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Latour v. Exum

United States District Court, D. Colorado

January 5, 2017

HOLLY LATOUR, Plaintiff,
v.
JASON EXUM, Individually, RACHELLE EXUM, Individually, and STANLEY LEE EXUM, Individually, Defendants.

          ORDER AND JUDGMENT

          JOHN L. KANE SENIOR U.S. DISTRICT JUDGE.

         THIS MATTER, having come before me on Plaintiff's Verified Motion for Entry of Judgment [Docket No. 30] and having reviewed the file in this matter and being sufficiently advised in the premises, I FIND:

         1. This action was filed by Plaintiff in June, 2007, to recover money owed under a promissory note from the sale of her business [Docket No. 1].

         2. On October 23, 2008, the parties filed a Notice of Settlement and Stipulation to Hold Case in Abeyance Pending Performance of Settlement Agreement [Docket No. 22]. As part of that Settlement Agreement the Defendants executed a new promissory note in the amount of $350, 000 payable at 7% interest for a period of six years (Promissory Note”) Defendants were to make 72 monthly interest only payments with a $350, 000 balloon of all principle at the end of six years.

         3. Defendants were in default under the Promissory Note as early as November 2013 for failure to make the requisite interest payments.

         4. When the Promissory Note matured on July 1, 2014, Defendants owed $29, 987.80 in unpaid interest in addition to the $350, 000 principal amount then due.

         5. On July 15, 2014, Plaintiff, through counsel, sent Defendants individually and collectively, a Notice of Default and Right to Cure.

         6. Defendants failed to cure their default.

         7. After default, amounts under the Promissory Note bore interest at the rate of 12% per annum. The Promissory Note also provided for a 5% late charge if an amount due was not paid by the fifth day of the month. Plaintiff was also entitled to reimbursement for all costs of collection, including reasonable attorney fees. The amounts due under the Promissory Note are as follows:

Principal

$

350, 000.00

Unpaid Interest at Default

$

29, 987.80

Late Fee

$

17, 500.00

Attorney Fees

$

7, 853.93

Interest @ 12%*

$

104, 503.06

Partial Payments**

$

(-) 50, 583.34

$

459, 261.45

         *Interest calculated through 12/13/16 on principal amount due only

         **Partial payments were first applied to outstanding interest and attorney fees

         8. Pursuant to the Stipulation between the parties [Docket No. 22], Plaintiff was entitled to apply, ex parte, for entry of judgment ...


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