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  • Cassino Instrument 52 2013032154 03152013 Agr 9 Pages Jpmorgan Chase Settlement With Cassino

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    Cassino Instrument 52 2013032154 03152013 Agr 9 Pages Jpmorgan Chase Settlement With Cassino

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    INNES 2013032154 Afri sone ERSOM COUNTY Con Fred Gabler, Esq. ‘Karsh Fulton Gabler Joseph PC {980 South Cherry Street, Suite 710 Denver, CO 80246 SETTLEMENT AGREEMENT This Settlement Agreement (the “Agreement”) is entered into this 2013 between JPMorgan Chase Bank, National Association (“Chase Bank”), Lance R. Cassino (Cassino”), and First American Title Insurance Company (“First American”), Chase Bank, Cassino and First American may be referred to herein individually as a “Party” and collectively as the “Parties.” 4 RECITALS A. By Personal Representative's Deed recorded July 19, 1999 at Reception No, F0910679, Jefferson County, Colorado, Cassino acquired fee title to the following described real property: Northeast Quarter Northwest Quarter (NE 1/4 NW 1/4) of Section 10, Township 7 South, Range 71 West of the 6th Principal Meridian, Jefferson County, Colorado, containing approximately 40 acres (“Parcel 1”). B. __ By Personal Representative’s Deed recorded December 16, 1999 at Reception No. 0992014, Jefferson County, Colorado, Cassino acquired fee title to the following described real property: East Half Southeast Quarter Northwest Quarter Northwest Quarter (E 1/2 SE 1/4 NW 1/4 NW 1/4) of Section 10, Township 7 South, Range 71 West of the 6th Principal Meridian, Jefferson County, Colorado, containing approximately 5 acres (“Parcel 2” and, together with Parcel 1, the “Parcels”). C. All improvements, including a two-story residence, a detached garage and a shed (collectively, the “Improvements”), are located on Parcel 1. D. — Onor around September 26, 2005, Cassino borrowed the principal sum of $200,000.00 (the “Loan”) from Community Mortgage Group, Inc. (“Community Mortgage”). E. Asa security for the Loan, Cassino executed that certain Note, dated September 26, 2005 (the “$200k Note”), in the principal sum of $200,000.00 in favor of Community. Mortgage. F, _ Asadditional security for the Loan and Note, Cassino executed that certain Deed of Trust, dated September 26, 2005 (the “$200k Deed of Trust), encumbering the real property identified in the $200k Deed of Trust as 13883 South Wamblee Valley Road, Conifer, Colorado 80433 in favor of Community Mortgage and its successors and assigns (the $200k Note, $200k 858 c9sCasiafSetAgr Fit wintry oN JERS ‘CLERK AND RECORDER OF JEFFERSON COUNTY CERTIFIED TO BE FULL TRUE AND ‘CORRECT COPY OF THE ORIGINAL DOCUMENT IN MY CUSTODY. DATE: g27/2014 PAM AYDERSON, JEFFERSON COUNTY CLERK AND RECORDER oy Lo DEPUTY CLERK Mak S pee PAM ANDERSON Deed of Trust, together with all ancillary documents regarding or relating to the Loan, are collectively referred to herein as the “Loan Documents.”). G. On October 6, 2005, the $200k Deed of Trust was recorded with the Clerk and Recorder for Jefferson County, Colorado (the “Recorder”) at Reception No. 2005094330. EL H. Chase Bank is the current servicer of some of the Loan Documents. L Onor around February 9, 2006, First American issued to Community Mortgage and its successors and/or assigns a Short Form Residential Loan Policy having policy number '$0084963-1-E (the “Title Policy”), wherein First American insured, among other things, that Parcel 2 is encumbered by the $200k Deed of Trust. J. The legal description contained in the $200k Deed of Trust only describes Parcel 2, which does not contain the Improvements or Parcel 1. However, at the time the Loan Documents were executed, the parties thereto intended the $200k Deed of Trust to encumber Parcel 1 and approximately 5 acres of Parcel 2 containing the Improvements. K. On July 28, 2011, Chase Bank, through its counsel Aronowitz & Mecklenburg, LLP, delivered to First American a Notice of Claim and Request for Assurance of Coverage (the “Title Claim. L. On November 16, 2011, Chase Bank, through counsel retained by First American to represent it in connection with the Title Claim, commenced a civil action in the District Court for Jefferson County, Colorado as Case No. 201 1ev4858 (the “Civil Action”) entitled JPMorgan Chase Bank, National Association v, Lance R. Cassino; Community Mortgage Group, Inc.; ‘Mortgage Electronic Registration Systems, Inc. and Margaret T. Chapman, as Public Trustee of Jefferson County, Colorado, wherein Chase Bank sought an Order reforming the legal description in the $200k Deed of Trust to describe both Parcels. M. On February 10, 2012, Cassino filed an Answer and Counterclaims in the Civil Action, wherein Cassino asserted claims for, among other things, breach of implied duty of good and fair dealing, quite title pursuant to C.R.C.P. 105, misrepresentation/false representation, and declaratory relief pursuant to CR.C.P. $7. NN. Chase Bank and Cassino have recently been advised by the Jefferson County Planning Department that it might be possible to subdivide the Parcels into a 10 acre parcel and a 35 acre parcel under the Minor Adjustment process as set forth in the Land Development Regulations of Jefferson County, Colorado (the “Regulations”. O. _Itis the desire and intent of the Parties to enter into this Agreement to resolve all disputes and claims among them in the Civil Action including all claims and counterclaims that were asserted therein (the “Claims”), P. Further, all Parties wish to cooperate with each other in attempting to subdivide the subject property rather than pursuing the Claims asserted inthe Civil Action. 958 96CasinoSetAgr Fina 2 Q.__Inconnection with the terms of settlement set forth in this Agreement, Chase Bank and Cassino have filed appropriate papers in the Civil Action to dismiss the Claims without prejudice. Further, the District Court has entered Orders in the Civil Action dismissing the Claims without prejudice. ‘NOW THEREFORE, in consideration of the foregoing recitals, all of which are incorporated herein by reference, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows: 1, Payment. Within ten (10) days after the mutual execution and delivery of this Agreement (the “Effective Date"), Chase Bank and First American shall pay to Cassino, the total sum of $10,000.00 (the “Payment”). The Payment shall be in the form of a check or checks made payable to “Navaro & Associates Coltaf Account” and delivered to Cassinos attorney, Steve Navaro, Esq., at 94 Crown Point Place, Castle Rock, Colorado 80108. 2. Subdivision of the Parcels. Upon mutual execution and delivery of this Agreement, ‘A. The Parties shall promptly cooperate in the filing of an application (the “Subdivision Application") under the Minor Adjustment process as set forth in the Regulations to subdivide the Parcels and diligently pursue the Subdivision Application until the same is either approved or denied by Jefferson County, Colorado. The Subdivision Application shall provide for one parcel at east 10 acres in size that encompasses the Improvements on Parcel | (the “10 ‘Acre Parcel”) The location of the boundaries of the 10 Acre Parcel shall be mutually agreed to by Cassino and Chase Bank. ‘The Parties shall execute and deliver any and all documents reasonably necessary to facilitate the Subdivision Application and the subdivision process. All costs associated with the filing of the Subdivision Application (including but not limited to filing fees, recording fees and surveying costs) shall be borne one-half (1/2) by Cassino and the balance by Chase Bank and First American. B. __ If the Subdivision Application receives timely final approval by Jefferson County, Colorado, and the subdivision plat is recorded on or before the Expiration Date, Chase Bank and Cassino shall immediately execute and record an amendment to the $200k Deed of ‘Trust (the “Amendment”), which shall amend the legal description set forth in the $200k Deed of ‘Trust to amend the legal description of the encumbered property (whether as substitution of collateral or otherwise) the result of which shall be to cause the $200k Deed of Trust to encumber the 10 Acre Parcel, and which shal effectively release the remaining subdivided real property, comprised of at most 35 acres, from the lien of the $200k Deed of Trust. C. Upon the recording of the Amendment with the Recorder, First American shall issue an endorsement to the Title Policy which shall endorse the Title Policy to reflect the ‘Amendment (and which shall bring down the ttle to the Amendment recordation date under an ‘endorsement form 110.5 or other endorsement acceptable to Chase Bank) describing the 10 Acre Parcel asthe insured parcel and insuring that the $200k Deed of Trust isthe senior lien encumbering the 10 Acre Parcel, subject to no junior liens or encumbrances of record other thant the Subdivision Application replat and such other title matters as may be reasonably acceptable to Chase Bank (which Chase Bank agrees will be acceptable if such title exceptions were in 458 496(CasslodSerAge-Fil 3 evidence at the time of the original filing of the $200k Deed of Trust and which will not be acceptable if such encumbrances include any judgment liens, mechanic’s liens, junior mortgage liens or other encumbrances, the existence of which would not have been acceptable to Chase Bank at the time of the recordation of the $200k Deed of Trust). D. Ifthe Subdivision Application is denied, or ifthe subdivision has not been completed on or before the Expiration Date, either Party may commence a new civil action to assert any claims arising out of relating to the Claims asserted in the Civil Action. E. Within ten (10) calendar days after the recording of the Minor Adjustment subdivision plat or the Expiration Date, whichever first occurs, the Parties shall execute and record a release of this Agreement, 3. Reservation of Rights and Claims. Except as expressly set forth herein, this Agreement shall not amend, modify, extend, terminate, waive, release or otherwise limit the rights, claims, obligations, remedies and/or defenses of any Party arising out of or relating to the Title Claim, the Civil Action, and/or the Loan Documents. 4, Tolling, ‘The Parties hereby agree that the time periods for any and all statutes of limitation, statutes of repose and/or any other defenses based upon the passage of time (including, without limitation, estoppel, waiver and/or laches) which may be applicable to the Claims asserted in the Civil Action shall be tolled as of the Effective Date and shall continue to be tolled for a period through to and including the Expiration Date, unless further continued in a ‘writing signed by all Parties. 5. Recordation of Agreement; No Conveyance. First American shall record this ‘Agreement with the Recorder. Simultaneously, First American and/or Chase shall record a release of the lis pendens recorded with the Recorder on November 19, 2011 at Reception No. 2011105050. During the term of this Agreement, Cassino shall not convey or further encumber all of any part of Parcel 1 and/or Parcel 2. Any such conveyance or encumbrance shall be junior ‘and subordinate to the terms and provisions of this Agreement, including the priority of the $200k Deed of Trust, as it may be modified by the Amendment, as a lien encumbering Parcel 1, Parcel 2, and/or the 10 Acre Parcel. 6. Expiration of Agreement. This Agreement shal expire on February 28, 2014 (the "Expiration Date"), unless extended in a writing executed by the Parties. 7. No Admission. Neither this Agreement nor any discussions or proceedings relating to the settlement of the Civil Action is to be considered, interpreted or construed as an admission or acknowledgement by any Party of the liability or fault on the part of any Party to this Agreement, 8. Non-Assignment of Claims. The Parties represent and warrant that they have not assigned any claim, cause of action, or demand, in whole or in part, that each may have against the other that would otherwise be subject to the terms and conditions of this Agreement. 858 496/CasnoSetagrFnal 4 9. Right to Counsel. Each Party acknowledges that ithe has read the Agreement, that ithe has had the opportunity to obtain the advice of independent counsel, that each understands and fully agrees to every provision hereof, and that each has received a copy of the Agreement. 10. Knowledge and Review of Agreement. The Parties warrant and represent that this Agreement is executed voluntarily with full knowledge of the consequences and implications of their obligations contained herein, and that they have carefully and thoroughly reviewed this Agreement in its entirety. 11, Authority/Capacity. Each person executing this Agreement represents that ithe has the authority and capacity to enter into this Agreement on behalf ofthe person or entity for which ithe is executing, 12. No Representation as to Tax Consequents or Other Matters. The Parties hereby acknowledge and agree that ive has not relied upon any statement or advice ofthe other ot its/his counsel regarding any tax consequences of this Agreement. The Parties further acknowledge that ithe shall be solely responsible for their own tax liability and/or tax filings arising out of or relating to this Agreement, 13, Further Assurances. All Parties agree to execute any additional documents and to take any additional actions that may be necessary in order to implement this Agreement. 14. Construction and Enforcement. This Agreement shall be construed and interpreted under the laws of Colorado, The Parties agree that, in the event of any dispute arising out of or connected to the performance of this Agreement, the prevailing Party shall be entitled to an award of its reasonable attorneys’ fees and costs in any such dispute. Each Party acknowledges, represents, and warrants that (2) each Party has actively participated in the

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