Opinion
Case Nos. 08-18254, 18256, 18260, 18261-62, 18264, 18267-71, 18274-87-JS, (Jointly Administered Under Case No. 08-18254-JS), Case No. 08-18262-JS.
December 18, 2008
Joel I. Sher, Bar No. 00719, Shapiro Sher Guinot Sandler, Baltimore, Maryland, Attorneys for Maryland Homes BP, LLC.
Patrick K. Cameron, Bar No. 026403, Nickolaus F. Schandlbauer, Bar No. 08304, Ober, Kaler, Grimes Shriver, Baltimore, Maryland, Attorneys for M T Bank
David H. Posey, LaPlata, Maryland
STIPULATION AND CONSENT ORDER AUTHORIZING DEBTOR'S SALE OF REAL PROPERTY FREE AND CLEAR OF ALL LIENS, CLAIMS AND ENCUMBRANCES
Upon consideration of the Debtor's Motion for Entry of an Order for Approval of Sale of Real Property, Free and Clear of all Liens, Claims and Encumbrances filed on November 25, 2008 (the "Motion"), sufficient notice having been given and good cause having been shown, and no objections to the Motion having been sustained, it is by the United States Bankruptcy Court for the District of Maryland
ORDERED, that the Motion be and it hereby is GRANTED; and it is further
ORDERED, that the Debtor, Maryland Homes BP, LLC, is hereby authorized and directed, pursuant to sections 363(b) and (f) of the Bankruptcy Code, to sell the real property and improvements (hereafter, the "Property") more particularly described in Exhibit "A" of that certain October 1, 2008 Contract (the "Contract") between the Debtor and CCWE, LLC, a Maryland limited liability company (the "Purchaser") to the Purchaser upon the terms and subject to the conditions set forth in the Contract, and the Debtor's execution and delivery of the Contract is hereby approved; and it is further
ORDERED, that the Debtor is authorized to execute all documents and take any and all actions necessary or appropriate to consummate the sale of the Property pursuant to the Contract and perform and effectuate the relief requested in the Motion; and it is further
ORDERED, that the sale contemplated by the Contract (the "Sale") shall be FREE and CLEAR of all liens, claims and encumbrances; and it is further
ORDERED, that the Debtor shall transfer to the Purchaser all of the additional items required by the Contract, as such items are more particularly described in the Contract and in paragraph nine (9) of the Motion; and it is further
ORDERED, that the Debtor is hereby AUTHORIZED and DIRECTED: (i) first, to pay the costs and expenses of the Sale approved by M T Bank as evidenced by its signature on the HUD-1 settlement statement to be prepared in connection therewith; (ii) second, to disburse $75,000 of the net proceeds remaining thereafter directly to David H. Posey, in full and final satisfaction of all claims Mr. Posey may have against the Property pursuant to the second priority deed of trust granted to Mr. Posey by the Debtor and (iii) third, to disburse and turn over the remaining net proceeds of the Sale to Manufacturers and Traders Trust Company ("M T Bank") in satisfaction of M T Bank's lien against such proceeds, all without further notice or order of this Court; and it is further
ORDERED, that this Order shall be binding upon and govern the acts of all entities, including, without limitation, all filing agents, filing officers, title agents, title companies, recorders of mortgages, recorders of deeds, registrars of deeds, administrative agencies, governmental departments, secretaries of state, federal, and local officials, and all other persons and entities who may be required by operation of law, the duties of their office, or contract, to accept, file, register, or otherwise record or release any documents or instruments, or who may be required to report or insure any title or state of title in or to the Property; and it is further
ORDERED, that the ten (10) day automatic stay period under Bankruptcy Rules 6004(g) and 6006(d) is hereby waived and, this Order shall be effective immediately upon its entry. This Order is a final Order, and in accordance with Bankruptcy Rule 8001(a), the time to file a notice of appeal shall commence from date of entry.
AGREED, STIPULATED, AND CONSENTED TO:
I HEREBY CERTIFY that the terms of the copy of the consent order submitted to the Court are identical to those set forth in the original consent order; and the signatures represented by the /s/ on this copy reference the signatures of consenting parties on the original consent order.