Opinion
Jointly Administered Under: No. 04-00757-W11, Docket Nos. 2155 [Motion for Order], 2159 [Declaration of Lyons], 2158 [Declaration of Bauer], 2156 [Notice of Motion], 2350 [Request for Entry of Order].
March 28, 2005
Barry W. Davidson, Robert S. Delaney, DAVIDSON MEDEIROS, Spokane, Washington, and Charles R. Ekberg, Susan Brye Jahnke, Mary Jo Heston, LANE POWELL PC, Seattle, Washington, Attorneys for Metropolitan Mortgage Securities Co., Inc.
ORDER APPROVING STIPULATION FOR RELIEF FROM STAY REGARDING LIVE OAK PROPERTY
THIS MATTER having came before the Court upon the Motion of Metropolitan Mortgage Securities Co., Inc. ("Metropolitan"), by and through its counsel of record, for an Order Approving Stipulation for Relief from Stay Regarding Live Oak Property (the "Motion"), and authorizing Western United Life Assurance Company ("WULA"), in receivership for the purposes of rehabilitation, to exercise its rights and remedies available under the WULA Note and the WULA Deed of Trust, as described in the Motion, and under applicable law including, without limitation, allowing WULA to immediately proceed under applicable nonbankruptcy law to enforce its remedies to foreclose upon the Live Oak Property; the Court having reviewed the Motion and the Declarations of Maggie Lyons and Todd Bauer filed in support thereof; having determined that notice of the Motion was proper and that good cause exists for the relief requested in the Motion, and having determined that no response or objection to the Motion was filed; NOW THEREFORE,
IT IS HEREBY ORDERED:
1. The Motion is GRANTED in its entirety;
2. The Stipulation Re: Relief From The Automatic Stay To Allow Foreclosure (Live Oak) (the "Stipulation") is approved and Metropolitan is authorized to perform pursuant to the Stipulation;
3. WULA is granted relief from stay to allow WULA to foreclose on the Live Oak Property, and for WULA to exercise its rights and remedies available under the WULA Note, the WULA Deed of Trust, and applicable law including, without limitation, allowing WULA to immediately proceed under applicable nonbankruptcy law to enforce its remedies to foreclose upon the Live Oak Property, with the ten-day stay period prescribed by Federal Rule of Bankruptcy Procedure 4001(a)(3) to be waived.