Brief Brief Summary of CaseBriefCal. Super. - 2nd Dist.March 25, 2019Electronically FILED by oe 0 1 A N hn B R A W N N N N N O N N O R O N e e em ml em pe me d p a e d a 2 I R O R B R P I E E S x a r o n o s s Superior Court of California, County of Los Angeles on 06/11/2020 01:06 PM Sherri R. Carter, Executive Officer/Clerk of Court, by J . Inloes,Deputy Clerk ASSLY SAYYAR, ATTORNEY AT LAW INC. ASSLY SAYYAR, ESQ. (SBN 255145) 2348 Foothill Drive Vista, California 92084 Tel: 760-542-8717 Fax: 760-444-3560 assly@vistalawyer.nect Attorneys for CadleRock III, L.L.C IN THE SUPERIOR COURT OF THE STATE OF CALIFORNIA COUNTY OF LOS ANGELES, NORTHWEST JUDICIAL DISTRICT CADLEROCK IIL, L.L.C., an Ohio Limited | Case No. 19VECV00413 Liability Company, Plaintiff, BRIEF SUMMARY OF THE CASE IN Vs. SUPPORT OF APPLICATION FOR DEFAULT JUDGMENT EGENERATION, LLC, a suspended California Limited Liability Company; YEVGENY SELIVANOYV, an individual, and DOES I through X; and ROE CORPORATIONS XI through XX; Defendants. On or about May 24, 2005, on behalf of Defendant EGENERATION, applied for a business credit line/loan (“Business Loan”) from Citibank (West), FSB, a national banking association (“BANK”). The Business Loan was approved by BANK on June 6, 2005 and functioned as a line of credit. The Business Loan was in the amount of $100,000.00 with an initial interest rate of the annual rate of the prime rate as published in The Wall Street Journal from time to time plus 3.00%, (except that no interest would be charged or accrued in excess of the maximum permitted by applicable law). Pursuant to the terms of the Business Loan, Defendant SELIVANOV individually and as owner of EGENERATION agreed to repay the loan plus interest and any other charges. Oo 0 ~~ AN nn A W N = N O R O N RN RN N N N N m e pe a p e pe d pe d ee l pe d pe d pe d pe a C 0 ~ ~ Wn Bh W N = O C O N Y BA W N = O Performance and repayment of the Business Loan by SELIVANOV individually and as owner of EGENERATION was personally guaranteed by SELIVANOV pursuant to the terms of the Business Loan, as well as the Continuing Guarantee (“Guaranty”). Moreover, the Business Loan required the borrower to pay an annual fee of $100.00 along with other charges and fees. Defendants agreed that upon cancellation of the right to obtain credit, Defendants would repay any and all principal draws against the line of credit to be paid over a period of 48 equal consecutive monthly payments of the outstanding principal balance together with ail interest, charges, fees and penalties due and owing. The Business Loan called for late payments of the lesser of 5% of the principal and interest past due (but in no event should interest exceed the maximum amount of interest permitted by applicable law) or $35.00. In the event of default under the Business Loan, without further notice or demand, all amounts outstanding would be due and payable. In the event of default, the balance due would bear interest at arate 8.00% points over The Wall Street Journal prime rate (except that no interest would be charged or accrued in excess of the maximum permitted by applicable law). Attorney fees and expenses are recoverable by the Lender under Business Loan as collection costs, and the Business Loan was governed by the laws of the state of California. Also, a Financing Statement, between Egeneration LLC, Debtor and the original Lender as the Secured Party, was filed on June 21, 2005, with the Secretary of State, CA, under Financing Statement No. 05-7031456405. A Continuation of Financing Statement No. 05-7031456405, was filed on March 19, 2010, with the Secretary of State, CA, under Filing No. 1072259914. An Assignment of Financing Statement No. 05-7031456405, from Citibank NA to CadleRock III, L.L.C., was filed on August 2, 2014, with the Secretary of State, CA, under Filing No. 14-74228759. Page 2 of 4 Le 0 N N YN nn RA W N N O N N N N N N m = e e e e e e ee e t ef O O 8 HO E o B E E v x 0 9 5 5 c r a k = 8 A Continuation of Financing Statement No. 05-7031456405, filed on April 27, 2015, with the Secretary of State, CA, under Filing No. 15-74616094, memorializing and perfecting the Bank's security interest in "all assets" as specifically defined therein, of EGENERATION. Defendant EGENERATION borrowed monies and made payments pursuant to the terms of the Business Loan, Guaranty, and/or Security Agreement (hereinafter jointly referred to as the “Loan Documents”). Defendant SELIVANOV personally guaranteed performance and repayment under the Loan Documents. Citibank (West) FBS was merged to a national bank with the title West, National Association as of October 1, 2006. West, National Association on October 1, 2006 then was merged into and subsequently operated as part of Citibank, National Association on October 1, 2006. Therefore, the Agreement was held by Citibank, National Association as of October 1, 2006 pursuant to a series of merges and acquisitions recognized by the FDIC. On or around March 20, 2014, Citibank, N.A. as lawful owner and holder of the Loan Documents assigned all rights, title and interest it had in the Loan Documents to Plaintiff pursuant to a Note Purchase Sale Agreement and related assignment document. An Allonge, reflecting that assignment and transfer, expressly states under oath that Citibank N.A. is the lawful owner of the debt owed by EGENERATION and guaranteed by SELIVANOV. For a time, Defendants borrowed monies under the terms of the Loan Documents. For a time, Defendants made required payments under the terms of the Loan Documents. Payments were made and/or credited to the outstanding balance up until August 7, 2013. After August 7, 2013, there were no further payments made upon the outstanding Business Loan balance. On November 14, 2018 Plaintiff sent Demand Letters to Defendants EGENERATION, and SELIVANOV which quoted the Page 3 of 4 vo 0 0 3 O N Wb BRA W N R O N RN RN NN R O N O N = =m e m me d pe d p e pe d e d be d e d 5 3 R S R E V I R N B x T a a & r e o = 3 outstanding principal balance of $99,335.49, accrued interest due through November 14, 2018 of $40,741.71 with interest accruing at $17.25 per day thereafter. To date there has been no response or payment as demanded to Plaintiff by Defendants. Defendants are in default and material breach of the Business Loan and Guaranty for failure to pay amounts upon demand and default interest is accruing. Additionally, Defendants have failed to respond or make payment as requested and obligated to under law. Plaintiff has retained legal counsel to pursue collection pursuant to the Business Loan and has and will continue to incur fees and costs as a result. Dated this { 7" day of June, 2020, ASSLY SAYYAR, ATTORNEY AT LAW Te ASSLY SAYYAK, ESQ. (SBN 255145) 2348 Foothill Drive Vista, California 92084 Tel: 760-542-8717 Fax: 760-542-8717 Attorneys for Plaintiff Page 4 of 4
