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Inc. v. 1st Source Bank

Court of Appeals of Indiana

October 11, 2017

Bobick's Pro Shop, Inc., Appellant-Plaintiff,
v.
1st Source Bank, Appellee-Defendant.

         Appeal from the St. Joseph Superior Court The Honorable Jenny Pitts Manier, Judge Trial Court Cause No. 71D05-1410-CT-356

          ATTORNEYS FOR APPELLANT Daniel H. Pfeifer James P. Barth Pfeifer Morgan & Stesiak South Bend, Indiana

          ATTORNEYS FOR APPELLEE Timothy J. Abeska Brian E. Casey Barnes & Thornburg LLP South Bend, Indiana Alice J. Springer Barnes & Thornburg LLP Elkhart, Indiana

          Najam, Judge.

         Statement of the Case

         [¶1] Bobick's Pro Shop, Inc. ("BPS") appeals the trial court's grant of summary judgment to 1st Source Bank ("1st Source"). BPS raises two issues for our review, but we consider only the following dispositive issue: whether the trial court erred when it concluded that an "Agreement for Deed in Lieu of Foreclosure" ("the Agreement") between BPS and 1st Source entitled 1st Source to judgment as a matter of law.

         [¶2] We affirm.[1]

         Facts and Procedural History

         [¶3] In September of 2009, BPS, 1st Source, and Donna J. Bobick ("Bobick") entered into the Agreement. The Agreement provided in relevant part as follows:

RECITALS
A. [BPS] is the record owner of certain real property located in St. Joseph County . . . .
B. [BPS] and [1st Source] are parties to [a] . . . Real Estate Mortgage and Security Agreement dated October 29, 1999[, ] and recorded . . . on November 4, 1999 . . . .
C. The indebtedness of [BPS] owed to [1st Source] . . . arising under the Mortgage was, as of September 22, 2009, . . . in the approximate sum of $2, 550, 326.16 ("Mortgagor's Obligations").
D. [BPS] is in default under the terms of the Mortgage and is presently unable to pay ...

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