Opinion
Case No. 12-22777-DER
10-09-2012
Pat Gill, Esquire Federal Bar No. 29943 Law Offices of Shannon J. Posner, P.A. Counsel for First Mariner Bank Shannon J. Posner, Esquire Federal Bar No. 26324 Law Offices of Shannon J. Posner, P.A. Counsel for First Mariner Bank Michael G. Rinn, Esquire Federal Bar No. 01310 Counsel for Debtor Cuter Yacht Basin, LLC By Gary Rosenberger, Managing Member
SO ORDERED
Approved on a preliminary basis only, subject to notice to Baltimore County, Maryland and any other creditor or party in interest. This Order shall become final fourteen (14) days after service of notice of this Order. First Mariner shall file a Certificate of Service confirming such notice within seven (7) days after entry of this Order.
____________________
DAVLD E. RICE
U.S. BANKRUPTCY JUDGE
(Chapter 11)
STIPULATION AND CONSENT ORDER REGARDING APPLICATION OF SINGLE ASSET
REAL ESTATE PROVISIONS OF THE BANKRUPTCY CODE
WHEREAS, on July 10, 2012, the Debtor, Cutter Yacht Basin, LLC (the "Debtor") filed a Voluntary Petition for relief under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code").
WHEREAS, the Debtor owns and operates a tenant-occupied property generally known as 1900 Old Eastern Avenue, Baltimore, Maryland 21221 (the "Property").
WHEREAS, the Debtor, among others, is currently indebted to First Mariner Bank ("First Mariner") under and in connection with: (i) a $1,670,000.00 commercial loan (the "Commercial Loan"), as evidenced by, among other things, a $1,670,000.00 Commercial Note, dated March 14, 2001, as modified, amended or restated by, among other things, an Amendment and Restatement of Promissory Note, dated January 31, 2003; and (ii) a $130,000.00 commercial line of credit (the "Commercial Line of Credit"), as evidenced by, among other things, a Promissory Note, dated December 16, 2005, as modified, amended or restated from time to time.
WHEREAS, the indebtedness due and owing from the Debtor, among others, to First Mariner under the Commercial Loan is secured by, among other things, a first-priority duly perfected deed of trust lien in, to and against the Property, pursuant to an Indemnity Deed of Trust, Security Agreement, Fixture Filing and Assignment of Leases and Rents, dated March 14, 2001, as amended, modified or restated by an Amendment to Indemnity Deed of Trust, Security Agreement and Assignment of Leases and Rents, dated January 31, 2003 (collectively, the "Commercial Loan IDOT").
WHEREAS, the indebtedness due and owing from the Debtor, among others, to First Mariner under the Commercial Line of Credit is secured by, among other things, a second-priority duly perfected deed of trust lien in, to and against the Property, pursuant to a Second Indemnity Deed of Trust, Security Agreement, Fixture Filing and Assignment of Leases and Rents, dated December 16, 2005 (the "Commercial Line of Credit IDOT").
WHEREAS, pursuant to the terms and conditions of the Commercial Loan IDOT and/or the Commercial Line of Credit IDOT, First Mariner is a secured creditor.
WHEREAS, the Debtor has not yet filed a plan of reorganization in this case.
WHEREAS, the Debtor and First Mariner hereby stipulate and agree as follows:
1. The Court, by the entry of this Order, shall determine that the Property owned by the Debtor constitutes "single asset real estate" as defined in §101(51B) of the Bankruptcy Code.
2. First Mariner, as a secured creditor, shall be afforded all rights under §362(d)(3) of the Bankruptcy Code.
3. Nothing contained herein shall be deemed an admission by the Debtor or First Mariner as to the value of the Property.
WHEREFORE, upon the consent of the parties hereto, the foregoing Stipulation and Consent Order is hereby APPROVED.
[SIGNATURES CONTAINED ON FOLLOWING PAGE]
STIPULATED AND AGREED TO:
____________________
Pat Gill, Esquire
Federal Bar No. 29943
Law Offices of Shannon J. Posner, P.A.
Counsel for First Mariner Bank
____________________
Shannon J. Posner, Esquire
Federal Bar No. 26324
Law Offices of Shannon J. Posner, P.A.
Counsel for First Mariner Bank
____________________
Michael G. Rinn, Esquire
Federal Bar No. 01310
Counsel for Debtor
Cuter Yacht Basin, LLC
By Gary Rosenberger, Managing Member
CERTIFICATION
I HEREBY CERTIFY that the terms of the copy of the Stipulation and Consent Order submitted to the Court are identical to those set forth in the original Stipulation and Consent Order, and the signatures represented by the /s/ on this copy reference the signatures of the consenting parties on the original Stipulation and Consent Order,
____________________
Michael G. Rinn, Esquire