Common use of Cal Clause in Contracts

Cal. App. 4th 731, 737 (Cal. Ct. App. 2d Dist. 2001) (“The purpose of [a credit bid] is to avoid the inefficiency of requiring the lender to tender cash which would only be immediately returned to it.”). When the Teisinas appealed the summary judgment order and several interlocutory orders (CAAP-12-0000529), the circuit court conditioned a stay upon the posting of a $400,000.00 bond. The Teisinas were unable to post a bond and the appeal was eventually dismissed for lack of appellate jurisdiction. The public auction took place on June 5, 2012. There were two bids for Parcel 33 –- a $400,000 bid to include the Teisinas’ house and a $425,000 bid from Trustee ▇▇▇▇▇▇▇ not to include the Teisinas’ house. On October 25, 2012, the circuit court confirmed the sale. The Confirmation Order states that “the Teisinas’ house on Parcel 33 contributed $150,000 in value to the confirmed purchase price of $425,000” and, therefore, “it is appropriate that the Teisinas’ house bear 150/425ths of the fees and costs incurred in this partition as attributed to Parcel 33[.]” After payment of the respective percentage of the commissioner’s fees and expenses ($12,336.52), Trustee ▇▇▇▇▇▇▇’▇ attorneys’ fees ($180,000.00) and costs ($4,100.97), and Parcel 33’s real property taxes ($44,914.26), the Teisinas were awarded $71,750.126 to be distributed when they surrendered their house. The circuit court 6 The Teisinas’ share of the sale proceeds was calculated as follows: Share of Gross Proceeds ($425,000) $ 150,000.00 Share of Commissioner’s Fees/Costs ($ 3,918.66) Share of Property Taxes ($ 15,852.09) Share of Trustee ▇▇▇▇▇▇▇’▇ Fees/Costs ($ 58,479.13) NET DISTRIBUTION $ 71,750.12 ordered the sale to close by November 25, 2012, unless extended, and “retain[ed] jurisdiction, as needed to assure the orderly transition of Parcel 33 and to make any adjustments to the distribution to the Teisinas as may be warranted if there is noncompliance or delay in [peacefully surrendering their house].” In all respects, the Confirmation Order effectively terminated the Teisinas’ rights to the property. Final judgment as to Parcel 33 has not been entered.7