FROM THE PULASKI COUNTY CIRCUIT COURT, TWELFTH DIVISION. NO.
60CV-14-3095. HONORABLE ALICE S. GRAY, JUDGE.
Appellant: PAMELA GAY PERRY.
Appellee: REX M TERRY.
J. HARRISON, Judge. ABRAMSON and GLOVER, JJ., agree.
BRANDON J. HARRISON, Judge
Dynasty, LLC (Dynasty) appeals a June 2015 order from the
Pulaski County Circuit Court that denied its motion to
intervene and motion to set aside or amend the confirmation
and approval of sale in a judicial foreclosure that involved
three commercial properties. We affirm.
December 2010, Dynasty contracted with Little Rock Group, LLC
(Little Rock Group) and Steve St. Clair. The parties dispute
the terms and meaning of the agreement. The contract was
drafted using the Arkansas Realtors Association's
standard real-estate contract and is titled " Real
Estate Contract (Commercial)." The contract lists
Dynasty as the " Buyer" and St. Clair and Little
Rock Group collectively as the " Seller." Paragraph
3 of the contract states:
3. PURCHASE PRICE. Buyer shall pay the following to Seller
for the Property (the " Purchase Price" ).
$4,750,000 payable as follows:
$600,000 cash at close, the balance of $4,150,000 less
pay-off amount to lender at the time of closing will be paid
in cash to Seller when fixed rate adjusts within two years.
Buyers are purchasing into the LLC and taking on full
responsibility as such. In so doing, they are relieving Steve
St. Clair from any and all responsibility. At closing, Buyer
will be totally responsible for all payments, upkeep,
maintenance, management, accounts payable, accounts
receivable, insurance, taxes, legal fees, utilities, and
other debt or liability. Seller will be indemnified from any
and all liability concerning these properties and Little Rock
Group, LLC. Buyer will be indemnified from any and all claims
prior to closing. Seller will remain on note and mortgage
until fixed rate adjusts without recourse.
contract gives the address and legal description as "
Little Rock Group, LLC [i]ncluding but not limited to the
three apartment complexes: Willow Creek Apartments ,
Mabelvale Pike Apartments , and McCormick Apartments
." Paragraph 17, titled " CONTINGENCIES"
lists as " additional requirements" that " It
is understood and agreed that the LLC and it's [sic]
properties are being purchased 'AS-IS,
undisputed that no deed was ever recorded in favor of
Dynasty. The parties also do not dispute that City National
Bank (City Bank) held the promissory notes for the Willow
Creek Apartments, Mabelvale Pike Apartments, and McCormick
Apartments. We refer to these three apartment complexes
collectively as " the property." City Bank filed a
complaint for foreclosure in August 2014. City Bank named,
and served, two defendants in the foreclosure action: Little
Rock Group and Sunwest Bank. Sunwest Bank held second
mortgages on the property, ...