WHAT THEY'RE REFERRING TO, MAYBE THAT WE WERE GOING TO OFFSET IT AGAINST SOMETHING, BUT THAT'S NOT - - THE COURT: IT ISN'T DOLLAR BILLS OR CERTIFIED CHECKS BUT CASH PAYMENT BY CHECK OR DRAFT. MR. PERILLAT: READILY AVAILABLE. MR. REUBEN: THERE WILL BE NO DOWN PAYMENT. THE NOTE AND THE DEED OF TRUST, THE NOTE SECURED BY THE DEED OF TRUST WILL BE ALL DUE AND PAYABLE ON THE SAME DATE AS THE EXISTING WRAP MORTGAGE, A DOCUMENT WITH WHICH WE ARE ALL FAMILIAR. THE PURCHASE OF THE LAND IS AS IS. WE - - MS. SCHLICHT: IT'S AS IS, INCLUDING BUT NOT LIMITED TO TITLE ISSUES. MR. REUBEN: THAT'S CORRECT, AND I'M GOING TO TALK SLIGHTLY MORE ABOUT THOSE AS I GO THROUGH THIS. THE NEXT MAJOR POINT, WE UNDERSTAND THAT MR. NELSON OR HIS ENTITIES WILL CONTINUE TO BE OBLIGATED TO PERFORM ON A WRAP MORTGAGE, AND WE EXPECT THAT HE WILL CONTINUE TO PERFORM ON THAT WRAP MORTGAGE, WHICH OBLIGATION WILL BE EVIDENCED BY DOCUMENTATION SUFFICIENT TO METRIC, AND WE WILL CONTINUE TO PAY HIM THE DIFFERENCE BETWEEN THE UNDERLYING NOTE AND THE WRAP NOTE, WHICH IS ABOUT $4300 A MONTH, I BELIEVE. MS. SCHLICHT: IT'S 4167. MR. REUBEN: THAT'S CLOSER. THE COURT: IN CASE THERE IS AN ARGUMENT SOME DAY, THE NUMBER IS 4167; CORRECT? MS. SCHLICHT: THAT'S CORRECT.
MR. REUBEN: I'LL DO THIS FOR MY PARTY. METRIC AGREES THAT IT'S 4167.
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GOING SLIGHTLY OUT OF ORDER, BECAUSE THAT'S THE WAY OUR NEGOTIATIONS TOOK PLACE OUT IN THE HALLWAY, BUT I THINK WE'LL GET IT ALL ONTO THE RECORD AND WORK IT OUT IN OUR DOCUMENTATION, THE NEXT MAJOR POINT, ALL PARTIES UNDERSTAND THAT THERE ARE THIRD-PARTY ISSUES OUTSIDE THE PRESENT CONTROL OF THE PARTIES TO THIS LITIGATION THAT COULD CONCEIVABLY PRECLUDE PERFORMANCE OF THIS DEAL OR TRANSACTION, IN WHICH CASE WE UNDERSTAND THAT THIS COURT WILL RETAIN JURISDICTION TO FURTHER CONSIDER THE SETTLEMENT AND/OR SET FOR TRIAL ON A DATE ACCEPTABLE TO THE COURT. THE COURT: WHAT THIS COURT WILL DO IF THERE IS A PROBLEM WITH SOMETHING OUTSIDE BY A THIRD-PARTY PROCEEDING OR SOMETHING OUTSIDE THE CONTROL OF THESE PARTIES THAT PREVENTS THIS SETTLEMENT FROM ACTUALLY OCCURRING, THIS COURT WILL HEAR ANOTHER SETTLEMENT CONFERENCE, MAKE EVERY EFFORT TO GET THIS CASE SETTLED, AND IF FOR SOME REASON IT'S JUST IMPOSSIBLE TO DO SO, BUT ONLY AS A RESULT OF WHAT SOMEBODY OUTSIDE THE CASE HAS DONE, THIS COURT, DEPARTMENT 10, WILL RETAIN JURISDICTION OVER IT. MR. REUBEN: THAT'S WHAT THE PARTIES UNDERSTAND. THE COURT: BUT IF SOMEBODY INSIDE THIS AGREEMENT DOES SOMETHING THAT ISN'T ACCEPTABLE, THE COURT WILL ENFORCE THIS SETTLEMENT. MR. REUBEN: IF THE LATTER WERE TO OCCUR, I'M SURE THAT THE AGGRIEVED PARTY WILL BE BACK TO THIS COURT REQUESTING SOME HELP. THE COURT: I'LL BE HERE.
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PERHAPS BEST, ALL LITIGATION IN THIS CASE WILL CEASE PENDING THE COMPLETION OF THE DOCUMENTATION TO COMPLETE THE SETTLEMENT. THE PARTIES UNDERSTAND THAT DISCOVERY IS CLOSED AND HAS BEEN CLOSED ACTUALLY BY