New York Community Bank v. Sherman Avenue Associates
786 F.Supp.2d 171 (2011)
Nature of the Case
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Facts
On June 30, 2006, P entered into five separate loan agreements with five separate legal entities(Ds). The loans total, in aggregate, over $17 million. Each agreement contained a security agreement, a collateral assignment of leases and rentals, and a deed of trust, which collectively provided the Lender with various protections, including security interests in real property located in the District of Columbia. Three of the five Ds are managed by Scott M. Herrick, in his personal capacity. Ps allege that all Ds, 'upon information and belief, have common ownership.' Ps allege that Ds are in default of their respective loan agreements 'beyond any applicable cure period' and the Lender has therefore accelerated each loan. Ps requested that Ds be placed under receivership. Ps did not file a Complaint.
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