Filed: Dec. 02, 2010
Latest Update: Dec. 02, 2010
Summary: STIPULATION AND CONSENT ORDER TO EXTEND DATE FOR CLOSING ON SALE OF PURCHASED PROPERTIES DUNCAN W. KEIR, Bankruptcy Judge Stipulations WHEREAS, on September 1, 2010, the above-captioned debtor and debtor in possession (the " Debtor ") filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code thereby commencing the above-captioned bankruptcy case; WHEREAS, by motion dated October 11, 2010 [Docket No. 25], the Debtor requested entry of an order authorizing t
Summary: STIPULATION AND CONSENT ORDER TO EXTEND DATE FOR CLOSING ON SALE OF PURCHASED PROPERTIES DUNCAN W. KEIR, Bankruptcy Judge Stipulations WHEREAS, on September 1, 2010, the above-captioned debtor and debtor in possession (the " Debtor ") filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code thereby commencing the above-captioned bankruptcy case; WHEREAS, by motion dated October 11, 2010 [Docket No. 25], the Debtor requested entry of an order authorizing th..
More
STIPULATION AND CONSENT ORDER TO EXTEND DATE FOR CLOSING ON SALE OF PURCHASED PROPERTIES
DUNCAN W. KEIR, Bankruptcy Judge
Stipulations
WHEREAS, on September 1, 2010, the above-captioned debtor and debtor in possession (the "Debtor") filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code thereby commencing the above-captioned bankruptcy case;
WHEREAS, by motion dated October 11, 2010 [Docket No. 25], the Debtor requested entry of an order authorizing the sale (the "Sale") of the Purchased Properties (as defined in the Amended and Restated Agreement of Sale, as amended from time to time, including all schedules, exhibits and attachments thereto, including the Option Agreement, collectively, the "Agreement")1 to Giordano Properties, LLC, its designee and/or assigns (collectively, the "Purchaser");
WHEREAS, following an evidentiary hearing held on November 8, 2010, and upon the withdrawal of the objection of the United States Trustee and upon the agreement Susquehanna Bank and the other lien creditors, subject to the occurrence of certain conditions, to either withdraw their objection or consent to the Sale, the Court approved the Sale of the Purchased Properties pursuant to the terms of the Agreement and entered the Order, Pursuant to Sections 105 and 363 of the Bankruptcy Code Authorizing the Sale of the Purchased Properties [Docket No. 56] (the "Sale Order");
WHEREAS, Paragraph 16 of the Sale Order provides that Susquehanna Bank's consent to the Sale is conditioned on, among other things, closing of the Sale on or before November 30, 2010 (the "November 30th Deadline");
WHEREAS, the Debtor, Susquehanna Bank and the Purchaser have consented to and agreed to the modify and amend the November 30th Deadline to allow for the closing of the Sale to occur on or before December 6, 2010;
NOW, THEREFORE, IT IS HEREBY STIPULATED AND AGREED TO, by and among the Debtor, Susquehanna Bank and the Purchaser, by and through their respective undersigned counsel, as follows:
1. Upon agreement of the Susquehanna Bank, the Debtor and the Purchaser, Paragraph 16 of the Sale Order is hereby amended to replace the reference to "November 30, 2010" with "December 6, 2010". Paragraph 16 of the Sale Order, therefore, shall provide as follows:
Upon the consent of Susquehanna Bank, notwithstanding any provision to the contrary in this Order with respect to Susquehanna Bank, provided that (i) the Closing on the Sale of the 208 Property occurs on or before December 6, 2010, and (ii) Susquehanna Bank receives, at Closing of the Sale of the 208 Property, payment by the Debtor of the sum of $1,523,000 from the proceeds of the Sale of the 208 Property, the claim of Susquehanna Bank will be deemed satisfied in full as to the Debtor and all guarantors of the Debtor's obligations to Susquehanna Bank and Susquehanna Bank will release any liens against property of the Debtor (including, without limitation the 208 Property and the Option Property). Susquehanna Bank shall execute and deliver to the Debtor and the Purchaser such documents as reasonably necessary to effectuate the foregoing releases upon satisfaction of the foregoing conditions.
2. This Stipulation amends and supplements the relief granted in the Sale Order. Accordingly, other than with respect to Paragraph 16 of the Sale Order, which is the subject of this Stipulation, the provisions and relief granted by the Sale Order remain in full force and effect.
3. The undersigned represent that they are duly authorized to execute this Stipulation on behalf of their respective clients.
4. The Court shall retain jurisdiction to interpret, enforce, and resolve any disputes arising under or related to this Stipulation. Any motion or application brought before the Court to resolve any dispute arising under or related to this Stipulation shall be brought on proper notice in accordance with the Federal Rules of Bankruptcy Procedure and the Local Rules of Bankruptcy Practice and Procedure of the United States Bankruptcy Court for the District of Maryland.
5. This Stipulation may be executed in counterparts, each of which shall be deemed an original document, but all of which constitute a single document.
6. This Stipulation shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, legal representatives, successors and assigns.
7. It is acknowledged that each party has participated in and jointly consented to the drafting of this Stipulation and that any claimed ambiguity shall not be construed for or against either party on account of such drafting.
SO ORDERED.
