Opinion
Case No.: 2:12-cv-00427-WBS-AC
02-08-2013
FIFTH THIRD BANK, Plaintiff, v. MICHAEL SCHEIBLI, et al., Defendants.
Judge William B. Shubb
AGREED FINAL JUDGMENT
Plaintiff Fifth Third Bank, Defendant Michael Scheibli, and Defendant Inderjit Grewal have resolved the matters in controversy in this action and have consented to the terms of this Judgment in a Settlement Agreement, and the Court hereby enters this Judgment and hereby ORDERS, ADJUDGES AND DECREES that:
1. Fifth Third Bank is awarded a judgment against Defendants Inderjit Grewal and Michael Scheibli in the amount of $350,000 (the "Judgment Amount").
2. If and only if the following occurs on or before the dates specified herein, however, Fifth Third Bank agrees to collect only $175,000 on the Judgment Amount and forgive the remaining balance owed on the Judgment Amount by filing a satisfaction of Judgment:
a. Defendants Scheibli and Grewal wire or cause to be wired $5,000 to Plaintiff Fifth Third Bank on or before August 31, 2012;
b. Defendants Scheibli and Grewal wire or cause to be wired $20,000 to Plaintiff Fifth Third Bank on or before September 30, 2012;
c. Defendants Scheibli and Grewal wire or cause to be wired $150,000 to Plaintiff Fifth Third Bank on the earlier of a refinancing described in Section 2(d) below or December 31, 2012; and
d. Defendants Scheibli and Grewal shall cause:
IT IS SO ORDERED.i. Griffen Flink & Watson and/or Hank Griffen to serve as an escrow agent for the refinancing of debt by Colonnade Acquisitions, LLC, the refinancing of debt related to the Colonnade Hotel in Branson, Missouri and/or proceeds from the sale of such Hotel;
ii. irrevocably direct such escrow agent to wire $150,000 from such refinancing (and/or sale) to Plaintiff Fifth Third Bank should there be a refinancing and/or sale; and
iii. irrevocably directs such escrow agent to advise Plaintiff Fifth Third Bank of the last known address of Defendant Grewal.
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WILLIAM B. SHUBB
UNITED STATES DISTRICT JUDGE