505 SFD, LLC v. Federal Deposit Insurance Corporation

BACKGROUND

19 Plaintiff 505 SFD, LLC owns 505 Sir Francis Drake Boulevard (the “Premises”), a commercial property in Greenbrae, California. Dkt. No. 1 (“Compl.”) ¶ 2. First Republic Bank (“the Bank”) leased the Premises from plaintiff beginning on January 4, 2023. Id. ¶ 5-7. The lease 23 was set to expire approximately 10 years later. Id. ¶ 7. However, on May 1, 2023, the Commissioner 24 of Financial Protection and Innovation of the State of California closed the Bank and appointed 25 defendant, Federal Deposit Insurance Corporation (“FDIC”), as the Bank’s receiver. Id ¶ 8. As a 26 result, FDIC assumed the Bank’s responsibilities, including the lease of the Premises. Id. 27 3.1, 4.1, 13.1, 18, and 19. Article 3.1 lists the monthly rent as $23,000.00 and outlines a $69,000.00 1 “Rent Abatement” and a “Rent Abatement Period.” Compl. Ex. A. at 5. Article 4.1.3 explains which party pays each tax. Id. at 6. Article 13.1 obligates the tenant to pay for utilities. Id. at 11. Article 18 defines events that constitute a default. Id. at 13-14. Article 19 lists the remedies if a 5 default occurs. Id. at 14-15. Article 19.7…