Remington

I. BACKGROUND

Sierra owned real property subject to a loan evidenced by a promissory note and secured by a deed of trust. Wade began representing Sierra by 2011, when Sierra filed for bankruptcy. In 2013, facing nonjudicial foreclosure on the property, Sierra claimed the loan was usurious. To resolve the dispute, Sierra entered a settlement agreement with Remington; Drew Winkler; Commercial Estate Management, LLC; Eric Brandenburg, Trustee of the Eric Brandenburg Separate Property Trust dated August 14, 2001; and Karen D. Brandenburg. As Sierra’s counsel, Wade was privy to the settlement negotiations and was named in the settlement agreement as a person entitled to copies of certain notices. Under the settlement agreement, Sierra executed in favor of Remington and the Brandenburgs a deed in lieu of foreclosure, which was recorded on August 5, 2013. In return, Remington and the Brandenburgs entered an option agreement with Sierra. Under the option agreement, Sierra acquired the nonassignable right to purchase the property for $300,000 within three years. Failure to timely exercise the option, failure to pay the $300,000 by the close of a 60-day escrow, or assignment of the…