In consideration for the Settlement and the release and bar order contained in the Settlement Agreements, Clatsop County has agreed to pay $159,746.05, Deschutes County has agreed to pay $88,980.36, Douglas County has agreed to pay $274,148.21, Tillamook County has agreed to pay $949,727.14, and Union County has agreed to pay $496,954.91. The Clatsop, Tillamook, and Union amounts may increase if these counties sell additional foreclosed properties before the deadline for Class Members to submit Claims. These amounts represent 100% of the surplus sale proceeds that these counties obtained from their sales of most Eligible Properties, plus applicable interest. In Deschutes and Douglas Counties, these amounts also include 100% of the surplus value of properties that these counties donated, transferred, or retained. In Clatsop, Tillamook, and Union Counties, for those properties that the counties have not sold before the deadline for Class Members to submit Claims, they will continue to try to sell those properties and make any surplus sale proceeds available to the former owners.
Each Class Member who submits a valid Claim related to a property that one of the Defendants has sold—or, in the cases of Deschutes and Douglas Counties, a property that the county has donated, transferred, or retained—will receive a Settlement Payment from the Settlement Fund based on the Class Member’s pro rata share of the Settlement Fund, after deducting attorneys’ fees, expenses, and service awards to the Class Representatives. If more than one valid Claim is made for a property, the total amount available to pay Claims connected with that property will be the share of the proceeds associated with that property. The total amount of the Settlement Payment to be paid to each claimant cannot be calculated until all Claims have been submitted and validated.
The Settlement Fund also will be used to pay for administration of the Settlement, including notice and claims administration costs. Class Counsel intends to ask the Court to award attorneys’ fees in an amount that will not exceed 25% of the combined Clatsop, Douglas, Tillamook, and Union Settlement Funds. Any funds remaining after payment of Settlement administration costs, payment of valid Class Member Claims, and payment of attorneys’ fees will be paid first to reimburse the Defendants for any payments they make to Potential Claimants who submit a valid request to be excluded from the Class and are paid on or before the end of the Claims Period. (In the case of Douglas County, such reimbursements will be made before payment of valid Class Member Claims.) Out of any funds remaining after that, Clatsop, Douglas, Tillamook, and Union Counties will receive a payment equal to one-half of the total interest associated with any unclaimed Surplus Proceeds. Any funds remaining after that will be allocated to the Defendants’ housing authorities or to nonprofit organizations involved with housing issues.