ERIE – Two New Jersey individuals are alleged to have failed to honor their obligations as loan guarantors.
Iowa Square Realty LLC filed a complaint on July 13 in the U.S. District Court for the Western District of Pennsylvania against Ravinder Thota and Yashodhara Devi Thota alleging breach of contract.
According to the complaint, in June 2012, Paradigm Credit Corp. issued a $3.2 million commercial mortgage loan to JSMN Shenango Valley Mall LLC, JSMN Shopping Center LLC and JSMN Shopping Plaza LLC and the borrowers failed to make payments. The suit states that the defendants were guarantors on the loan and that the plaintiff is the successor-in-interest to the original loan.
The plaintiff holds Ravinder Thota and Yashodhara Devi Thota responsible because the defendants allegedly failed to honor their obligations under the guarantees by complying with the demand for payment.
The plaintiff seeks judgment against the defendants for contractual damages, interest, court costs and any further relief the court grants. It is represented by Daniel JT McKenna, Raymond A. Quaglia and Clifford Sacalis of Ballard Spahr LLP in Philadelphia.
U.S. District Court for the Western District of Pennsylvania case number 2:17-cv-00926-CRE