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PNC Bank N. A. v. 650 Church Street, LLC

United States District Court, N.D. Illinois, Eastern Division

June 25, 2019

PNC Bank, National Association, successor to National City Bank Plaintiff,
v.
650 Church Street, LLC, Defendant.

          PNC Bank, National Association, successor to National City Bank, N.A. Matthew L. Hendricksen One of Its Attorneys

          James M. Crowley, Esq. (ARDC #6182597), Matthew L. Hendricksen, Esq. (ARDC #6296720) Plunkett Cooney P.C.

          PNC BANK N.A.'S MOTION FOR ENTRY OF A JUDGMENT OF FORECLOSURE AND SALE APPOINTING RECEIVER AS SELLING OFFICER, AND AUTHORIZING RECEIVER TO MARKET AND SELL THE PROPERTY AND ENTER INTO A LISTING AGREEMENT

          DOW, JUDGE

         NOW COMES Plaintiff, PNC Bank, National Association, successor to National City Bank ("Plaintiff or "PNC"), by and through its attorneys Plunkett Cooney P.C. and hereby moves this Court for entry a judgment of foreclosure and sale appointing the Receiver as sales officer, and authorizing the court appointed receiver to market and sell the Property which is the subject matter of this suit and commonly known as 650 Church Street, Lake Zurich, Illinois 60047 (the "Property") and to enter, if necessary, into a listing agreement, and in support thereof, states as follows:

         1. As set forth in Plaintiffs motion for default, Plaintiff served defendant 650 Chuch Street, LLC ("Defendant") with the summons and complaint via the Illinois Secretary of State on February 25, 2019.

         2. On March 7, 2019, the sole member of Defendant appeared in court and was given until April 1, 2019 to obtain counsel and file an appearance. Doc. 12.

         3. As of the date of this motion, no attorney has appeared on behalf of Defendant in this cause, and Defendant has not filed an answer or response to the complaint.

         4. April 1, 2019, this Court granted PNCs motion to appoint receiver (doc. 16). The Court appointed Ryan McNaughton of Ryan McNaughton Holdings, LLC as receiver (hereafter "Receiver").

         5. The Receiver is currently in possession and control of the Property and has managed the Property in accordance with the duties of a receiver as outlined by 735 ILCS 5/15-1704.

         6. To date, Defendant has not obtained a proposed short sale that is acceptable to Plaintiff.

         7. Based upon Defendant's failure to respond to the complaint, and obtain a an acceptable short sale for the Property, PNC hereby requests this Court enter a judgment of foreclosure and sale in its favor and against Defendant in the amount set forth in PNCs attached supporting affidavit, that being $6, 929, 185.13 through June 14, 2019. See Exhibit 1.

         8. Further, in accord with Illinois law, Plaintiff requests this Court (i) appoint the Receiver as sales officer and (ii) authorize the Receiver to retain, if necessary, a broker to market and sell the Property pursuant to the judgment of foreclosure and sale. Illinois foreclosure law allows foreclosed properties to be sold through a broker. Section 15-1506(f) of the Illinois Mortgage Foreclosure Law provides, "Without limiting the general authority and powers of the court, special matters may be included in the judgment of foreclosure if sought by a party in the complaint or by separate motion. Such matters may include, without limitation: (1) a manner of sale other than public auction;... (3) an official or other person who shall be the officer to conduct the sale other than the one customarily designated by the court; (4) provisions for non-exclusive broker listings or designating a duly licensed real estate broker nominated by one of the parties to exclusively list the real estate for sale." 735 ILCS 5/15-1506(f).

         9. If appointed as the designated sales officer, the Receiver proposes, if necessary, to retain a broker to list and market the Property with a commission rate of no higher than 6% of the sale price.

         10. Appointing the Receiver as the sales officer in this action will help ensure the sale of the Property for the most commercially favorable price for the type of real estate involved and ...


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