Opinion
Case No.: 07-18962-PM.
February 25, 2008
Tommy Andrews, Jr. Alexandria, VA, Attorney for Debtor.
Merrill Cohen, Bethesda, Maryland, Attorney for Movant.
STIPULATION AND ORDER REGARDING MOTION TO LIFT STAY FILED BY WELLS FARGO AUTO FINANCE
Lavada J. Paris-Kelton, the respondent herein, by and through their attorney, Tommy Andrews, Jr., and Wells Fargo Auto Finance ("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) and the co-debtor stay of 11 U.S.C. Section 1301 are hereby deemed lifted to permit Wells Fargo to enforce its security interests to repossess and dispose of, if necessary, the debtors' 2004 Cadillac DeVille, S.N. 1G6KF579X4U139093 (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 pay to Wells Fargo, on or before March 18, 2008, the regular monthly payment in the amount of $636.13 and the debtor shall continue to make the regular monthly payment of $636.13 on the 18th day of each subsequent month until all post-petition payments on the subject vehicle are made. In addition, the debtor shall cure the post-petition arrears of $4,366.78, 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 $873.36 to be paid on: March 3, 2008; April 3, 2008; May 3, 2008; June 3, 2008; and July 3, 2008.
3. In the event that the debtor defaults in making any payments as set forth herein, or defaults in any other provision of the retail installment sales contract with Wells Fargo for the purchase of the subject vehicle, including, but not limited to, the provision requiring the debtors to maintain insurance on the vehicle naming Wells Fargo as loss payee, Wells Fargo shall provide to the debtors, and their 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 debtors and their counsel that the debtors have defaulted under the terms of this Stipulation and Order, and unless such default has been cured by the debtors 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 debtors default under the terms of this Stipulation and fail to cure such default pursuant to paragraph four (4) herein, the debtors agree to immediately return to Wells Fargo the subject vehicle.
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 /s/_________ on this copy reference the signatures of consenting parties on the original consent order.