Puerto Rico Farm Credit, ACA v. Ruiz-Valentin et al, No. 3:2009cv01377 - Document 45 (D.P.R. 2010)

Court Description: OPINION AND ORDER re 23 MOTION for Summary Judgment: Granted in part and denied in part. Signed by US Magistrate Judge Marcos E. Lopez on 4/9/10. (jhi)

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IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF PUERTO RICO PUERTO RICO FARM CREDIT; Plaintiff, v. CIVIL NO.: 09-1377 (MEL) EDUARDO RUIZ VALENTÃ N, his wife REYES NORIEGA RAMOS and the conjugal partnership constituted by them; Defendants. OPINION AND ORDER I. PROCEDURAL BACKGROUND On April 23, 2009, plaintiff Puerto Rico Farm Credit ( PRFC ) filed the complaint in the instant case against defendants Eduardo Ruiz ValentÃn, Reyes Noriega Ramos, and the conjugal partnership formed by them, alleging that defendants had defaulted on their loan obligations to plaintiff and requesting that the court condemn defendants to pay the full amount of the loans and decree the public sales of real estate properties mortgaged to guarantee the loans. (Docket No. 1.) Pending before the court are a motion for summary judgment submitted by plaintiff, defendants response, and plaintiff s reply. (Docket Nos. 23, 29, 37.) II. LEGAL ANALYSIS Summary judgment may be entered only if the pleadings, depositions, answers to interrogatories, and admissions on file, together with the affidavits, if any, show that there is no genuine issue as to any material fact and . . . the moving party is entitled to judgment as a matter of law. Fed.R.Civ.P. 56(c). The material facts in this case are not in dispute. Defendants executed 1 five mortgage notes and five mortgage deeds to guarantee a loan from PRFC in the principal amount of $4,304,300.00, with interest at the rate of 5.00% per annum. (Docket No. 23-4, ¶¶ 1-5; Docket No. 23-2, ¶ 3; Docket No. 1, ¶¶ 4-8.) The mortgage notes and deeds also provided that in the event of foreclosure or other judicial proceedings to collect payment, defendants would pay to the owner of the mortgage notes an amount equal to ten percent (10%) of the original principal amount of the loans. (Docket No. 23-4, ¶ 4; Docket No. 1, ¶ 7; Docket No. 23-2, ¶¶ 3-4; Docket No. 38-2 at 2; Docket No. 1-2 at 2; Docket No. 38-4 at 1; Docket No. 1-4 at 1; Docket No. 38-5 at 2; Docket No. 1-5 at 2; Docket No. 38-9 at 1; Docket No. 1-9 at 1; Docket No. 38-10 at 2; Docket No. 1-10 at 2; Docket No. 38-15 at 1; Docket No. 1-14 at 1; Docket No. 38-16 at 2; Docket No. 1-15 at 2; Docket No. 35-21 at 1; Docket No. 1-19 at 1; Docket No. 38-22 at 2; Docket No. 1-20 at 2; Docket No. 3826 at 1; Docket No. 1-24 at 1; Docket No. 38-27 at 2; Docket No. 1-25 at 2.) Defendants defaulted on their loan obligations, and as a result the following amounts have become due and payable: $4,304,268.28 of principal; $95,015.78 of accrued interest as of April 8, 2009; interest on unmatured principal accruing thereafter at the rate of 5.25% per annum, approximately equivalent to $619.10 daily until the date of its full payment; and $430,500.00 for costs, expenses, and attorney s fees. (Docket No. 23-4, ¶¶ 3, 4, 6, 7; Docket No. 1, ¶¶ 6, 7, 9; Docket No. 23-2, ¶¶ 3-4; Docket No. 23-3.)1 Fourteen different properties guaranteed the mortgages. (Docket No. 1 at 3-18; Docket No. 1 As to all facts in this paragraph, which are proposed by plaintiff and supported by evidence in the record, defendants opposition to the motion for summary judgment either admits the fact, omits reference to the fact, or disputes the fact without providing citation to the record. (Docket No. 29.) Therefore, all of plaintiff s proposed facts are admitted. See Local Rule 56(e). The figure of $430,500.00 reflects defendants agreement to pay an amount equal to ten percent of the loan principal in the event plaintiff initiated judicial proceedings to collect payment. Ten percent of the loan principal is $430,430.00. Nonetheless, defendants have not contested the proposed fact that seventy extra dollars are due. (Docket No. 29.) 2 23-4 at 2-17; Docket No. 23-2, ¶ 3; Docket Nos. 1-5, 1-6, 1-7, 1-8, 38-5, 38-6, 38-7, 38-8, 1-10, 111, 1-12, 1-13, 38-10, 38-11, 38-12, 38-13, 38-14, 1-15, 1-16, 1-17, 1-18, 38-16, 38-17, 38-18, 3819, 38-20, 1-20, 1-21, 1-22, 1-23, 38-22, 38-23, 38-24, 38-25, 1-25, 1-26, 1-27, 1-28, 38-27, 38-28, 38-29, 38-30.) However, PRFC has only submitted eleven title searches with property descriptions corresponding to properties described in the mortgage deeds.2 (Docket Nos. 23-6, 38-31, 23-7, 38-32, 23-8, 38-33, 23-9, 38-34, 23-10, 38-35, 23-11, 38-36, 23-12, 38-37, 23-13, 38-36, 23-14, 38-39, 2317, 38-42.) Those eleven properties are each encumbered by at least one PRFC mortgage which has been recorded ( inscrita ) at the Registry of Property ( Registro de Propiedad ). Id. Three of the title searches reveal pertinent PRFC mortgages which have been presented ( presentada ) to the Registry of Property, but which are still pending evaluation ( calificaciÃ³n ). (Docket Nos. 23-6, 3831, 23-7, 38-32, 23-8, 38-33.) The only disputed legal issue is whether under Puerto Rico law, a creditor may institute foreclosure proceedings based on a mortgage that has been presented to the Registry of Property, but not yet recorded. In order for voluntary mortgages to be validly constituted, it is required . . . [t]hat the document be recorded in the property registry. P.R. Laws Ann., tit. 30, § 2067; see also P.R. Laws Ann., tit. 31, § 5042 ( [I]t is indispensable, in order that the mortgage may be validly constituted, that the instrument in which it is created be entered in the registry of property. ). Hence, recordation is a constitutive act through which the security produces real effects. Rosario PÃ©rez v. Registrar of the Property of Barranquitas, 15 P.R. Offic. Trans. 644 (P.R. 1984). Therefore, a mortgage that has been merely presented, but not yet recorded, does not vest a creditor with the 2 PRFC has submitted three additional title searches with property descriptions that do not correspond to properties described in the mortgage deeds. (Docket Nos. 23-15, 38-40, 23-16, 38-41, 23-18, 38-43.) 3 right to foreclose. Cooperativa de Ahorro y CrÃ©dito de Aguada v. Ocasio RodrÃguez, 2009 WL 2843418 (TCA), at * 4-5 (P.R. Cir. 2009). Accordingly, although plaintiff has a right to demand payment for the entire amount of the loan in default, foreclosure proceedings shall proceed only on the basis of recorded PRFC mortgages evidenced by title searches corresponding to properties described in the mortgage deeds. The eleven such title searches each indicate that the property involved is encumbered by at least one recorded PRFC mortgage. Accordingly, foreclosure proceedings shall proceed as to each of those eleven properties but only on the basis of the recorded mortgages. Where a property pertains to both a recorded mortgage and an unrecorded mortgage, the pending unrecorded mortgage may not form the basis of foreclosure proceedings unless and until it is recorded. A decree of public sale shall be entered as to the following eleven properties3: Property One RÃ STICA: Parcela nÃºmero setenta y siete (77) radicada en el Barrio BoquerÃ³n del tÃ©rmino municipal de Cabo Rojo, Puerto Rico, con una cabida superficial de CINCO CUERDAS (5.00 CDAS.), equivalentes a una (1) hectÃ¡rea, noventa y seis (96) Ã¡reas y sesenta (60) centiÃ¡reas. En lindes al NORTE, con el Mar Caribe; por el SUR, parcela nÃºmero treinta y ocho (38) y servidumbre de paso de diez (10.00) metros de ancho de los cuales cinco (5.00) pertenecen a esta parcela; por el ESTE, parcela nÃºmero setenta y ocho (78) y servidumbre de paso de diez (10.00) metros de ancho de los cuales cinco (5.00) pertenecen a esta parcela y por el OESTE, parcela nÃºmero setenta y seis (76) y servidumbre de paso de diez (10.00) metros de ancho de los cuales cinco (5.00) pertenecen a esta parcela. Property One serves to guarantee three recorded mortgages.4 (Parcel A to Mortgage Note B, 3 For ease of reference, the court has assigned numbers to the properties, identifying parenthetically how the numbered properties correspond to the properties denoted in plaintiff s complaint (Docket No. 1) and statement of uncontested facts. (Docket No. 23-4). 4 PRFC alleges that this property guarantees a fourth mortgage, which allegedly has been presented but not recorded. ( Mortgage Note A, Docket No. 23-4 at 2-3, Docket No. 1 at 3; see Docket No. 23-2, ¶ 3.) However, the title search corresponding to Property One does not indicate that any mortgage has been presented which has not 4 Docket No. 23-4 at 4, Docket No. 1 at 4; Parcel B to Mortgage Note C, Docket No. 23-4 at 8-9, Docket No. 1 at 9-10; Parcel D to Mortgage Note E, Docket No. 23-4 at 16, Docket No. 1 at 17; Docket Nos. 23-17, 38-42; see Docket No. 23-2, ¶ 3.) Property Two RÃ STICA: Parcela nÃºmero uno (1) radicada en el Barrio BoquerÃ³n del tÃ©rmino municipal de Cabo Rojo, Puerto Rico, con una cabida superficial de CINCO CUERDAS (5.00 CDAS.) equivalentes a una (1) hectÃ¡rea, noventa y seis (96) Ã¡reas y sesenta (60) centiÃ¡reas. En lindes al NORTE, en cincuenta y dos punto ochenta y uno (52.81) metros, con el Mar Caribe; por el SUR, en cincuenta y dos punto ochenta y uno (52.81) metros, con servidumbre de dieciocho (18.00) metros de ancho de los cuales cinco (5.00) pertenecen a esta parcela y que la separa de la parcela nÃºmero dos (2); por el ESTE, en trescientos ochenta y cuatro punto cuarenta y tres (384.43) metros, con una servidumbre de diez (10.00) metros de ancho de la parcela nÃºmero siete (7) de Santos Alonso Maldonado y con terrenos de Enrique Carlo Aymat y por el OESTE, en trescientos setenta y cuatro punto veinticuatro (374.24) metros, con la parcela nÃºmero setenta y nueve (79) de J. Ruiz ValentÃn. Es para dedicarse a uso agrÃcola. Property Two serves to guarantee three separate mortgages, all of which are recorded. (Parcel B to Mortgage Note B, Docket No. 23-4 at 4-5, Docket No. 1 at 5; Parcel C to Mortgage Note C, Docket No. 23-4 at 9, Docket No. 1 at 10; Parcel E to Mortgage Note E, Docket No. 23-4 at 17, Docket No. 1 at 17-18; Docket Nos. 23-19, 38-44; see Docket No. 23-2, ¶ 3.) Property Three RÃ STICA: Parcela nÃºmero cincuenta y cuatro (54) radicada en el Barrio BoquerÃ³n del tÃ©rmino municipal de Cabo Rojo, Puerto Rico, con cabida superficial de CINCO CUERDAS (5.00 CDAS.), equivalentes a una (1) hectÃ¡rea, noventa y seis (96) Ã¡reas y sesenta (60) centiÃ¡reas. En lindes al NORTE, con terrenos de Merino Quirino Pedroso y servidumbre de paso de diez (10.00) metros de ancho de los cuales cinco (5.00) pertenecen a esta parcela; por el SUR, con la parcela nÃºmero cincuenta y tres (53); por el ESTE, con terrenos de Ricardo Enrique Carlo DÃaz y por el OESTE, con la parcela nÃºmero cincuenta y cinco (55). been recorded. (Docket Nos. 23-17, 38-42.) 5 Property Three guarantees one recorded mortgage. (Parcel C to Mortgage Note B, Docket No. 23-4 at 5, Docket No. 1 at 5-6; Docket Nos. 23-11, 38-36; see Docket No. 23-2, ¶ 3.) Property Four RÃ STICA: Parcela nÃºmero cincuenta y cinco (55), radicada en el Barrio BoquerÃ³n del tÃ©rmino municipal de Cabo Rojo, Puerto Rico, con cabida superficial de CINCO CUERDAS (5.00 CDAS.), equivalentes a una (1) hectÃ¡rea, noventa y seis (96) Ã¡reas y sesenta (60) centiÃ¡reas. En lindes por el NORTE, con terrenos de Merino Quirino Pedroso y servidumbre de paso de diez (10.00) metros de ancho de los cuales cinco (5.00) pertenecen a esta parcela; por el SUR, con la parcela nÃºmero cincuenta y dos (52); por el ESTE, con la parcela nÃºmero cincuenta y cuatro (54) y por el OESTE, con la parcela nÃºmero cincuenta y seis (56). Property Four guarantees one recorded mortgage. (Parcel D to Mortgage Note B, Docket No. 23-4 at 5-6, Docket No. 1 at 6; Docket Nos. 23-12, 38-37; see Docket No. 23-2, ¶ 3.) Property Five RÃ STICA: Parcela nÃºmero cincuenta y seis (56), radicada en el Barrio BoquerÃ³n del tÃ©rmino municipal de Cabo Rojo, Puerto Rico, con cabida superficial de CINCO CUERDAS (5.00 CDAS.), equivalentes a una (1) hectÃ¡rea, noventa y seis (96) Ã¡reas y sesenta (60) centiÃ¡reas. En lindes por el NORTE, con terrenos de Merino Quirino Pedroso y servidumbre de paso de diez (10.00) metros de ancho de los cuales cinco (5.00) pertenecen a esta parcela; por el SUR, con la parcela nÃºmero cincuenta y dos (52); por el ESTE, con la parcela nÃºmero cincuenta y cinco (55) y por el OESTE, con la parcela nÃºmero cincuenta y siete (57). Property Five guarantees one recorded mortgage. (Parcel E to Mortgage Note B, Docket No. 234 at 6, Docket No. 1 at 6-7; Docket Nos. 23-13, 38-38; see Docket No. 23-2, ¶ 3.) Property Six RÃ STICA: Parcela nÃºmero cincuenta y siete (57), radicada en el Barrio BoquerÃ³n del tÃ©rmino municipal de Cabo Rojo, Puerto Rico, con cabida superficial de CINCO CUERDAS (5.00 CDAS.), equivalentes a una (1) hectÃ¡rea, noventa y seis (96) Ã¡reas y sesenta (60) centiÃ¡reas. En lindes por el NORTE, con terrenos de Merino Quirino Pedroso y servidumbre de paso de diez (10.00) metros de ancho de los cuales cinco (5.00) pertenecen a esta parcela; por el SUR, con las parcelas nÃºmeros ciento ochenta (180) y cincuenta y dos (52); por el ESTE, con la parcela nÃºmero cincuenta y seis 6 (56) y por el OESTE, con terrenos de los hermanos Ruiz y servidumbre de paso de diez (10.00) metros de ancho de los cuales cinco (5.00) pertenecen a esta parcela. Property Six guarantees one recorded mortgage. (Parcel F to Mortgage Note B, Docket No. 23-4 at 6-7, Docket No. 1 at 7; Docket Nos. 23-14, 38-39; see Docket No. 23-2, ¶ 3.) Property Seven RÃ STICA: Parcela de terreno radicada en el Barrio Calvache del municipio de RincÃ³n, Puerto Rico con una cabida superficial de CUARENTA Y SIETE MIL QUINIENTOS OCHENTA Y TRES PUNTO CINCUENTA Y TRES (47,583.53) METROS CUADRADOS igual a doce cuerdas con diez centÃ©simas de otra (12.10 cdas.) . En lindes al NORTE, con camino municipal; por el SUR, con Emilio Ruiz Cajigas; por el ESTE, con SucesiÃ³n de Juan Ruiz Crespo y por el OESTE, con la carretera y VÃctor Ruiz ValentÃn. Property Seven guarantees three mortgages, one of which is recorded (Parcel B to Mortgage Note D, Docket No. 23-4 at 13, Docket No. 1 at 14; Docket Nos. 23-6, 38-31; see Docket No. 23-2, ¶ 3), and two of which have been presented but not recorded. (Parcel A to Mortgage Note C, Docket No. 23-4 at 8, Docket No. 1 at 9; Parcel B to Mortgage Note E, Docket No. 23-4 at 15, Docket No. 1 at 16; Docket Nos. 23-6, 38-31; see Docket No. 23-2, ¶ 3.) Property Eight RÃ STICA: Parcela nÃºmero diecisÃ©is (16), radicada en el Barrio BoquerÃ³n del tÃ©rmino municipal de Cabo Rojo, Puerto Rico, con una cabida superficial de CINCO CUERDAS (5.00 CDAS.), equivalente a una (1) hectÃ¡rea, noventa y seis (96) Ã¡reas y sesenta (60) centiÃ¡reas y en lindes por el NORTE, con terrenos de los hermanos Ruiz y servidumbre de paso de diez (10.00) metros de ancho de los cuales cinco (5) metros, pertenecen a esta parcela; por el SUR, con la parcela nÃºmero sesenta y cuatro (64) y servidumbre de paso de diez (10.00) metros de ancho, de los cuales cinco (5) pertenecen a esta parcela; por el ESTE, con la parcela nÃºmero ciento ochenta (180) y servidumbre de paso de diez (10.00) metros de ancho, de los cuales cinco (5) pertenecen a esta parcela y por el OESTE, parcela nÃºmero quince (15) y servidumbre de paso de diez (10.00) metros, de los cuales cinco (5) pertenecen a esta parcela. Property Eight guarantees one recorded mortgage. (Parcel E to Mortgage Note C, Docket No. 7 23-4 at 10-11, Docket No. 1 at 11; Docket Nos. 23-9, 38-34; see Docket No. 23-2, ¶ 3.) Property Nine RÃ STICA: Parcela nÃºmero treinta y tres (33), radicada en el Barrio BoquerÃ³n del tÃ©rmino municipal de Cabo Rojo, Puerto Rico, con una cabida superficial de CINCO CUERDAS (5.00 CDAS.), equivalente a una (1) hectÃ¡rea, noventa y seis (96) Ã¡reas y sesenta (60) centiÃ¡reas y en lindes por el NORTE, con terrenos de los Hermanos Ruiz y servidumbre de paso de diez (10.00) metros de ancho, de los cuales cinco (5) metros, pertenecen a esta parcela; por el SUR, con la parcela nÃºmero cinco (5) y servidumbre de paso de diez (10.00) metros de ancho, de los cuales cinco (5) pertenecen a esta parcela; por el ESTE, con la parcela nÃºmero ciento treinta y ocho (138) y servidumbre de paso de diez (10.00) metros de ancho, de los cuales cinco (5) pertenecen a esta parcela y por el OESTE, parcela nÃºmero treinta (30) y servidumbre de paso que las separa. Property Nine guarantees one recorded mortgage. (Parcel F to Mortgage Note C, Docket No. 234 at 11, Docket No. 1 at 11-12; Docket Nos. 23-10, 38-35; see Docket No. 23-2, ¶ 3.) Property Ten RÃ STICA: Parcela de terreno que radica en el Barrio Calvache del municipio de RincÃ³n, Puerto Rico, con un Ã¡rea superficial de QUINCE MIL SETECIENTOS TREINTA Y TRES PUNTO CINCO MIL NOVECIENTOS VEINTICINCO (15,733.5925) METROS CUADRADOS, equivalentes a cuatro cuerdas con treinta y una diezmilÃ©simas de otra (4.0031 cdas.). Colinda al NORTE, con camino municipal; al SUR, con una quebrada; al ESTE, con terrenos del remanente de finca principal y al OESTE, con terrenos propiedad de VÃctor Ruiz. Property Ten guarantees two mortgages, one of which is recorded (Parcel A to Mortgage Note D, Docket No. 23-4 at 13, Docket No. 1 at 12; Docket Nos. 23-8, 38-33; see Docket No. 23-2, ¶ 3) and one of which has been presented but not recorded. (Parcel A to Mortgage Note E, Docket No. 23-4 at 15, Docket No. 1 at 15-16; Docket Nos. 23-8, 38-33; see Docket No. 23-2, ¶ 3.) Property Eleven RÃ STICA: FracciÃ³n de terreno compuesta de DOS CUERDAS CON CUARENTA Y TRES CENTÃ SIMAS DE OTRA (2.43 cdas.), equivalentes a noventa y seis (96) Ã¡reas, sesenta y ocho (68) centiÃ¡reas y setenta y cinco (75) miliÃ¡reas radicada en el 8 Barrio Calvache del municipio de RincÃ³n, Puerto Rico. En lindes al NORTE, con predio segregado; por el SUR, con JosÃ© GonzÃ¡lez de Armas; por el ESTE, con la carretera insular nÃºmero dos (2); y por el OESTE, con Antonio Santos. Expropiados posteriormente tres (3) parcelas de Setecientos Cincuenta y Uno Punto Mil Quinientos Cincuenta y Cuatro (751.1554) Metros Cuadrados; Seiscientos Diez Punto Cuatrocientos Noventa y Tres (610.493) Metros Cuadrados y Setecientos Cincuenta y Uno Punto Mil Quinientos Cincuenta y Cuatro (751.1554) Metros Cuadrados, sin que conste descrito el remanente. Property Eleven guarantees two mortgages, one of which is recorded (Parcel C to Mortgage Note D, Docket No. 23-4 at 13-14, Docket No. 1 at 14, Docket Nos. 23-7, 38-32; see Docket No. 23-2, ¶ 3) and one of which has been presented but not recorded. (Parcel C to Mortgage Note E, Docket No. 23-4 at 15-16, Docket No. 1 at 16-17; Docket Nos. 23-7, 38-32; see Docket No. 23-2, ¶ 3.) PRFC has not submitted title searches corresponding to three of the properties described in the mortgage deeds. Accordingly, foreclosure proceedings shall not proceed as to the following three properties: Property Twelve RÃ STICA: Parcela nÃºmero ciento setenta y ocho (178), radicada en el Barrio BoquerÃ³n del tÃ©rmino municipal de Cabo Rojo, Puerto Rico, con una cabida superficial de CINCO CUERDAS (5.00 CDAS.), equivalentes a una (1) hectÃ¡rea, noventa y seis (96) Ã¡reas y sesenta (60) centiÃ¡reas. En lindes por el NORTE, con las parcelas nÃºmeros cinco (5), seis (6) y sesenta y cuatro (64) y servidumbre de paso de diez (10.00) metros de ancho de los cuales cinco (5.00) pertenecen a esta parcela; por el SUR, con las parcelas nÃºmeros ciento setenta y seis (176) y sesenta y seis (66) y servidumbre de paso de diez (10.00) metros de ancho de los cuales cinco (5.00) pertenecen a esta parcela; por el ESTE, con la parcela nÃºmero treinta y dos (32) y por el OESTE, con la parcela nÃºmero ciento setenta y seis (176) y servidumbre de paso de diez (10.00) metros de ancho de los cuales cinco (5.00) pertenecen a esta parcela. Property Twelve allegedly guarantees one recorded mortgage. (Parcel G to Mortgage Note B, Docket No. 23-4 at 7, Docket No. 1 at 7-8; see Docket No. 23-2, ¶ 3. Compare Docket No. 23-18 9 and Docket No. 38-43 with Docket No. 1-13 at 3.) Property Thirteen RÃ STICA: Parcela nÃºmero ciento treinta y ocho (138), radicada en el Barrio BoquerÃ³n del tÃ©rmino municipal de Cabo Rojo, Puerto Rico, con una cabida superficial de CINCO CUERDAS (5.00 CDAS.), equivalente a una (1) hectÃ¡rea, noventa y seis (96) Ã¡reas y sesenta (60) centiÃ¡reas y en lindes por el NORTE, parcela nÃºmero treinta y dos (32) y servidumbre de paso de diez (10.00) metros de ancho de los cuales cinco (5) pertenecen a esta parcela; por el SUR, con la parcela nÃºmero seis (6) y servidumbre de paso de diez (10.00) metros de ancho, de los cuales cinco (5) pertenecen a esta parcela; por el ESTE, con la parcela nÃºmero quince (15) y servidumbre de paso de diez (10.00) metros de ancho, de los cuales cinco (5) pertenecen a esta parcela y por el OESTE, con la parcela nÃºmero treinta y tres (33) y servidumbre de paso de diez (10.00) metros de los cuales cinco (5) pertenecen a esta parcela. Property Thirteen allegedly guarantees one recorded mortgage. (Parcel D to Mortgage Note C, Docket No. 23-4 at 10, Docket No. 1 at 10-11; see Docket No. 23-2, ¶ 3. Compare Docket No. 23-15 and Docket No. 38-40 with Docket No. 1-18 at 2.) Property Fourteen RÃ STICA: Parcela nÃºmero quince (15) radicada en el Barrio BoquerÃ³n del tÃ©rmino municipal de Cabo Rojo, Puerto Rico, con una cabida superficial de CINCO CUERDAS (5.00 CDAS.), equivalente a una (1) hectÃ¡rea, noventa y seis (96) Ã¡reas y sesenta (60) centiÃ¡reas y en lindes por el NORTE, parcela nÃºmero diecisÃ©is (16) y servidumbre de paso de diez (10.00) metros de ancho, de los cuales cinco (5) metros, pertenecen a esta parcela; por el SUR, con la parcela nÃºmero seis (6) y servidumbre de paso de diez (10.00) metros de ancho, de los cuales cinco (5) pertenecen a esta parcela; por el ESTE, con la parcela nÃºmero diecisÃ©is (16) y servidumbre de paso de diez (10.00) metros de ancho, de los cuales cinco (5) pertenecen a esta parcela y por el OESTE, con la parcela nÃºmero ciento treinta y ocho (138) y servidumbre de paso de diez (10.00) metros, de los cuales cinco (5) pertenecen a esta parcela. Property Fourteen allegedly guarantees one recorded mortgage. (Parcel G to Mortgage Note C, Docket No. 23-4 at 11-12, Docket No. 1 at 12; see Docket No. 23-2, ¶ 3.Compare Docket No. 23-16 and Docket No. 38-41 with Docket No. 1-18 at 3.) 10 III. CONCLUSION For the reasons explained above, PRFC s Motion for Summary Judgment (Docket No. 23) is GRANTED IN PART AND DENIED IN PART. Judgment shall be entered in favor of PRFC in the amount of $4,304,268.28 of principal, plus $95,015.78 of accrued interest as of April 8, 2009, plus interest on unmatured principal accruing thereafter at the rate of 5.25% per annum, approximately equivalent to $617.10 daily until the date of its full payment, plus $430,500.00 for costs, expenses and attorney s fees. A decree of public sale shall be entered as to Properties One through Eleven, as described above, but only on the basis of recorded mortgages. Mortgages which have been presented to the Registry of Property but not recorded remain pending. The request for a decree of public sale as to Properties Twelve, Thirteen, and Fourteen, however, is denied. IT IS SO ORDERED. In San Juan, Puerto Rico, this 9th day of April, 2010. s/Marcos E. LÃ³pez U.S. MAGISTRATE JUDGE 11

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