ORDER ON STIPULATION FOR ENTRY OF JUDGMENT ON ACTION AND DISMISSAL OF ACTION
Having reviewed the stipulation of plaintiff Star Fabrics, Inc. ("Star") and defendants ELIZABETH B. GRANADOS ("ELIZABETH") & WALTER GRANADOS ("WALTER"), and upon good cause, IT IS HEREBY ORDERED THAT:
1. Judgment. Plaintiff, Star, shall take a non-appealable Judgment against Defendants, Elizabeth & Walter, for the maximum statutory sum of $150,000.00.
However, Star shall accept a reduced sum of $5,500.00 in full satisfaction of said Judgment, if paid in accordance with the terms contained in paragraph 2 of this Stipulation. If entered pursuant to this Stipulation, said Judgment shall not be subject to discharge in any bankruptcy cases.
2. Installment Payments In Satisfaction Of Judgment. Star shall accept in full satisfaction of the Judgment entered pursuant to this Stipulation and in full satisfaction of all of its claims against Elizabeth & Walter, the sum of $5,500.00 according to the payment schedule set forth below, as follows:
a. Payment Schedule. Commencing on April 1, 2013, and continuing on the first day of each and every month thereafter for a total of fifteen (15) months, Elizabeth & Walter shall pay to Star the sum of no less than three hundred sixty-six dollars and sixty-six cents ($366.66), resulting in a total payment to Star of five thousand five hundred dollars and no cents ($5,500.00) on or before the expiration of the fifteen month payment period.
b. All of the foregoing payments shall be delivered to Star's attorney as post dated checks and made payable of Star's counsel, Law Offices of H. Troy Farahmand Client Trust Account, 3575 Cahuenga Bl. West, Suite 580, Los Angeles, CA 90068.
c. No interest shall accrue on any timely payment made pursuant to the terms of this Stipulation.
3. Forbearance From Enforcement of Judgment. Other than as explicitly provided in this paragraph, Star shall forbear from exercising its right to enforce the judgment entered pursuant to this Stipulation, by execution or otherwise, so long as Elizabeth & Walter are in compliance with their payment obligations pursuant to paragraph 2 of this Stipulation. In the event that Elizabeth & Walter breaches their payment obligations pursuant to paragraph 2 of this Stipulation, Star may employ all lawful process to enforce its rights under the judgment entered pursuant to this Stipulation.
4. Court to Retain Jurisdiction. The parties request that the Court retain jurisdiction over the parties to this Adversary Action to enforce the settlement, as contained in this Stipulation, until performance in full of the terms of this settlement.
5. Dismissal of Federal Action. This entry of Judgment shall also work as a stipulation to dismiss the Federal Action against Elizabeth & Walter with prejudice.
In this regard, Elizabeth & Walter shall be deemed to have expressly waived and relinquished, to the fullest extent permitted by law, the provisions, rights, and benefits they may otherwise have had pursuant to Section 1542 of the California Civil Code, which provides as follows:
A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN TO HIM OR HER MUST HAVE ...