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Astoria Federal Savings and Loan v. Kim

UNITED STATES DISTRICT COURT DISTRICT OF NEW JERSEY


October 9, 2007

ASTORIA FEDERAL SAVINGS AND LOAN, PLAINTIFF,
v.
KIM, ET AL., DEFENDANTS.

The opinion of the court was delivered by: Hochberg, District Judge

OPINION and ORDER

This matter having come before the Court upon Plaintiff Astoria Federal Savings and Loan's ("Astoria") October 6, 2007 Motion to Vacate the Stay and Reinstate the Foreclosure Proceedings, and the Court having considered Plaintiff's arguments on the papers pursuant to Fed. R. Civ. P. 78;*fn1 and it appearing that in a June 12, 2007 order, the Court dismissed this case as settled; and

it appearing that the order dismissing this case provided that that this action is hereby dismissed without costs and without prejudice to the right, upon good cause shown within 60 days, to reopen the action if the settlement is not consummated. The terms of the settlement agreement are incorporated herein by reference and the Court shall retain jurisdiction over the settlement agreement to enforce its terms. and;

it appearing that Plaintiff's motion was made after the expiration of the 60-day period provided by the order; and

it appearing that Plaintiff's remedy for Defendants' alleged breach of the settlement agreement is therefore to move the Court to enforce the settlement agreement;*fn2

IT IS on this 11th day of October, 2007, thereby ORDERED that Plaintiff's Motion to Vacate the Stay and Reinstate the Foreclosure Proceedings will be deemed a Motion to Enforce the Settlement Agreement; and it is further

ORDERED that Defendants Myung S. Kim and Barbara Kim shall show cause in writing, supported by sworn certifications, no later than October 22, 2007 why this Court should not enforce the settlement agreement against them, and why the Court should not award judgment to Plaintiff in an amount equal to the outstanding balance under the terms of the settlement agreement plus statutory interest, which Plaintiff may then collect using any lawful means against any assets of Defendants.

HON. FAITH S. HOCHBERG, U.S.D.J.


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