Wichita Hoops, LLC

United States Bankruptcy Court, D. Kansas·Decided July 24, 2023·No. 23-10255·Unknown

Opinion

Bank axes LY

Sl Sewypue □□ SO ORDERED. \y Sar ARS □□ “eS SIGNED this 24th day of July, 2023. Yo aS a □ □ District SE

° | Mitchell L. Herren United States Bankruptcy Judge

DESIGNATED FOR ONLINE PUBLICATION IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF KANSAS

IN RE: WICHITA HOOPS, LLC Case No. 23-10255 Chapter 11 Debtor.

ORDER DENYING WEBB INDUSTRIAL, LLC’s MOTION FOR RELIEF FROM THE AUTOMATIC STAY UNDER 11 U.S.C. § 362(d)(1) OR, ALTERNATIVELY FOR A DETERMINATION THAT NO AUTOMATIC STAY IS IN PLACE UNDER § 362(b)(10) [Doc. 48] Webb Industrial, LLC (“Webb”) is the landlord of a commercial lease with debtor/tenant Wichita Hoops, LLC (“Hoops”). Webb moves for relief from the automatic stay for cause under § 362(d)(1) to proceed with its prepetition Kansas state court forcible detainer lawsuit against Hoops, or alternatively, for a determination that the automatic stay does not apply to the lease under§ 362(b)(10)

(the “Motion”).1 Hoops objects to the Motion.2 The Court held an evidentiary hearing over two days and issued a preliminary oral ruling at the close of evidence.3 This written Order memorializes the Court’s oral ruling and contains its findings of

fact and conclusions of law. I. Factual Background Hoops operates a multi-purpose gymnasium for youth basketball, volleyball,

and personal performance training in what Webb describes in its Motion as a 105,722 square-foot building that Hoops leases from Webb.4 The facility is located on Lots 1 and 2 (Block B Sunflower Commerce Park Addition), with an address of 5260 N. Tolar Drive in Bel Aire, Kansas. Hoops was founded in 2013 and is currently owned by Evan McCorry (33%) and Carlos Perez, Sr. (67%). McCorry is the managing member. Perez, who lives in San Antonio, initially purchased the “land” for his capital contribution to Hoops.5

Hoops then initially owned Lots 1 and 2. Perez individually retained Lot 3, a vacant lot, except for the north one-third of the lot that is now a parking lot adjacent to Lot 2.6 Legacy Bank financed about $4 million for Hoops’ initial construction of the facility. The City of Bel Aire issued Industrial Revenue Bonds (IRBs) in 2014 and

1 Doc. 48. 2 Doc. 97. 3 Webb Industrial, LLC appears by its attorney Nicholas Grillot. Wichita Hoops, LLC appears by its attorney David Prelle Eron. 4 Doc. 48, p. 2, ¶ 3. The Lease Agreement refers to the building as the “Warehouse Building.” Ex. 1, § 2. Premises. 5 Ex. 18 at 9, lines 17-20. 6 Hoops never owned Lot 3 and when it leased back Lot 1 and 2 from Legacy, Lot 3 was not included in the Legacy lease. Sedgwick County granted Hoops a 10-year property tax abatement. Phase II of the project doubled the number of basketball courts in the gymnasium from six to twelve.

In 2020, when Hoops fell behind in payments to Legacy, it deeded the property (Lots 1 and 2) back to Legacy in lieu of foreclosure; Legacy then leased the property back to Hoops until late summer of 2021 when Webb purchased the property from Legacy and entered into the lease that is the subject of this Motion. Perez sold Lot 3 to Legacy Bank prior to Hoops’ deed in lieu. Webb purchased not only Lots 1 and 2, but also Lot 3 that Perez had sold to Legacy.

Webb’s ownership includes Steve Barrett and a member or members of Crossland Construction. Ivan Crossland, Jr signed the lease as managing member of Webb. Crossland’s Realty Group manages the property. Mattie Crossland is the Director of Real Estate for Crossland and oversees lease enforcement. Most of the communications and negotiations regarding the lease occurred between McCorry for Hoops and Barrett for Webb.7 Webb (or Crossland’s legal department) drafted the lease that is at issue.

The Lease, Exhibit 1 Webb and Hoops entered into a two-year triple-net lease agreement on September 24, 2021 (the Lease).8 Highly summarized, Hoops is obligated to pay monthly Base Rent of $26,000 (during the second year of the Lease) and certain

7 Mr. Barrett did not appear or testify at the evidentiary hearing. 8 Ex. 1, § 1.1 and § 3.1. estimated Operating Expenses (real estate taxes, insurance, and common area maintenance) as Additional Rent under the Lease. At the end of each calendar year, the estimated Operating Expenses are reconciled to actual expenses, with Hoops

either receiving a credit (if estimated exceeded actual) or an additional charge (if estimated was less than actual). With respect to real estate taxes, Webb was responsible for payment of all real property taxes attributable to the Property with reimbursement by Hoops as Additional Rent.9 The Lease granted Hoops renewal options to extend the current term of the Lease two times, each for a 2-year period.10 Exercise of the renewal options are conditioned on Hoops being “not then

in default” of the Lease and requires Hoops to provide Webb at least ninety-days’ written notice prior to the end of the current term of the Lease of Hoops’ election to exercise the renewal option.11 The nonpayment of rent (after a 10-day grace period) is defined as an event of default under the terms of the Lease.12 But nothing in the terms of the Lease indicates that a default operates as an automatic termination of the Lease. Lot 3 Dispute and Real Estate Taxes

At best, the property that is the subject of the Lease is ambiguous. It is undisputed that the gymnasium is located on Lots 1 and 2 and Hoops concedes that the Lease covers Lot 1 and 2 and the facility. The parties disagree whether Lot 3 is

9 Id. at § 14 and § 4.2(a). 10 Id. at § 5.1. 11 Id. 12 Id. at § 18.1(a) (default after 10-day grace period). included in the leased premises. As noted previously, Perez individually owned Lot 3 and sold it to Legacy Bank before Hoops executed a deed in lieu of foreclosure on Lots 1 and 2. Hoops never owned Lot 3 and never leased Lot 3 back from Legacy

Bank. Apparently, when Legacy sold Lots 1 and 2 to Webb, it also sold Lot 3 to Webb. Nowhere in the Lease is there a reference to Lot 3, or Lots 1 and 2, when describing the leased premises, nor is there a legal description of the property clearly delineating the leased premises. McCorry testified that he and Barrett had no discussion regarding Lot 3 during negotiations for the Lease. The Premises is described as

. . . certain business space described as warehouse space and consisting of approximately 105,722 square feet of total space, as outlined on Exhibit 1 attached hereto . . . and made a part hereof, and within the warehouse building (“Warehouse Building”) located on the following described real property (the “Property”): 5260 N Toler Dr, Bel Aire, KS 67226.13 The Warehouse Building is the gymnasium facility. The referenced Exhibit 1 was not attached to the Lease. Nor was Exhibit 5 attached to the Lease, the aerial photograph depicting the Premises that was admitted into evidence at the hearing. Exhibit 5 shows Lots 1 and 2 circled; it also shows Lots 3 and 4 to the south of Lot 2, but neither is circled. Moreover, toward the end of § 2.1 of the Lease there is a reference to an “Exhibit A,” which purports to depict the Premises. Exhibit A was also not attached to the Lease Agreement. There was no evidence presented at trial that Exhibit 5 is

13 Id. at § 2.1. (Emphasis added.) the same document as that referenced as Exhibit A in the Lease. That part of § 2.1 states: Notwithstanding anything depicted on Exhibit A to the contrary, the leased Premises consist only of approximately 105,722 square feet. No property outside the building is included in the leased Premises.

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