EFTA01128802.pdf

STATE OF SOUTH DAKOTA IN CIRCUIT COURT :§ COUNTY OF MINNEHAHA SECOND JUDICIAL CIRCUIT FIRST DAKOTA NATIONAL BANK, Civ. Plaintiff, v. SUMMONS DAVID GRAHAM, JUSTIN GRAHAM, DONALD GRAHAM and DENNIS GLATT, Defendants. THE STATE OF SOUTH DAKOTA SENDS GREETINGS TO THE ABOVE-NAMED DEFENDANTS: YOU ARE HEREBY SUMMONED AND REQUIRED to answer the Complaint of the Plaintiff herein, a copy of which is hereto attached and herewith served upon you, and to serve a copy of your Answer thereto upon the subscriber at his law office in the City of Yankton, South Dakota, within thirty (30) days after the completed service of this Summons upon you, exclusive of the day of such service and, if you fail to answer as above-required, judgment by default may be rendered against you as demanded in this Complaint. Dated this It day of November, 2013. cr\S ;fir Steven K. Huff Johnson, Miner, Marlow, Woodward & Huff, Prof. LLC 200 W. Third St. PO Box 667 Yankton, SD 57078 Telephone: Facsimil E-Mail: Attorneys for Plaintiff EFTA01128802 STATE OF SOUTH DAKOTA IN CIRCUIT COURT COUNTY OF MINNEHAHA SECOND JUDICIAL CIRCUIT FIRST DAKOTA NATIONAL BANK, Civ. Plaintiff, v. COMPLAINT TO ENFORCE COMMERCIAL GUARANTEES DAVID GRAHAM, JUSTIN GRAHAM, DONALD GRAHAM and DENNIS GLATT, Defendants. First Dakota National Bank ("First Dakota"), for its causes of action against Defendants David Graham, as well as Drs. Justin Graham, Donald Graham and Dennis Glatt ("Defendants"), states and alleges as follows: GENERAL ALLEGATIONS I. First Dakota is a national bank and "regulated lender" under the laws of the State of South Dakota and the United States of America, with its principal place of business located in Yankton, Yankton County, South Dakota and branch locations throughout South Dakota. 2. Huron Hospitality II, LLC, ("HH LLC") is a South Dakota limited liability company that owned and operated the "Crossroads Hotel & Event Center" a/k/a "Huron Event Center" in Huron, Beadle County, South Dakota. 3. First Dakota was a secured creditor of HH LLC. When HH LLC defaulted on its payments and committed multiple other non-monetary defaults, First Dakota placed HHLLC in a receivership and foreclosed on the real estate secured by its note and mortgage. See First Dakota National Bank v. Huron Hospitality II, LLC, Third Circuit, Case No. 12-593. 4. At the time of loan to HH LLC, it was the sole record owner of the mortgaged property. Each one the Defendants was a unit owner of HH LLC, who, in fhrtherance of the debtor/creditor relationship between First Dakota and HH LLC, each signed separate Commercial Guarantees as additional security for the loan. True and correct copies of each of the Guarantees signed by each of the Defendants are attached hereto as Exhibits 1-4 and incorporated by reference. 5. The G uarantees made each of the Defendants jointly and several lyliabl e for the debts and obligations HH LLC owed to First Dakota under its note and applicable law. A true and correct copy of the note guaranteed by the Defendants is attached hereto as Exhibit S and incorporated herein. EFTA01128803  6. Once the foreclosure process was completed and the redemption period expired,First Dakota employed a commercial real estate agency (NAI of Sioux Falls, South Dakota) to list and market the real estate while it continued to be managed by Kelly Inn, which was the court appointed receiver. 7. Despite its best efforts,NAI was not successful in selling the property and its listing agreement with First Dakota has now expired. First Dakota remains the sole record owner of the foreclosed real estate. 8. After the NAI listing expired, First Dakota informed the Defendants through their counsel in writing that it would seek to enforce its Guarantees unless one or more of the Defendants made satisfactory arrangements with the bank to take an assignment ofthe real estate and guarantees or pay the debts incurred by the bank while it continues to employ Kelly or another management company to run the hotel. Because the Defendants failed to comply,FirstDakota brought this action to enforce the Defendants' Guarantees. COUNT ONE ENFORCEMENT OF COMMERCIAL GUARANTEES 9. First Dakota realleges the allegations contained in paragraphs 1-8 above to the same effect as both fully set forth herein. 10. Amongst the provisions of the Guarantees signed by the Defendants are the following: Continuing Guarantee of Payment and Performance. For good and valuable consideration, Guarantor absolutely and unconditionally... Guarantor's Authorization to Lender. Guarantor authorized Lender, either before or after any revocation hereof, without notice or demand and without lessening Guarantor's liability under this Guaranty, from time to time: (a) prior to revocation as set forth above, to make one or more additional secured or unsecured loans to Borrower, to lease equipment or other goods to Borrower, or otherwise additional credit to Borrower; (b) to alter, compromise, renew, extend, accelerate, or otherwise change one or more times the time for payment or other terms of the indebtedness or any part of the indebtedness, including increases and decreases of the rate of interest on the indebtedness; extensions may be repeated and may be for longer than the original loan term; (c) to take and hold security for the payment of this guaranty or the indebtedness, and exchange, enforce, waive, subordinate, fail or decide not First Dakota National Banks David Graham. baths Graham. Donald Graham and Daunt, Glom Complahar ler Enforce Commercial Cirowarnees EFTA01128804  to perfect, and release any such security, with or without the substitution of new collateral; (d) to release, substitute, agree not to sue, or deal with any one or more of the Borrower's sureties, endorsers, or other guarantors on any terms or in any manner Lender may choose; (e) to determine how, when and what application ofpayments and credits shall be made on the indebtedness; (f) to apply such security and direct the order or manner of sale thereof, including without limitation, any nonjudicial sale permitted by the terms of the controlling security agreement or deed oftrust, as Lender in its discretion may determine; (g) to sell, transfer, assign or grant participations in all or any part of the indebtedness; and (h) to assign or transfer this Guaranty in whole or in part. Guarantor's Representations and Warranties. Guarantor represents and warrants to Lender that (a) No representations or agreements of any kind have been made to Guarantor which would limit or qualify in any way the terms of this Guaranty; (b) This Guaranty is executed at Borrower's request and not at the request of Lender; (c) Guarantor has full power, right and authority to enter into this Guaranty; Guarantor's Waivers. Except as prohibited by applicable law, Guarantor waives any right to require Lender: (a) to continue lending money or to extend other credit to Borrower; (b) to make any presentment, protest, demand, or notice ofany kind, including notice ofany nonpayment of the indebtedness or of any nonpayment related to any collateral, or notice of any action or non-action on the part of Borrower, Lender, any surety, endorser, or other guarantor in connection with the indebtedness or in connection with the creation ofnew or additional loans or obligations; Ant Daiwa National flank rs. David Graham. bath, Graham. Donald Graham and Dennis Glatt Complaint to Egforce Commercial Guarantees EFTA01128805  (c) to resort for payment or to proceed directly or at once against any person, including Borrower or any other guarantor; (d) to proceed directly against or exhaust any collateral held by Lender from Borrower, any other guarantor, or any other person; (c) to give notice of the terms, time, and place of any public or private sale of personal property security held by Lender from Borrower or to comply with any other applicable provisions of the Uniform Commercial Code; (f) to pursue any other remedy within Lender's power, or (g) to commit any act or omission ofany kind, or at any time, with respect to any matter whatsoever. Guarantor also waives any and all rights or defense arising by reason of: (a) any "one action" or "anti-deficiency" law or any other law which may , prevent Lender from bringing any action, including a claim for deficiency, against Guarantor, before or afterLender's commencement or completion of any foreclosure action, either judicially or by exercise of a power of sale; (b) any election of remedies by Lender which destroys or otherwise adversely affects Guarantor's subrogation rights or Guarantor's rights to proceed against Borrower for reimbursement, including without limitation, any loss ofrights Guarantor may suffer by reason of any law limiting, qualifying, or discharging the indebtedness; (c) any disability or other defense ofBorrower, ofany other guarantor, or ofany other person, or by reason of the cessation of Borrower's liability from any cause whatsoever, other than payment in full in legal tender, of the indebtedness; (d) any right to claim discharge of the indebtedness on the basis of unjustified impairment of any collateral for the indebtedness; (e) any statute of limitations, if at any time any action or suit brought by Lender against Guarantor is commenced there is outstanding indebtedness of Borrower to Lender which is not barred by any applicable statute of limitations; or (f) any defenses given to guarantors at law or in equity other than actual payment and performance of the indebtedness. If payment is made by borrower, whether voluntarily or otherwise, or by any third party, on the indebtedness and thereafter Lender is forced to remit the amount of that First Oarao National Bank II, D4441 Graham, 44sfin Gran" Dotted Graham end Dew* Cleft Oanphatu is Enforce Ctntursenlal Guarantees 4 EFTA01128806  payment to borrower's trustee in bankruptcy or to any similar person under any federal or state bankruptcy law or law for the relief of debtors, the indebtedness shall be considered unpaid for the purpose of enforcement of this guaranty. Guarantor's Understanding with Respect to Waivers. Guarantor warrants and agrees that each of the waivers set forth above is made with Guarantor's full knowledge of its significance and consequences and that, under the circumstances, the waivers are reasonable and not contrary to public policy or law. If any such waiver is determined to be contrary to any applicable law or public policy, such waiver shall be effective only to the extent permitted by law or public policy. Interpretation. If any one or more of Borrower or Guarantor are corporations or partnerships, it is not necessary for Lender to inquire into the powers ofBorrower or Guarantor or the officers, directors, partners or agents acting or purporting to act on their behalf and any indebtedness made or created in reliance upon the professed exercise of such power shall be guaranteed under this Guaranty. I I. Defendant David Graham owes First Dakota a total of $3,241,883.03, plus costs, disbursements, attorney's fees, sales tax on said fees and for other expenses associated with having to run the hotel, all as set forth in his Guaranty. 12. Defendant Dr. Donald Graham owes First Dakota a total of$3,241,883.03, plus costs, disbursements, attorney's fees, sales tax on said fees and for other expenses associated with having to run the hotel, all as set forth in his Guaranty. 13. Defendant Dr. Justin Glatt owes First Dakota a total of $3,241,883.03, plus costs, disbursements, attorney's fees, sales tax on said fees and for other expenses associated with having to run the hotel, all as set forth in his Guaranty. 14. Defendant Dr. Dennis Glatt owes First Dakota a total of $3,241,883.03, plus costs, disbursements, attorney's fees, sales tax on said fees and for other expenses associated with having to run the hotel, all as set forth in his Guaranty. 15. In addition to recovering all past due principal and interest, and per diem interest, according to the Notes and Guaranties, First Dakota is entitled to recover from the Defendants, as set forth in the Defendants' guarantees, all attorney's fees, costs, and disbursements including but limited to attorney's fees, sales tax, and expenses as allowed by the guaranty and the terms of the note and applicable law, including any and all attorney fees necessary for any appeals or post- judgment collection of the underlying obligation. 16. First Dakota has been required to employ the assistance of an attorney to prosecute this action and is accruing attorney's fees as a result of Defendants' defaults under the Note and Guarantees. Firm Dakota National Banks. David Graham, Justin Graham. Donald Graham and Dennis Glatt rompla tot to Enfonr Commerrist Guarantees S EFTA01128807  17. Exhibits 1-5 are an enforceable written agreement between First Dakota and the Defendants. 18. Mutual obligations and benefits paid by First Dakota to the Defendants constitute sufficient consideration for the Guaranties between First Dakota and the Defendants. 19. The Defendants breached contractual obligations to First Dakota as fully set forth in their Guarantees and/or as pled in the Beadle County foreclosure action. 20. Because the Defendants breached their Guaranties with First Dakota as set forth herein and because the foreclosure has not yet yielded a buyer for the real property formerly owned by HH LLC, First Dakota is entitled to damages according to the Guaranties and applicable law. 21. The Defendants are individually, personally, jointly and severally liable to First Dakota to the extent of the outstanding indebtedness of HH LLC, their guarantees and applicable law. WHEREFORE, PlaintiffFirst Dakota National Bank requests judgment as follows: 1. That it be adjudged that there is due and owing to First Dakota from Defendant David Graham under the terms of his Commercial Guaranty: (i) the total balance due of $3,241,883.03; (ii) late charges, attorneys' fees, sales tax thereon, and other expenses and amounts accruing to the date ofjudgment; (iii) in addition, all interest, attorneys' fees, sales tax thereon, and other expenses and amounts which continue to accrue after the date of judgment in accordance with applicable law. 2. That it be adjudged that there is due and owing to First Dakota from Defendant Donald Graham under the terms of his Commercial Guaranty: (i) the total balance due of $3,241,883.03; (ii) late charges, attorneys' fees, sales tax thereon, and other expenses and amounts accruing to the date ofjudgment; (iii) in addition, all interest, attorneys' fees, sales tax thereon, and other expenses and amounts which continuo to accrue after the date of judgment in accordance with applicable law. 3. That it be adjudged that there is due and owing to First Dakota from Defendant Justin Graham under the terms of his Commercial Guaranty: (i) the total balance due of $3,241,883.03; (ii) late charges, attorneys' fees, sales tax thereon, and other expenses and amounts accruing to the date ofjudgment; HIM Dakota National flank .s. Darld Graham, !satin Graham Danced Graham cml Dena Glatt Complains so tholaree Commercial 6 EFTA01128808  (iii) in addition, all interest, attorneys' fees, sales tax thereon, and other expenses and amounts which continue to accrue after the date of judgment in accordance with applicable law. 4. That it be adjudged that there is due and owing to First Dakota from Defendant Dennis Glatt, under the terms of his Guaranty: (i) the total balance due of $3,241,883.03; (ii) late charges, attorneys' fees, sales tax thereon, and other expenses and amounts accruing to the date of judgment; (iii) in addition, all interest, attorneys' fees, sales tax thereon, and other expenses and amounts which continue to accrue after the date of judgment in accordance with applicable law. 5. That First Dakota have such other, different, and further relief as may be deemed just and equitable. Dated this l2°' day of November, 2013. Steven K. Huff Johnson, Miner, Marlow, Woodward & Huff, Prof. LLC 200 W. Third St. PO Box 667 Yankton, SD 57078 Telephone: Facsimile: E-Mail: Attorneys for Plaintiff First Davie NatiunalBanks. David Graham. 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Tao woo war lien rail DOM MOM MN* 11140010110111 wC man Not vocAl TMC enn an Ono ant Anae0d OrtOtairi cornhooy now erect Owl moon M.4044 Ikon's bin 00u0kina h WA( d LencMc loon Sr TWOS% Qt, OdalCe. 0,045044G4 d.nano A oonadde .a wd Manny it. massy now or cram anus Ind Ocrouawnla. .4r4 112 / Lcoi DocM*S' TOW 0 Gann 00I. vet onnor0, bn non mimmonal opoorra gewoot aro^ earoortors maws anto Pal. way drool nasal nor*" and or car flown xplant and Mon vooMe A:warn** wan moan cannonn ra araccowno ILAO1 4004110403 GUARANTOR AOKNOWLIEDOO HAVING MAO ALL MI PRONSPOM Of TM CILIPAAPITI AND Anil TO rno ITM41. N Man. NAM GUARANTOR UNOMITAM4 DVS MS GUARANTY NefFEGTIVC UPON OuMANTORS EMOVRON MD MOWRY OR ORB amnion,Iv MOEN AND THAT TIC GUARANTY 'NM CONTOU4 UNTIL TTRIMATSD N 114I MANNISR IN TIMnorm MILO %%MOM OP GUARANTY, . No Fa. AOCITTANCE IT LVONSI NCCEMART TO IMKt TNN GUARANTY EMEGTIVE INS GUARANTY SOATIDISIRUARY 4. 204. GUARANTOR. Omni* GRA EFTA01128812 sa.rOI..a, .Ur. sy 4,4, u even 17 a.J. Is L. ladal.S.01 Old Lleflia.l. pang COMMERCIAL GUARANTY 1 Principal Loan tutu Melody Lon Nu,. A 1 Cr/Ca Acootal I Mc« ra 7-14 -0 16 1104110YAXD_ri NC/ Iln f INJW Rena b be tona axe ofee erne te• oirna and Oa ad MOM ~mar ol OM Marano , ~carol or. EXHIBIT My Ms «Cm amentgar NA ban raid gm 10 SI :warn laliallers. BernaIf: Huns IrnmpeR> Let. Mk Lamar: ling fee Sean« Ike 6000lennesola A» ea 101 de Nam DØ Prue 2; Mena Frew re la N Illean Al Sisal 115, 10 mel (0.11) Me> Grail ntor Del Clean (8~ cornwhiC GUARAMZE Of PAYMENT MO PERFORMANCE. Poe le rd take Gee Celia ad troaceelly urnsen til se prole aye' ~ yalla~n or ha balsas al 09810W le Se. el la el deader ft.againf OM OW Sao CO al 1~ Dense. llama peke of Nana ad perlornie Seel colaeon, PO al one* ta Gaffafa an Gyrator ran Wan leaf Nu not Manua laila Nara glad and Ma• anata lo Ka ar• ~Wawa a Naha my lee lira/,O 1Ierneens. St sere a sle pent/ of IS leer"n. Gewat Mmom any waning to are a la a e ~nand li Ø tonat of no Lae 8~ of bombe Se. arde ate a ea