Opinion
Case No. 07-20704-WIL.
November 18, 2008
Acknowledgement of Counsel, John D. Burns, Esquire, Counsel for Movant.
Acknowledgement of Counsel, Stephen Kiefert, Esquire, Counsel to Debtor.
STIPULATION AND CONSENT ORDER RESOLVING MOTION FOR RELIEF FROM AUTOMATIC STAY
WHEREAS, CALDWELL JACKSON and CATHERINE B. NTI, f/k/a CATHERINE B. JACKSON (collectively, "Jackson" or "Movant"), movant, has filed a Motion for Relief From Automatic Stay (the "Motion"); and
WHEREAS, SHIRLEY A. BROWN (the "Debtor") filed an answer to the Motion; however, the co-debtor Beecher H.W. Brown (the "Co-Debtor") has not opposed the termination of the co-debtor stay of 11 U.S.C. § 1301(a); and
WHEREAS, as described in the Motion, the Debtor and Co-Debtor entered into a Land Installment Contract (the "Contract"), a copy of which attendant to the proof of claim filed by the Movant is attached thereto and incorporated as Exhibit 1 ; and
WHEREAS, Contrary to the express terms of the Contract, the Debtor/Co-Debtor did not pay a "down payment" of $60,000.00 and did not cure the balloon within 24 months of July, 2005, and their rights under the Contract to purchase the property described therein; namely, 6741 Pistachio Place, Bryan's Road, MD 20616 (the "Property") have terminated prior to the Petition Date herein; and
WHEREAS, despite the expiration of the Debtor's and Co-Debtor's rights to consummate the transactions contemplated in the Contract, the Movant is willing to forbear on enforcement of Movant's rights in order to permit a resolution as described herein, without a recognition impliedly or otherwise that the Contract has been novated or amended or that additional and further rights in favor of the Debtor and/or Co-Debtor have arisen under the Contract; and
WHEREAS, the Debtor, Co-Debtor and Movant agree and stipulate that the automatic stay of 11 U.S.C. § 362(a) and 1301(a) is and are TERMINATED respective to the Property and the Movant's rights thereto; and
WHEREAS, notwithstanding the uncurable default by the Debtor and Co-Debtor, it remains the desire of the Movant, Debtor and Co-Debtor to transfer the Property to the Debtor and Co-Debtor, insofar as the Debtor and the Co-Debtor are able to (i) novate or assign the mortgage loan or loans which are owed on the Property from the Movant's names as obligor(s) to the Debtor and Co-Debtor's names as substitute obligors, wherein the Movant shall be forever relieved and discharged of any obligation by consent or Court Order to pay the mortgage loan or loans which are owed respective to the Property, and provide final documentation demonstrating that this has been achieved to the Court and the Movant; and (ii) pay to the Movant the sum of $7,500.00 representing an obligation which is mutually agreed by the parties hereto is owing to the Movant by the Debtor and Co-Debtor, and payment of real estate taxes that were to be paid by Debtor and Co-Debtor for 2005, pro-rated to date of Contract and forward, and 2006, and 2007, and for 2008 which have not been paid; and (iii) complete all of these tasks within 60 days from entry of this Order; and
WHEREAS, if these above identified conditions are completed within 90 days from entry of this Order, time being of the essence to all provisions hereof, WITHOUT FURTHER ORDER OR NOTICE, then the forebearance agreed to Movant shall automatically terminated and the Movant may take all and any necessary steps to repossess and/or sell the Property provided for by State law in respect of the uncurable default which arose under the Contract, and shall file an amended proof of claim for any and all damages which the Movant may have sustained other than as may be paid from the proceeds of the Property from sale; and
NOW, THEREFORE, the Debtor, Co-Debtor and Movant AGREE and STIPULATE THAT:
1. The foregoing recitals are true and correct, and adopted substantively hereto.
2. This Order shall be effective and in full force in any subsequent bankruptcy case filed by or against the Debtor and Co-Debtor, and shall be so effective and in full force in the event of conversion of this case to a proceeding under Chapter 7.
3. Debtor and Co-Debtor shall timely remit full monthly mortgage payments to the mortgage lender(s) respective to the Property prospectively for 3 months of 12/08, 1/08 and 2/08, failure of which shall be an event of default and the Debtor and Co-Debtor shall certify the payment of the mortgage each month to the Movant.
4. No 10 day stay provision shall be effective herein, and same is waived pursuant to Fed.R.Bankr.P. 4001(a)(3).
IT IS, BY THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MARYLAND, SO ORDERED .
Notice Recipients
Recipients of Notice of Electronic Filing: Recipients submitted to the BNC (Bankruptcy Noticing Center):
District/Off: 0416-0 User: pneal Date Created: 11/18/2008 Case: 07-20704 Form ID: pdfparty Total: 8 tr Nancy L Spencer Grigsby Grigsbyecf@ch13md.com aty John Douglas Burns burnslaw@burnslaw.algxmail.com aty Stephen H. Kiefert lanhamlaw@att.net TOTAL: 3 db Shirley A. Brown 6741 Pistachio Place Bryans Road, MD 20616 cr Catherine Nti 4 Windingbrook Road Bordentown, NJ 08505 cr Caldwell O. Jackson 2804 Parkwood Avenue Baltimore, MD 21217 Office of the United States Trustee 6305 Ivy Lane, Suite 600 Greenbelt, Maryland 20770 Beecher HW Brown 6741 Pistachio Place Bryans Road, MD 206016 TOTAL: 5