Opinion
Case No. 2:11-cv-14774-DPH-RSW Dated: November 1, 2012
11-01-2012
PNC BANK, NATIONAL ASSOCIATION, a national banking association, Plaintiff, v. TRILLIUM CIRCLE, LLC, a Michigan limited liability company, Defendant.
BRUCE R. GRUBB (P27632) BRETT A. RENDEIRO (P64792) BRADLEY S. DEFOE (P70233) VARNUM LLP Attorneys for Plaintiff JAMES R. PORRITT, JR. (P23222) Attorney for Defendant
Hon. Denise Page Hood
BRUCE R. GRUBB (P27632)
BRETT A. RENDEIRO (P64792)
BRADLEY S. DEFOE (P70233)
VARNUM LLP
Attorneys for Plaintiff
JAMES R. PORRITT, JR. (P23222)
Attorney for Defendant
STIPULATED ORDER APPROVING SETTLEMENT AGREEMENT
Plaintiff PNC Bank, National Association ("PNC Bank") and Defendant Trillium Circle, LLC ("Trillium") having reached a settlement in this matter, PNC having filed a Motion to Approve Settlement Agreement (the "Motion") including as Exhibit A thereto a Settlement Agreement between PNC Bank and Trillium which has been filed under seal, said parties having agreed to the entry of this Order and the Court being otherwise fully advised in the premises;
IT IS HEREBY ORDERED that the Settlement Agreement is approved.
IT IS HEREBY FURTHER ORDERED that pursuant to the Settlement Agreement the Receiver, McKinley, Inc., shall distribute to PNC Bank, from rents collected by the Receiver from the Property (as defined in this Court's Order Granting Plaintiff's Motion for Appointment of Receiver and Appointing Receiver [Docket No. 29]), the sum of $500,000.00, which sum shall be applied to the indebtedness of Trillium to PNC Bank secured by the Mortgage in favor of PNC Bank on the Property.
IT IS SO ORDERED.
______________________
Denise Page Hood
UNITED STATES DISTRICT JUDGE
AGREED AS TO FORM AND CONTENT:
By: ___________
Brett A. Rendeiro (P64792)
Attorneys for Plaintiff
______________________
James R. Porritt, Jr. (P23222)
Attorney for Defendant
I hereby certify that a copy of the foregoing document was mailed to the attorneys of record on this date, November 1, 2012, by electronic and/or ordinary mail.
LaShawn R. Saulsberry
Case Manager, (313) 234-5165