DNK Homes, LLC v. BLACK PEARL HOLDING LLC

IN THE DISTRICT COURT OF POTTAWATOMIE COUNTY STATE OF OKLAHOMA DNK HOMES LLC, Plaintiff, v. BLACK PEARL HOLDING LLC, Defendant. Case No.CJ-20-70 PETITION FOR FORECLOSURE OF REAL ESTATE MORTGAGE COMES NOW the Plaintiff, DNK Homes, LLC and hereby submits this Petitions as serving its claims and demands against the following Defendant, Black Pearl Holding, LLC and any lease holders or other occupants of the premises. For this Petition, DNK Homes, LLC alleges and states the following: 1. DNK Homes, LLC is an Oklahoma Limited Liability Company doing business in the state of Oklahoma. 2. Black Pearl Holding, LLC is an Oklahoma Limited Liability Company doing business in the state of Oklahoma. 3. Plaintiff hereto at this time is not aware of any liens filed on this said property. 4. Real property which is subject to this cause of action hereto is located in Pottawatomie County, Oklahoma at 42274 Benson Park Road, Shawnee, Oklahoma. 5. Accordingly, this Court has jurisdiction over the parties and subject matter of this action pursuant to Title 12 O.S.§132. FIRST CAUSE OF ACTION: PROMISSORY NOTE DNK Homes, LLC readopts and realleges each and every allegation contained in paragraphs 1-5 above of this Petition as is fully set forth herein, and for its first cause of action against the Defendant Black Pearl Holding, LLC alleges and states the following: 1. On or about August 6, 2024 for good and valuable consideration, Black Pearl Holding, LLC executed and delivered to DNK Homes, LLC a certain Promissory Note dated on or about August 6, 2024 payable to DNK Homes, LLC, in the original principal amount of $400,000.00, the Note is hereby collectively referred to as ("Note), attached as Exhibit A. 2. Without limitation, Black Pearl Holding, LLC, defaulted on the Note by failing to pay certain monthly payments when due. 3. The Defendants last payment was November 2025. The balance as of the last payment made by the Defendant on said note was $224,465.86, which remains due and owing. 4. Notice was issued to the Defendant on December 17, 2025 providing them with a 3-day period to bring their loan current or vacate the property. Regrettably, they have failed to comply with this notice. SECOND CAUSE OF ACTION: MORTGAGE FORECLOSURE DNK Homes, LLC readopts and realleges each and every allegation contained in paragraphs 1-5 above of this Petition as is fully set forth herein, and for its first cause of action against the Defendant Black Pearl Holding, LLC alleges and states the following: 1. To secure performance of the Defendants, Black Pearl Holding, LLC, obligation to DNK Homes, LLC, including and without limitation, the Note Black Pearl Holding, LLC, executed and delivered to DNK Homes, LLC, a certain Mortgage dated August 6, 2024 and recorded August 8, 2024 in Book 010188 Page 3827 - 3829 the records of the County Clerk of Pottawatomie County. A copy of the original Mortgage is Exhibit B hereto. 2. DNK Homes, LLC, is sometimes referred to as the Mortgagee in the above described documents which is one and the same as the Plaintiff. 3. The Mortgage covers the real property and the premises described as: TRACT 3 A part of Government Lot 3 and a part of Government Lot 4 in Section 5, Township 9 North, Range 4 East, I.M., Pottawatomie County, Oklahoma, being more particularly described as follows: Beginning at the Northwest Corner of said Government Lot 3, thence S.89°56'10"E. 197.26 feet; thence S.00°00'00"E. 281.58 feet; thence N.90°00'00"E. 98.87 feet; thence S.01°03'33"W. 191.03 feet; thence S.90°00'00"E. 497.61 feet; thence S.00°03'30"E. 848.14 feet; thence N.89°56'11"W. 1247.66 feet; thence N.00°13'29"E. 965.86 feet; thence N.89°50'37"E. 452.31 feet; thence N.00°04'52"E. 352.47 feet to the point of beginning, containing 28.046 acres, more or less. 42274 Benson Park Road, Shawnee, Oklahoma. 4. By virtue of Defednats default under the Note the Mortgage is also in default. 5. The named Defendant and any lease holders or occupants of the Mortgage property may claim some right, title or interest in the Mortgage property, However, any right, title and interest claimed by such parties and inferior Mortgage lien claimed by DNK Homes, LLC, unless otherwise specifically set forth herein. WHEREFORE Plaintiff, DNK Homes, LLC, request judgement: (a) In rem against Black Pearl Holding, LLC (b) Determining DNK Homes, LLC, right, title and interest unto the Mortgage property to be valid, first lien superior of that of all other parties (subject only to unpaid ad valorem taxes); (c) Note and the Mortgage should be foreclosed and that all right, title, and interest of Defendant Black Pearl Holding LLC in and to the Property is hereby terminated and title to the Property is vested solely in Plaintiff, DNK Homes LLC. (d) Declaring the right, title and interest of the Defendant in and to the Mortgage property subject, junior and inferior to the Mortgage lien of DNK Homes, LLC, and ordering that upon confirmation of title transfer, Defendant and all other persons claiming by, through and under them since the commencement of this action shall be forever barred, foreclosed and enjoined from asserting or claiming any right, title, interest, estate or equity of redemption in and to the Mortgage property, or any part thereof; and (e) Awarding such other relief as DNK Homes, LLC may be entitled to in the premises. WHEREFORE, premises considered, DNK Homes, LLC, prays the Court to grant judgement to the Plaintiff in favor and against the Defendant in the amount of $$224,465.86 plus interest on the Mortgage and Note, plus attorney’s fees and costs for which the foreclosure of the subject property should occur and any debt and relief upon payment thereto. DATED this 13th day of February 2026. Respectfully submitted, Chris Harper, OBA #10325 CHRIS HARPER, INC. P.O. Box 5888 Edmond, Oklahoma 73083 Telephone: 405-359-0600 Facsimile: 405-340-1973 [email protected] Attorney for the Plaintiff REAL ESTATE MORTGAGE WITH POWER OF SALE KNOW ALL PERSONS BY THESE PRESENTS that: BLACK PEARL HOLDING LLC, AN OKLAHOMA LIMITED LIABILITY COMPANY, of 16705 Doyle Drive, Edmond, OK 73034, (called “Mortgagor,” whether one or more) mortgages to: DNK HOMES LLC, AN OKLAHOMA LIMITED LIABILITY COMPANY, of 3520 Moultrie Avenue, Oklahoma City, OK 73112, (called “Mortgagee,” whether one or more) and which term shall be construed to include Mortgagee’s successors and assigns) the following described real estate and premises located in Pottawatomie County, State of Oklahoma: TRACT 3 A part of Government Lot 3 and a part of Government Lot 4 in Section 5, T. 9 N., R. 4 E., I.M., Pottawatomie County, Oklahoma, being more particularly described as follows: Beginning at the Northwest Corner of said Government Lot 3, said point also being the Northeast Corner of said Government Lot 4, thence S.89°56'10"E., along the North Line of said Government Lot 3 and the basis for the bearings in the following description prepared by James S. Yager, Licensed Professional Land Surveyor, a distance of 197.26 feet; thence S.00°00'00"E., a distance of 281.58 feet; thence N.90°00'00"E., a distance of 98.87 feet; thence S.01°03'33"W., a distance of 191.03 feet; thence S.90°00'00"E., a distance of 497.61 feet; thence S.00°03'30"E., a distance of 848.14 feet to the South Line of said Government Lot 3; thence N.89°56'11"W., along the South Line of said Government Lot 3 and Government Lot 4, a distance of 1247.66 feet; thence N.00°13'29"E. and parallel with the West Line of said Government Lot 4, a distance of 965.86 feet; thence N.89°50'37"E., a distance of 452.31 feet to the West Line of said Government Lot 4; thence N.00°04'52"E. along the East Line of said Government Lot 4, a distance of 352.47 feet to the point or place of beginning. Said described tract contains 1,221,670.245 Square Feet or 28.046 Acres, more or less, with all the buildings and other improvements located or constructed on the real estate, all fixtures, personal property used on or in, and appurtenances to the real estate, and Mortgagor assigns and pledges all rents, issues, profits, income derived from the above said real estate (collectively referred to as the “Mortgaged Property”). This Mortgage and assignment of rents, issues, profits and income derived from the Mortgaged property creates a security interest in the Mortgaged Property and like kind future property from the time this Mortgage and assignment is granted even though enforcement of the assignment of rents, issues, profits and income may be delayed until default. Mortgagor warrants the title to the Mortgaged Property. This Mortgage is given by Mortgagor to Mortgagee to secure the full payment and performance of the indebtedness evidenced by the following described promissory Note(s) (the “Note,” whether one or more) and any modifications, renewals or substitutions of the Note, as well as any other amounts owing to Mortgagee under the terms of this Mortgage (collectively, the “Debt”): Promissory Note dated 8/18/2024, in the name DNK HOMES LLC, in the amount of $400,000.00. The first principal payment of $12,719.89 is due the first day of the fourth month following the date of this Mortgage. There shall be 35 additional payments due of $12,719.89. Upon the last payment all outstanding principal and accrued and unpaid interest shall be due and payable. If Debtor pays additional principal each year the amount due shall be adjusted accordingly. The Lender shall grant and file Partial Mortgage Releases if Debtor sells parcels of the real property. One Hundred percent (100%) of the sales proceeds (after all costs from such sale has been paid) from such parcel sales shall be paid to Lender as payment towards the principal of said loan. Mortgagor further agrees (a) to pay and discharge all taxes and assessments on the Mortgaged Property before they become delinquent; (b) to keep all the Mortgaged Property insured under policies which are acceptable to, and for the benefit of, Mortgagee; (c) to cure all title defects or clouds on or claims against Mortgagor’s title which may arise or be discovered; (d) to keep the Mortgaged Property in good condition and repair, and to repair or replace any damaged or destroyed Mortgaged Property; (e) to keep the Mortgaged Property free and clear of any and all levies, liens, attachments, or other claims; and (f) to discharge any and all levies, liens, attachments, or other claims which may be asserted against the Mortgaged Property. Mortgagor also agrees with respect to the Mortgaged Property to comply with all environmental law and regulations now in force or later promulgated and to disclose to Mortgagee upon request all information regarding the environmental status of the Mortgaged Property. Mortgagor grants Mortgagee the right to acquire additional environmental information regarding the Mortgaged Property. Mortgagor also grants Mortgagee or its agents a license to enter onto the Mortgaged Property and inspect it for any reason and further agrees to indemnify Mortgagee for any liability associated with the Mortgaged Property. The discovery of undisclosed environmental hazards on the Mortgaged Property may at the option of Mortgagee be considered an Event of Default under this Mortgage. If the Mortgaged Property is Mortgagor’s homestead and a Mortgagor is the spouse of another Mortgagor or the Borrower identified in the Note but is not obligated under the Note and is only signing this Mortgage to satisfy the requirements of Title 16 Okla. Stat. § 4 (which requires a spouse to sign a mortgage on homestead property), then such Mortgagor is not obligated under the provisions of the immediately preceding paragraph and is only signing this Mortgage to convey his or her interest in the Mortgaged Property. If Mortgagor fails to fulfill the agreements in the Mortgage, Mortgagee may purchase insurance or pay taxes, assessments or other liens and appropriate sums to protect the Mortgaged Property, and shall have a lien secured by this Mortgage and assignment for the amount of those sums with interest at the maximum rate of interest on the Note secured by this Mortgage and assignment except as otherwise provided in the Note. If Mortgagee is required to first give Mortgagor notice, notice mailed or delivered at least 5 days before action is taken will be considered reasonable. Mortgagor confers on mortgagee or its attorney or agent the power to sell the Mortgaged Property and the interests of all persons in it in the manner provided in the Oklahoma Power of Sale Mortgage Foreclosure Act (Title 46 Okla. Stat. § 40 et seq.). On the occurrence of an Event of Default (as described in this Mortgage), Mortgagee may, at its option, accelerate payment of the Debt and all other indebtedness secured by this Mortgage so that all the Debt shall be immediately due and payable and may either exercise the Power of Sale or foreclose this Mortgage in a judicial foreclosure. The following are considered “Events of Default:” (a) any default in payment of the Debt or performance under the Note; (b) Mortgagor fails to perform any covenant or agreement contained in this Mortgage or in any other indebtedness, obligation or agreement of the Mortgagor to Mortgagee or to another; (c) Mortgagor sells, conveys, transfers, hypothecates, or in any other manner ceases to be the owner or in possession of all or any portion of or interest in the Mortgaged Property, except as agreed to by Mortgagee in writing or as permitted under applicable law; or (d) Mortgagee believes the prospect of payment under the Note is impaired or the Mortgaged Property is in jeopardy. Subject to the provisions of the Oklahoma Power of Sale Mortgage Foreclosure Act, Mortgagee may accelerate payment of the Debt for the reasons stated in this Mortgage without notice to, or demand on, Mortgagor. The Mortgagor irrevocably appoints the Mortgagee its lawful attorney in fact, with Power of Attorney in its name and stead to collect any income, rents, issues and profits arising from or accruing at any time that are due under each and all of the leases, contracts and agreements, written and verbal, now existing or existing in the future with reference to the Mortgaged Property, with the same rights and powers and subject to the same immunities, exoneration of liability and rights of recourse and indemnity as the Mortgagor would have. As often as any action may be taken to foreclose this Mortgage or to exercise rights under the Power of Sale Mortgage Foreclosure Act, Mortgagor agrees to pay to Mortgagee an attorney’s fee of 15% of the amount due or the actual amount of the attorney's fee incurred, whichever is greater, in addition to other sums due, all of which shall be secured by this Mortgage except as otherwise provided in the Note. If there is a foreclosure of this Mortgage other than by Power of Sale, Mortgagor waives appraisement of the Mortgaged Property, unless Mortgagee seeks an appraisal. Appraisal shall be at Mortgagee’s sole option, to be declared when the petition to foreclose is filed or when judgment is taken. Mortgagor understands and agrees that on Mortgagor’s default, a court may grant specific performance of Mortgagor’s agreements in this Mortgage, and Mortgagee will have the right to take possession of the Mortgaged Property by appointing a receiver as allowed by Title 12 Okla. Stat. § 1551.2(c) which authorizes appointment when a condition of a mortgage has not been performed and the mortgage provides for appointment of a receiver. The court may also appoint a receiver on any other ground specified in Title 12 Okla. Stat. § 1551. “A POWER OF SALE HAS BEEN GRANTED IN THIS MORTGAGE. A POWER OF SALE MAY ALLOW THE MORTGAGEE TO TAKE THE MORTGAGED PROPERTY AND SELL IT WITHOUT GOING TO COURT IN A FORECLOSURE ACTION UPON DEFAULT BY THE MORTGAGOR UNDER THIS MORTGAGE.” SIGNATURE(S) OF MORTGAGOR(S) Signed and Delivered on this Date: Date: 06/06/2024 Duy Khanh Nguyen, Managing Member of BLACK PEARL HOLDING LLC, AN OKLAHOMA LIMITED LIABILITY COMPANY ACKNOWLEDGMENT FOR INDIVIDUALS ACTING IN HIS OR HER OWN RIGHT STATE OF OKLAHOMA COUNTY OF Middlesex New Jersey SS. On this 06 day of August, 2024, before me the undersigned, a notary public, in and for said county and state, personally appeared Duy Khanh Nguyen, Managing Member of BLACK PEARL HOLDING LLC, AN OKLAHOMA LIMITED LIABILITY COMPANY, known to be the identical person who signed the within and foregoing instrument and acknowledged to me that he/she executed the same as his/her free and voluntary act and deed, for the uses and purposes herein set forth. My Commission Expires and Number is: April 25, 2028 NOTARY PUBLIC JENNIFER N AGYEI Notary Public, State of New Jersey My Commission Expires Apr 25, 2028 PROMISSORY NOTE U.S. $400,000.00 August 9, 2024 FOR VALUE RECEIVED, the undersigned BLACK PEARL HOLDING LLC, an Oklahoma limited liability company, ("Debtor") promises to pay DNK HOMES LLC, an Oklahoma limited liability company, ("Lender"), for the principal sum of Four Hundred Thousand and no/100s ($400,000.00) Dollars, along with any and all future loans, advances, obligations and indebtedness incurred by the Debtor with Lender, with interest thereon from the date hereof at the rate of 9.269% per annum. The mortgage payment is payable in monthly installments of $12,719.89. The first payment of $12,719.89 is due the first day of the fourth month following the date of this Mortgage. Said Promissory Note and Mortgage is to be paid in full on or before 35 months after the first payment is made, at which time all outstanding principal and accrued and unpaid interest shall be due and payable. Debtor agrees to pay a penalty equivalent to one hundred ($100.00) dollars on any installment which is more than five (5) days past due. Tender of the late charge by the Debtor to the note holder shall not prevent the note holder from rejecting such late charge and electing to proceed with acceleration of the balance due under this Note, as such acceleration is provided for below. If default be made in the payment of the indebtedness due under this Note, or upon the occurrence of any other event of default, the holder hereof may at its option declare the entire principal balance owing hereon and all accrued interest immediately due and payable, after the note holder has given Debtor written notice of such payment default, and Debtor have failed to cure said payment within thirty (30) days after receipt of such notice, and the holder hereof shall have the right to enforce all liens or security interests securing payment hereof, or any part thereof, and offset against this Note any sum or sums owed by the holder hereof to Debtor. Failure to exercise this option shall not constitute a waiver of the right to exercise the same in the event of any subsequent default. If suit is brought to collect this Note, or if the Note is placed in the hands of any attorney for collection, or if it is collected through any legal proceedings, Debtor agree to pay the holder all collection costs and fees incurred by the holder in pursuit of such enforcement, including a reasonable attorney’s fee and court costs. Presentment, notice of dishonor and protest are hereby waived by all makers, sureties, guarantors, and endorsers hereof. This Note shall be the joint and several obligation of all makers, sureties, guarantors, and endorsers and shall be binding upon them and their successors and assigns. Holder may, without notice to any party hereto, from time to time, renew, extend, consolidate or modify the indebtedness of the Debtor and accept partial payments thereon without affecting or impairing the obligation of any of the undersigned. Holder may, without notice, take, change, release, or in any way deal with any security of any kind given by the Debtor and accept other guarantors hereon or on similar or different instruments, without affecting the continuing liability of any of the remaining parties. The indebtedness due under this Note may be prepaid without any penalty. Any notice to Debtor provided for in this Note shall be given by mailing such notice addressed to Debtor at the property address stated below, or to such other address as Debtor may designate by notice to the note holder. Any notice to the note holder shall be given by mailing such notice by certified mail, return receipt requested, to the note holder at the address stated below, or at such other address as may have been designated by notice to Debtor. The indebtedness evidenced by this Note may not be assumed without the prior written consent of the holder. This Note shall be governed by and construed in accordance with the laws of the State of Oklahoma and the applicable laws of the United States of America. "DEBTOR" Duy Khanh Nguyen, Manager of BLACK PEARL HOLDING LLC, an Oklahoma limited liability company PROMISSORY NOTE U.S. $400,000.00 August ___, 2024 FOR VALUE RECEIVED, the undersigned BLACK PEARL HOLDING LLC, an Oklahoma limited liability company, ("Debtor") promises to pay DNK HOMES LLC, an Oklahoma limited liability company, ("Lender"), for the principal sum of Four Hundred Thousand and no/100s ($400,000.00) Dollars, along with any and all future loans, advances, obligations and indebtedness incurred by the Debtor with Lender, with interest thereon from the date hereof at the rate of 9.269% per annum. The mortgage payment is payable in monthly installments of $12,719.89. The first payment of $12,719.89 is due the first day of the fourth month following the date of this Mortgage. Said Promissory Note and Mortgage is to be paid in full on or before 35 months after the first payment is made, at which time all outstanding principal and accrued and unpaid interest shall be due and payable. Debtor agrees to pay a penalty equivalent to one hundred ($100.00) dollars on any installment which is more than five (5) days past due. Tender of the late charge by the Debtor to the note holder shall not prevent the note holder from rejecting such late charge and electing to proceed with acceleration of the balance due under this Note, as such acceleration is provided for below. If default be made in the payment of the indebtedness due under this Note, or upon the occurrence of any other event of default, the holder hereof may at its option declare the entire principal balance owing hereon and all accrued interest immediately due and payable, after the note holder has given Debtor written notice of such payment default, and Debtor have failed to cure said payment within thirty (30) days after receipt of such notice, and the holder hereof shall have the right to enforce all liens or security interests securing payment hereof, or any part hereof, and offset against this Note any sum or sums owed by the holder hereof to Debtor. Failure to exercise this option shall not constitute a waiver of the right to exercise the same in the event of any subsequent default. If suit is brought to collect this Note, or if the Note is placed in the hands of any attorney for collection, or if it is collected through any legal proceedings, Debtor agree to pay the holder all collection costs and fees incurred by the holder in pursuit of such enforcement, including a reasonable attorney’s fee and court costs. Presentment, notice of dishonor and protest are hereby waived by all makers, sureties, guarantors, and endorsers hereof. This Note shall be the joint and several obligation of all makers, sureties, guarantors, and endorsers and shall be binding upon them and their successors and assigns. Holder may, without notice to any party hereto, from time to time, renew, extend, consolidate or modify the indebtedness of the Debtor and accept partial payments thereon without affecting or impairing the obligation of any of the undersigned. Holder may, without notice, take, change, release, or in any way deal with any security of any kind given by the Debtor and accept other guarantors hereon or on similar or different instruments, without affecting the continuing liability of any of the remaining parties.