Opinion
Case No.: 07-21047-NVA.
April 14, 2008
Adam M. Freiman, Baltimore, Maryland, Attorney for Debtor.
Merrill Cohen, Bethesda, Maryland, Attorney for Movant.
STIPULATION AND ORDER REGARDING MOTION TO LIFT STAY FILED BY WELLS FARGO FINANCIAL, INC.
Adrienne Y. Farrar, the debtor herein, by and through her attorney, Adam M. Freiman, and Wells Fargo Financial, Inc. ("Wells Fargo"), by and through its attorney, Merrill Cohen, hereby stipulate and agree as follows:
1. The automatic stay provisions set forth in 11 U.S.C. 362(a) is hereby deemed lifted to permit Wells Fargo to enforce its security interests to repossess and dispose of, if necessary, the debtor's 1998 Lexus ES300, S.N. JT8BF28G1W0123740 (the "subject vehicle").
2. Wells Fargo agrees not to enforce its rights under its security interest and agrees to stay execution of this order provided that the debtor shall cure the post-petition arrears of $1,754.60, which arrears include the legal fees and costs incurred by Wells Fargo in the amount of $550.00 in connection with this Motion, in five (5) equal payments of $350.92 to be paid on: April 13, 2008; May 13, 2008; June 13, 2008; July 13, 2008 and August 13, 2008. It is understood and agreed that once the debtor pays such $1,754.70 Wells Fargo's loan secured by the subject vehicle shall be paid in full, with the exception of interest which has accrued following the filing of the motion by Wells Fargo. Interest accrues at the rate of $0.54 per day. Wells Fargo shall release its security interest in the subject vehicle once all accrued interest has been paid.
3. In the event that the debtor defaults in making any payments as set forth herein, or default in any other provision of her retail installment sales contract with Wells Fargo for the purchase of the subject vehicle, including, but not limited to, the provision requiring the debtor to maintain insurance on the vehicle naming Wells Fargo as loss payee, Wells Fargo shall provide to the debtor, and her counsel, written notice of breach of this stipulation. Such written notice shall specify the nature of the breach.
4. That ten (10) days following the mailing of such written notice to the debtor and her counsel that the debtor has defaulted under the terms of this Stipulation and Order, and unless such default has been cured by the debtor within such ten (10) day period, Wells Fargo shall be entitled to repossess and dispose of, pursuant to applicable law, the subject vehicle, without further notice, hearing, or order of Court.
5. In the event that the debtor defaults under the terms of this Stipulation and fail to cure such default pursuant to paragraph four (4) herein, the debtor agrees to immediately surrender the subject vehicle to Wells Fargo.