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Federal National Mortgage Association, A Corporation Established v. Marshall Reed 2003

February 6, 2012

FEDERAL NATIONAL MORTGAGE ASSOCIATION, A CORPORATION ESTABLISHED PURSUANT TO 12 U.S.C. § 1716 ET SEQ., PLAINTIFF,
v.
MARSHALL REED 2003, LLC, NOW KNOWN AS CAMPUS HABITAT 3, LLC, AN ILLINOIS LIMITED LIABILITY COMPANY, THE ILLINOIS DEPARTMENT OF EMPLOYMENT SECURITY, AN ILLINOIS ADMINISTRATIVE AGENCY; UNITED STATES OF AMERICA, DEPARTMENT OF THE TREASURY -- INTERNAL REVENUE SERVICE; AMERICAN FLOORING BY ZACH NIEMANN, INC., AN ILLINOIS CORPORATION, DEFENDANTS.



The opinion of the court was delivered by: Hon. David R. Herndon

Magistrate Judge Stephen C. Williams

ORDER FOR APPOINTMENT OF A RECEIVER HERNDON, Chief Judge:

This matter coming to be heard on Federal National Mortgage Association's ("Fannie Mae") renewed and amended motion for the appointment of a receiver (Doc. 17) and Marshall Reed 2003, LLC, now known as Campus Habitat 3, LLC's stipulation and consent to appointment of receiver (Doc. 18-5). Due notice having been served on all parties, and the Court being duly advised in the premises, the Court hereby enters the following Findings and Orders:

FINDINGS

1. The Court finds that the real estate located at 511 South Graham Avenue, Carbondale, IL 62901 (the "Property") is not a single family dwelling occupied by the mortgagor as a place of residence or homestead.

2. Fannie Mae has the right, pursuant to the terms of the Note and Mortgage, executed by Marshall Reed 2003, LLC, now known as Campus Habitat 3, LLC dated February 4, 2008, and pursuant to the Illinois Mortgage Foreclosure Law, 735 ILCS §§ 5/15-1101 et seq. to seek the appointment of a receiver to preserve, protect, and manage the Property during the pendency of this action.

3. Because of Byron Plant's experience and expertise in connection with receiverships of commercial properties similar in nature and size to the Property at issue, Byron Plant is qualified to act as receiver.

4. Good cause has been shown for the appointment and compensation of Byron Plant as receiver.

5. Fannie Mae has established a prima facie case that appointment of a receiver is both necessary and proper.

ACCORDINGLY, IT IS HEREBY ORDERED THAT:

6. Byron Plant is hereby appointed Receiver of the Property, with all of the usual powers of receivers as set forth in the Illinois Mortgage Foreclosure Law, 735 ILCS §§ 5/15-1101 et seq.

7. Byron Plant and/or any of his agents and/or employees is empowered and directed to take charge and possession of all property immediately.

8. All defendants, including their agents, employees, partners, servants, and assigns shall surrender the following to Byron Plant within three

(3) business days: (a) any and all books and records relating to or in connection with the management, leasing, revenues, tenant expenses, and operation of the Property, which shall include but shall not be limited to original signed leases, current rent roll, real estate tax bills and any proceeding related thereto, operating statements for the Property, notices of delinquencies to tenants, service contracts, and insurance policies; and (b) all rent collected for the months of October, November, and December of 2011 and all security deposits and other ...


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