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Entegra Bank v. Wald Wood Products, Inc.

United States District Court, W.D. Arkansas, Fort Smith Division

March 14, 2019

ENTEGRA BANK PLAINTIFF
v.
WALD WOOD PRODUCTS, INC.; THOMAS C. WALD; KAREN R. WALD; SIMMONS BANK; and FUNDING METRICS, LLC DEFENDANTS

          ORDER

          P. K. HOLMES, III, U.S. DISTRICT JUDGE

         Before the Court is Plaintiff Entegra Bank's (“Entegra”) renewed motion (Doc. 37) for default judgment against Separate Defendants Wald Wood Products, Inc. (“Wald Wood”) and Funding Metrics, LLC (“Funding”) and brief (Doc. 38) in support. Entegra also filed a motion (Doc. 47) for default judgment against Separate Defendants Thomas Wald and Karen Wald (collectively “the Walds”) and brief (Doc. 48) in support. The Court finds and orders as follows:

         1. On April 11, 2018, Entegra filed this action for breach of contract, replevin, and foreclosure to enforce its rights under a loan agreement with Wald Wood. All Defendants except Simmons Bank failed to answer or otherwise respond to the complaint despite being properly served and failed to appear at all in this matter. On August 16, 2018, the Clerk of Court entered an order of default against Wald Wood and Funding. On November 26, 2018, the Clerk of Court entered an order of default against the Walds. Because of the entry of default, Defendants are deemed to have admitted the factual allegations in the complaint as true. Fed.R.Civ.P. 8(b)(6) (“An allegation-other than one relating to the amount of damages-is admitted if a responsive pleading is required and the allegation is not denied.”); Murray v. Lene, 595 F.3d 868, 871 (8th Cir. 2010) (“Upon default, the factual allegations of a complaint (except those relating to the amount of damages) are taken as true.”).

         2. On October 26, 2018, Entegra filed a renewed motion for default judgment against Wald Wood and Funding supported by the affidavit of Anderson Ernst, Vice President of Entegra Bank. On December 20, 2018, Entegra filed a motion for default judgment against the Walds which was also supported by an affidavit of Ernst. The motions for default judgment (Docs. 37 & 47) will be GRANTED.

         3. On October 28, 2015, Entegra entered into a loan agreement with Wald Wood. (Doc. 1-1). Entegra agreed to extend Wald Wood a loan of $1, 369, 00.00. For valuable consideration and to obtain the loan, Wald Wood executed a promissory note in the principal amount of $1, 369, 00.00 payable to Entegra Bank. (Doc. 1-2). The note required monthly payments in the amount of $9, 811.79. (Doc. 1-2, p. 2).

         4. The Walds, as president and secretary of Wald Wood, executed the note on behalf of Wald Wood. The Walds also executed individual guarantees on the note. Under the guarantees, the Walds guaranteed payment to Entegra of all amounts owed under the note. (Doc. 1-3). The terms of the loan agreement and note provide for default if the Walds or Wald Wood failed to make the required monthly payments. (Doc. 1-1, p. 6; Doc. 1-2, p. 3). In the event of default, Entegra has the right to declare the entire unpaid balance of the note immediately due and payable.

         5. To secure payment of the note, Wald Wood and the Walds granted Entegra a first priority mortgage interest on the following six tracts of real property:

Tract 1:
Part of the Northeast Quarter (NE ¼) of the Southeast Quarter (SE ¼) of Section 10, Township 9 North Range 32 West, Crawford County, Arkansas, Being more Particularly Described as follows: Commencing at an Existing Rebar marking the Northeast Corner of Said Northeast Quarter (NE ¼) of the Southeast (SE ¼), Said point also marking the Northeast Corner of a previous 1.79 Acre Survey by RLS # 147, Job #21, 107, Dated 2-13-1997; Thence N86°29”27”W, Along the North Line of said previous survey, 225.00' to a set mag nail at the Northwest corner of said previous survey also being the Point of Beginning; Thence S03°34'44”W for a distance of 78.74' to a set half inch rebar and cap stamped 1558 in the center of Foster Branch Creek; Thence continuing along said creek S47°48'53”W for a distance 257.49' to a set half inch rebar and cap stamped 1558; Thence leaving said creek N32°48'43”W for 135.93' to a set half inch rebar and cap; Thence N01 °21'51”E for a distance of 153.59' to a set half inch rebar and cap set on the North side of Pevehouse Road, said point being in the North line of said Southeast Quarter (SE ¼); Thence S86°29'27”E for a distance of 266.21' to the Point of Beginning, Containing 1.10 acres more or less, subject to any road right-of-ways or easements of record.
Property Address: 2539 E. Pevehouse Road, Van Buren, AR 72956.
Tract 2:
Part of the Northeast Quarter (NE ¼) of the Southeast Quarter (SE ¼) of Section 10, Township 9 North Range 32 West, Crawford County, Arkansas, Being more Particularly Described as follows: Commencing at an Existing Rebar marking the Northeast Corner of Said Northeast Quarter (NE ¼) of the Southeast (SE¼), Said point also marking the Northeast Corner of a previous 1.79 Acre Survey by RLS # 147, Job #21, 107, Dated 2-13-1997; Thence N86°29”27”W, Along the North Line of said previous survey, 491.21' to a set half inch rebar and cap on the North side of Pevehouse Road; Thence S01°21'51”W for a distance of 153.59' to a set half inch rebar and cap; Thence S32°48'43”E for a distance of 135.93' to a set rebar and cap in Foster Branch Creek; Thence along said creek S47°48'53”W for a distance of 20.00' to a set half inch rebar and cap stamped 1558; Thence continuing along said creek S12°22'16”N for a distance of 84.21' to a set half inch rebar and cap stamped 1558; Thence continuing along said creek S09°27'32”E for a distance of 156.20' to a set half inch rebar and cap stamped 1558; Thence continuing along said creek S32°39'48”W for a distance of 81.62' to a set half inch rebar and cap stamped 1558; Thence leaving said creek N85°11'43”W for a distance of 149.38' to a set half inch rebar and cap stamped 1558; Thence S22°43'2”W for a distance of 45.31' to a set half inch rebar and cap stamped 1558; Thence crossing said creek S02°52'56”W for a distance of 124.58' to a set half inch rebar and cap stamped 1558; Thence N62°53'35”W for a distance of 129.29' to a set half inch rebar and cap stamped 1558 in the center of said creek; Thence leaving said Foster Branch Creek N03°37'31”E for a distance of 696.24' to a set mag nail on the north side of Pevehouse Road, said point being on the North line of said Southeast Quarter (SE ¼); Thence S86°29'27”E for a distance of 225.35' to the Point of Beginning, containing 4.07 acres more or less subject to any road right-of-ways or easements of record.
Property Address: 2601 E. Pevehouse Road, Van Buren, AR 72956.
Tract 3:
Beginning at the Northwest corner of the Southwest Quarter of the Northeast Quarter, thence South 2 degrees 0 minutes 00 seconds East 43.43 feet to the South right of way of Arkansas Highway #22, thence North 87 degrees 33 minutes 00 seconds East along said right of way 433.40 feet to the place of beginning, thence along an existing fence line South 2 degrees 09 minutes 50 seconds East 600 feet more or less, to point which is 642 feet South of the North line of the Southwest Quarter of the Northeast Quarter and also the Northwest corner of a tract of land conveyed to John L. Koch and Rose C. Koch by a deed recorded in Deed Book 66, page 78, thence in an Easterly direction along this boundary line 394.60 feet more or less, to the Southwest comer of a tract of land conveyed to John L. Koch and Rose C. Koch by deed recorded in Deed Book 72 page 142, thence in a Northerly direction along this boundary line for a distance of 600 feet more or less, to the South right of way line of State Highway #22, thence in a Westerly direction along the South right of way line 394.60 feet more or less, to the place of beginning, being a part of the Southwest Quarter of the Northeast Quarter of Section 12, Township 7 North, Range 26 West, containing 5.44 acres more or less. Subject to 1/2 of the mineral rights reserved in a Warranty Deed from Arkansas Valley Industries, Inc. to Garland L. Williams and Leona Mae Williams, dated January 29, 1965, and recorded in Deed Book 66, page 220 in the office of the Recorder for the Northern District of Logan County, Arkansas.
LESS AND EXCEPT: Two acres of even width located across the north boundary of the property described below, located in Logan County, Arkansas.
Property Address: 2204 E. Walnut Street, Paris, AR 72855.
Tract 4:
Two acres of even width located across the North boundary of the property described below, located in Logan County, Arkansas: Beginning at the Northwest comer of the Southwest Quarter of the Northeast Quarter, thence South 2 degrees 0 minutes 00 seconds East 43.43 feet to the South right of way of Arkansas Highway #22, thence North 87 degrees 33 minutes 00 seconds East along said right of way 433.40 feet to the place of beginning, thence along an existing fence line South 2 degrees 09 minutes 50 seconds East 600 feet more or less, to a point which is 642 feet South of the North line of the Southwest Quarter of the Northeast Quarter and also the Northwest corner of a tract of land conveyed to John L. Koch and Rose C. Koch by a deed recorded in Deed Book 66, page 78, thence in an Easterly direction along this boundary line 394.60 feet more or less, to the Southwest corner of a tract of land conveyed to John L. Koch and Rose C. Koch by Deed recorded in Deed Book 72, page 142, thence in a Northerly direction along this boundary line for a distance of 600 feet more or less, to the South right of way line of State Highway #22, thence in a Westerly direction along the South right of way line 394.60 feet more or less, to the place of beginning, being a part of the Southwest Quarter of the Northeast Quarter of Section 12, Township 7 North, Range 26 West, containing 5.44 acres, more or less. Subject to 1/2 of the mineral rights reserved in a Warranty Deed from Arkansas Valley Industries, Inc. to Garland L. Williams and Leona Mae Williams, dated January 29, 1965, and recorded in Deed Book 66, page 220 in the office of the Recorder for the Northern District of Logan County, Arkansas.
Property Address: 2204 E. Walnut Street, Paris, ...

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