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Federal National Mortgage Association v. University Housing Leforge

April 1, 2010

FEDERAL NATIONAL MORTGAGE ASSOCIATION, A CORPORATION EXISTING UNDER THE LAWS OF THE UNITED STATES, PLAINTIFF,
v.
UNIVERSITY HOUSING LEFORGE, LLC, A DELAWARE LIMITED LIABILITY COMPANY, DEFENDANT.



The opinion of the court was delivered by: Hon. George Caram Steeh

Magistrate Judge Michael Hluchaniak

ORDER APPOINTING RECEIVER AND GRANTING PRELIMINARY INJUNCTION

Plaintiff filed a verified complaint in this action seeking the appointment of a receiver over certain real property located in the City of Ypsilanti, Washtenaw County, Michigan. This Court having reviewed plaintiff's verified complaint and motion for the appointment of a receiver and preliminary injunction, any responses by defendant to plaintiff's verified complaint and motion, and being otherwise duly advised in the premises,

IT IS ORDERED THAT:

1. Terry B. Schwartz of Dover Realty Advisors, LLC ("Receiver") is appointed as the Receiver over the "Mortgaged Property," which means:

(A) The multifamily real estate development commonly known as the River's Edge Apartments located at 799 Green Road, City of Ypsilanti, Washtenaw County, Michigan ("Real Estate") on which plaintiff holds Mortgages and which is more fully described in the Mortgages, copies of which are attached to plaintiff's verified complaint in this matter and incorporated by reference, together with all buildings, structures and improvements on the Real Estate;

(B) All fixtures of every kind or nature located in or upon or attached to, or used or intended to be used in connection with, the operation of the Real Estate;

(C) All of the collateral and assets of defendant, as described in the Mortgages attached to plaintiff's verified complaint including, but not limited to, all machinery, apparatus and equipment, materials, supplies, articles of personal property used in connection with or with the operation of the Real Estate;

(D) All the rent, royalties, issues, revenues, income, profits and other benefits of the Real Estate and the facilities thereon under present or future contracts, occupancy agreements, agreements for reimbursement, or otherwise, together with all accounts due or to become due as income in connection with the operations of the Real Estate ("the Rents") all as more fully described in the Mortgages attached to plaintiff's verified complaint;

(E) All permits, licenses and other contracts pertaining to the Real Estate and the operations of the Real Estate;

(F) All books, records, accounts or documents which in any way relate to the Real Estate, the Rents, or the operations of the Real Estate, and copies of all documents defendant is legally obligated to retain except those that are covered by the attorney client privilege;

(G) All other property, estate, right, title and interest as described in the Mortgages and the other Loan Documents attached to and referred to in plaintiff's verified complaint; and

(H) All bank accounts maintained by defendant concerning the Mortgaged Property, including any operating accounts and/or security deposit accounts.

2. The Receiver may contract Paragon Properties, LLC ("Property Manager"), a Michigan management company, managed by Dover Realty Advisors, LLC, to manage the dayto-day operations of the Mortgaged Property under the supervision of the Receiver.

3. Defendant and its officers, directors, employees, partners, trustees, agents, members, managers, representatives, and/or any entity controlled by defendant and/or anyone who receives notice of this Order are directed to cooperate with the Receiver and his Property Manager in the transition of the management of the Mortgaged Property and shall make immediately available to the Receiver and his Property Manager all of their records concerning the Mortgaged Property, to the extent that defendant maintains such items, so that the Receiver may adequately account for any revenue collected or owing as of the date and after the date the Receiver is appointed, including, but not limited to, all:

(A) Leases including communication/correspondence files;

(B) A current rent-roll as well as tenant and family member contact names ...


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