the event that this becomes impossible for some reason, the parties will so advise the Court by filing a status report or other appropriate document on or before May 8, 2019.
8. This Joint Motion is made in good faith and not for purpose of delay.
IT IS SO ORDERED.
