LPP Mortgage Ltd., a Texas limited partnership formerly known as Loan Participant Partners Ltd., filed the complaint against Isaac M. Calvo Jr. and Ramona S. Calvo in Superior Court.
The plaintiff, through attorney Bruce L. Mailman, is asking the Superior Court to award LPP Mortgage judgment against the defendants for the principal amount of $11,424.22, plus accrued interest at the rate of 4 percent per annum to April 23, 2009, plus accrued interest of 4 percent per annum from April 23, 2009; for reasonable attorney’s fees and costs of suit; for other costs allowed pursuant to the terms of the mortgage; and for interest on the total of all amounts included in the judgment sought by the plaintiff’s complaint at the maximum rate provided by the law from the date of judgment.
The plaintiff is also asking the Superior Court to order the defendants that if judgment is not paid in full within three months after its date, the lot in Sinapalo, Rota will be sold in accordance with the law and the proceeds of the sale will be applied to the balance due upon judgment after the deducting expenses.
The complaint stated that on Jan. 1, 1993, the defendants executed a promissory note for disaster loans in favor of the U.S. Small Business Administration in the amount of $32,200 plus interest at 4 percent per annum.
On Sept. 24, 1999, the defendants executed a modification of promissory note increasing the monthly payment due.
The plaintiff stated that the defendants’ promissory note was secured by a fee simple mortgage, which pledged to the SBA a 970-square meter lot in Sinapalo on Rota.
On July 18, 2001, SBA and the plaintiff entered into an assignment of notes and liens where SBA assigned its interest in the promissory note and the mortgage to the plaintiff.
The plaintiff said the defendants are in default and have not made all the payments.
On Dec. 20, 2007 the plaintiff dispatched a notice of default on the promissory note to the defendants which was delivered on Jan. 3, 2008.
The plaintiff said that pursuant to the terms and conditions of the note and the mortgage, the defendants are additionally obligated to the plaintiff for reasonable attorney’s fees and costs in amounts as yet to be determined but still accruing.
