Motion CMS Document Id: 1®CV0072542012-01-3199980000

Document Title: 01-31-2012-MOTION FOR ORDER CONFIRMING SALE Disposition: MOTION GRANTED

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Franklin County Ohio Clerk of Courts of the Common Pleas- 2011 Nov 09 4:54 PM-10CV007254

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IN 'I'IIh: C:OiTR'1' OF COMMON PLEAS FRANI:LIN COUNTY, OHIO

dl'I;LLS F:1ItG0 13ANK, N.A.,

AS TRUSTEE FOR THE REGISTERED HOLDERS OF CBA CO-NLNIERC:IAL ASSETS, SA-i.al..L BALANCT.

COi4111-I ERCLA L MORT CT:1 GE PASS-THROUGH CER'I'IFICATE5, SERIES 2005-1

I'Istintltl,

o-s.

E. OKECHUKWU ODITA, et al.

Defendants.

.JOL-RNAL ENTRY

CASE \O. 10CVE-05-7254 .IU1)(TE FRYb:

"I1iis matter catne on upon the (1) Re-Ciled Motion of PlaintilT l'or Summary.ludgrnent filed herein on Januarv 14. 2011; (2) Plaintill`s 'Xiotion for Summatv Judgment on Detcndants' Oditas' Couarierclaim. liled herein on Julv 28. 201 1: (3) l'laintitl`s Motion to Cornptl 1)iscovery and for Sanctions Against Defendants 1474 Cleveland Ave.. 1.1.C. 2605-2678 Iiowzv Rd. I.I.,C.

199 West Fifth Ave., I,L,C and 766 East liudson St.. I.,I,C, filed herein on Juh• 28. 2011: (4) Plaintift's Motioti to Cotnpel Discovery and for Sanctions against Ih_tondvits Floronec. Odita and E. OkechukdA,u Odita, filed lieroin on August 4, 2011; and (5) Aancilded Aiotion Of Detendants Oditas to Fxtend the Time to File a Motion For Summan• Judgment.

'Iltc Coutt, Itaving hcard tlic argumrnts of counsr•l and having considcred the briefing lilzd by the p.trties in connection with the Consant atid :lssumrtion :lgreement With l,imited

Release at the Cottrt's hearing on Octobcr 20. 2011. hercby finds as follows:

(1) Re-ftled rLlntion '(1f.Plauttiff Ior .Su»tntar3? .liulgrnent Filetl Oir .lanruerp 14, 2011

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Franklin County Ohio Clerk of Courts of the Common Pleas- 2011 Nov 09 4:54 PM-10CV007254

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L-pon the bricfcng, arguments and evidence submittcd in regard to the Rc-filcd Motion of Plaintill'li>r Summary Judgtnent filed herein on January 14, 2011. the Court linds that thera is no genuine issue as to any material fact and that PlaintifJ' is entitled to jtidgtncnt on its claims as a inatter of law. Accordingly, it is ORllEREll that the I'laintil7's \4otion is herzbv tTItAN'1'l;l) as follows:

(ij Count One .liul;inent on the Pronu.t:tioi}',1 ote

On or about Jtuie 1. 2005. Paul D. Pearson and Kathleen A. Pzarson (the "Pzar^.'ons") exectited a Promissory Note in the principal ainount of $-145.000.00 ("Note") to Plaintill`s

assignor New Century Alortgage Corporation ("New Ccntttn '). PlaintitJ'ltolds tho Note.

B}' Conscnt and Assumption Agrecinctit With Limitcd Release dated Jtuic 10. 2008,

executed hv the Pearsons. the Oditas tmd Plaintill' (".\ssumption ;lgreement''), the Pearsons transfcrrei and Defendants Florence Odita and E. Ukechukwu Odita (the "Oditas") assumcd the obligations identified therein, including all ohligations ttndzr the Note.

As a result of Dcfcndants Oditas' dcfault undcr the 1\otc, the entire unpaid principal bal.utce ol'the T;ote, together with all unpaid accrued interest and other charges thereon, have becotnc immediately due atid payable.

1)efeiidants Oditas are indebted to PlaintilT l'or the fiollowing suins: (a) the outstanding principal balance due undcr the Note in the stun of $428.009.07. (b) accntcd interest ciuc in the amouut of S.35.368.80 through May 4. 2010. plus intei-Lst at S91.25 per diem lltcrealier through anul iticluding the date the principal balance is paid in fitll; (e) dcfault interest in the amount of S12.945.81 through May 4, 2010, pltts dcfatdlt interest at $35.67 per diem thereatter through and ineluding the date that the principal balance is paid in fitll; (d) inoiithlv late charges of $3:165.00 through May 4, 2010 and acer-uing thereafter: (e) any sutns to be paid by PlaintilT on behalf of

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Franklin County Ohio Clerk of Courts of the Common Pleas- 2011 Nov 09 4:54 PM-10CV007254

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llefendants Oditas for real estate and other tates, insurance prentiutns, and appraisal costs: and

(t) legal costs and expenses including attornc-vc' tces.

Tlterefore, judgtnctit is hereby cntered against tlte Oditas oti the Note in the sum duc as of May 4. 2010, of $479,488.68, togetlier xviih interest thereafter at the r.tte of' S126.92 per drefat.

any sums to be paid by Plaintiff on behalf of llefendarits Oditas for ttal estatL and otlicr taxes.

insttrutce premiums, and appraisal cotits, and legal costs tuid zxpentes including attc>rneys ICes.

(ii) Cottnts Dro. Three and Fotu• - Judgrrtent for F orecloslu•e of tlre _1lortgir;;c.

Foreclo.sure of'C'ollateral and Declaration Regardirsg:I.sstgnnrent ofRent.s In order to secure payment of the Note, the Pearsons execttted aX-fortgage to Nem•

Centttrv dated Aiav 13, 2005 ("Mortgage"), regarding the propertv that is tlte subject of this action owned thcn by the Peat•sons and now owned by the Oditas at 21-39 South Burgess Avenue. Columbut, Ohio 43204 (";tdortgaged Preinisas"). The Mortgage was filed lbr record with the Recorder of I'ranklin County. Ohio. on .tune 1, 2005, as Official Iteuot•d 200506010105771. 'Ilie INdortgage constitutes avalid tuid suhsi4ting lirst :tnd best lizn upcm the Mortgaged Premises. Tho Mortgage was assigned to Plaintiff^

In order to secure further payment ol' thz Note, the \fortgaga provides PlalntllY \1'1th a

sectirity interest in the rents derived frotn, and personal property attachod to or affixed to. the Mortgiiged Preinises described in litrlher detail therein (hereinaller the "Collateral").

'niC CoUrt fUt'tller ttnds that the A'lortgage is a good, valid and stibsistiug first priority licn on the Oditas' right, title and interest in the b•Iurtgaged 1'retnises and Collateral. Subject to am•

real estates taxes and assessments on the Niottgaged Preinises owed to the I'ratil:lin Countt°

Treasurer.

1.3y reason of its delault oFthe Oditas' ohligations, the Court finds that the conditions ol the Mortgage have been broken, thal the conditions oF ihe lviortgage have b4cotne absolute and

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Franklin County Ohio Clerk of Courts of the Common Pleas- 2011 Nov 09 4:54 PM-10CV007254

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1'laintiir is entitled to have the ILlortgage forealosed, the provisions enforced, the equity ot' redemption of the Defendants forever cutoff and thc Nlortgaged Protnists and Collateral be sold and the proceeds tltcrcfrotn be applied in paytncnt of Plaintif.l`s claitn.

The Court fitrther finds that tuiless Defend.uu Oditas or any other party pay's to PlaintifT within three (3) days ailer the entry of this Journal Entn• thc principal, interest, mid other sums pa^^ablc under the Note as set liorth above, the costs ol'this case, taxes due :uid payable. together xvilh interest due tlicrcoiL and any advattces duc Plaintiff for rcal estate taxos. insuranco pretnituns.

.uid property protection, the equity ol'rzdemption ol'all Delend<uits named in this action in and to the Mortgaged Premises and Collateral sltall be foreclosed.

Purther, under the Assignment of 1Zents dated IMay 13, 2005, thz Uditas' right to collect

rents is rcvoked and Plaintiffis cntitled to recovcnf tltcrcof.

(2) Plaintiffs ,1•lotion hor Sttmrnart, Jurlgnient On 1)efettdants' Oditac' Cofutterclaitn, Filed Hereat On Jrrlr 28, 2011

Upon the hrieting, argumenls and evidence suhtnitled in regard to Plaintill's Riotion lior Summary Jud,,tncttt filcd hcrcin on July 28, 2011, the Court finds that there is no gonuinc issue as to any material tact and thttt Plaintiff is entitled to juddment on its Detand.unLs Odit.4s' counterclaims as a matter of law. Accorduiglv, it is ORDERED that tlic Plaintiff^s Nlotion is herzby (i1ZAN'1'1?1) and summar_y- judgment is hzreby entrred in lavor ol'Plaintill-on the ()ditas' countorclaiuis.

(3) Pltrisuiffs ;ifotum '1'o Compell)iticovert': In^l For Sanc4inris,-lgaurst Defentlants 1-E7-d Clevelat:d .d w., LLC, 260512678 Ho^rx:p Rd. LLC. 199 Tf'est F-iftle : Ii-e..

LLCAnd 766 EastHnrlson St., LLC. Eilecl Herein On Jtcli, 28. 2011

Upon the brieiing, argttments and evidence suhmitted in regard to 1'laintil7's Motion to

Cotnpzl Discovery and for Sanctions Against Detendmts 1474 Cleveland Ave.. LLC. 26()5.;2678 Howey Rd, LLC. 199 W,„%l hiftlt Ave.. LLC aud 766 East Hudson Sl., LLC. filed het-ein on -iulv

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' Franklin County Ohio Clerk of Courts of the Common Pleas- 2011 Nov 09 4:54 PM-10CV007254

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28, 2011, Ihe Cottrt hereby CrRAN'1'S the motion insofar as it relates to response to Plaintil7`s document requests and appearing for deposition and DENIES the tnotion insofar as it seeks sanetions. Said dcfcndants sliall fttlly respond to Plaiutif!`s doeutncnt request by November 11, 2011. and shall appear Por deposition on or belore November 30. 2011.

(4) Plainti,f"s !1'lotion to C'onapcrl I)iscovert' rnrd for Sattcrions :-lgainst Defetidants Floretrce Otlita nrul E. Olcechukfsat Odita, fale(i hereite on .4ragrrst 4, 2011 I'pon the brieling_ arguments and zvidrncc subinitted in regard to Plainti(l`s I'lanltl Il's A•fotion to Compel Discocer}, and for Sanetions Against Delendwits Florence Odita and E.

Okechukwu Odita, 1'iled herein on :lugust 4. 2011, the Court herebY (iR:\N'1'S the motion insofar as it relates to response to Plttintiffs doctunent requests and properl}, responding to deposition questions and DENIES the inotion itisofar as it seeks sanctions. The Oditas shall fitlhr respond to Plaintiil's doctunent request bv Novetnber 1 l, 2011. and Flnrence Odita shall appear for her continued deposition oii or before Novetnbet- 30. 2011, to respotid to questions relevant to 1'laintitl`s remaining claims.

(5) ,-Irnended Alotion Of Defendants Oditas to l:xtend tlre "!'ime to 1°cle a ;ilotion For Summan Judgmejit.

I;pon the briefing, arguinetits and evidence submitted and t'or thc reasons set forth at the hcaring on October 20. 2011, in ro'v-d to thc Consent and Assumption Agrectnent V'.'ith Litnited Release, Ihfc;ndants Oditas' amended Motion to Extend the Time to File a A4otion for Sumniarv .ludgment is I7T:\IED. The premature tiling of said motion on August 23, 2011.. by tha Oditas without leave is deemed stricken.

JLTt)Gh, hR1'13

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Franklin County Ohio Clerk of Courts of the Common Pleas- 2011 Nov 09 4:54 PM-i0CV007254

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:11'PROVEll:

r's. Ronald L. House

Ronald L. Houso. Jr. (00367ti2) J. Allen Jones, III (0072397)

Benesch, Friedlander, Coplan & Aronoll' LI_,I' 41 Soutlt High Street, Suite 2600

Coltttnbus, Ohio 43215-3506 Telephone: (614) 223-9300 Facsimile: (614) 223-9330 Email: rl^i u::4 c-:lmc^; scl^izv:° citn^

,---:91 tornet:s for 1'lcrintiJj-(i'ells Fcr)-go l3cink. r\'.: f..

as Trrtstee for the Register-ed Holcler•s of ' CBA Commercial Assets, Snurll Balance C"onrmercial Alor(ga,;e Ycrss-7hrough Certi/icaies. Series 2005-1

(4uhrnilted Octobi;r 25. 2011 n^^t sa sri^d ^ c{ objections noted per a;-niail:: slatcci S.Dctol3er 27. 28.

30 aaad 31 2011)

Florence Odita (0011906) E. Okechtdcwu Odit<1 3155 Warehaan Itoad Columbus, Olxio 43221

(No ohiection - per e-mail dated 10; 27,-11) Chris S. Sevis (0068667)

600 Soulh I ligh Street Suite 200

Columbus, Oliio 43215 (614) 224-0370

Fax: (614) 224-3556

l:Si 41S((T^•11(.i::s:•otFi;iil:ltl.^Om

.1 ttorne)! for I,l.C l)eJendants

.6.

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' Franklin County Ohio Clerk of Courts of the Common Pleas- 2011 Nov 09 4:54 PM-10CV007254 ^

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Franklin County Court of Common Pleas

Date: . 11-09-2011

Case Title: WELLS FARGO BANK NA TRUSTEE -VS- E OKECHUKWU ODITA

Case Number: 10CV007254

Type: JOURNAL ENTRY

It Is So Ordered.

^:^^.`\

/s/ Judge Richard A. Fryc

Electronically signed on 2011-Nov-09 pafle 7 of 7

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IN THE COMIMOIV PLEAS COURT OF FRANKLIN COUNTY, 0I110