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Wells Fargo Bank, N.A. v. Ccc Atlantic, LLC

United States District Court, D. New Jersey

February 27, 2014

WELLS FARGO BANK, N.A., AS TRUSTEE FOR THE REGISTERED HOLDERS OF CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP., COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 2007-C5, Plaintiff,
v.
CCC ATLANTIC, LLC, Defendant.

DINSMORE & SHOHL LLP Richard A. O'Halloran, Esq., Alyson H. Ricker, Esq., Princeton, New Jersey, Counsel for Wells Fargo Bank, N.A. as Trustee.

SILVERANG & DONOHOE, LLC, Mark S. Haltzman, Esq., Philip S. Rosenzweig, Esq., Saint Davids, Pennsylvania, Counsel for CCC Atlantic, LLC.

OPINION

JOSEPH E. IRENAS, Senior District Judge.

This is a commercial foreclosure action. On November 22, 2013, the Court granted Wells Fargo's Motion for Summary Judgment on liability only, holding that Wells Fargo is entitled to foreclose upon the Cornerstone Commerce Center in Linwood, New Jersey.

Presently before the Court is Wells Fargo's application for a determination of amounts dues under the Loan Agreement, which the Court treats as a motion for summary judgment. Oral argument was held on February 20, 2014, and the following day Wells Fargo filed supplemental materials in response to issues raised at argument. For the reasons stated herein, the motion will be granted.

I.

The parties and the Court are quite familiar with the facts giving rise to this suit. Prior opinions may be found at Wells Fargo Bank, N.A., Trustee v. CCC Atlantic, LLC, 2013 U.S. Dist. LEXIS 167325 (D.N.J. Nov. 21, 2013); Wells Fargo Bank, N.A., Trustee v. CCC Atlantic, LLC, 2013 WL 5676203 (D.N.J. Oct. 17, 2013); Wells Fargo Bank, N.A., Trustee v. CCC Atlantic, LLC, 2013 WL 595625 (D.N.J. Feb. 15, 2013); and Wells Fargo Bank, N.A., Trustee v. CCC Atlantic, LLC, 905 F.Supp.2d 604 (D.N.J. 2012).

The principal amount of the interest-only loan is $41 million. A few months after origination, the loan was bifurcated into an A Note and a B Note, with principal amounts of $36.9 million and $4.1 million respectively.[1]

As to the B Note, Wells Fargo seeks only the principal, "regular interest" (i.e., the contract rate of 5.87%), and default interest.

As to the A Note, Wells Fargo seeks those same items as well as "prior default interest" for one month (September 1, 2011 to October 1, 2011), "an amount equal to Prepayment Premium, " and Property Protection Advances.

CCC Atlantic disputes the assessment of default interest and the prepayment fee.[2] CCC also asserts that Wells Fargo's damages should be limited because of Wells Fargo's failure to mitigate its damages.

II.

The summary judgment standard stated in Wells Fargo Bank, N.A., Trustee v. CCC Atlantic, LLC, 2013 U.S. Dist. LEXIS 167325 (D.N.J. Nov. 21, ...


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