Opinion
Case No.: 08-10466-JS.
May 7, 2008
James R. Logan, Baltimore, MD, Attorney for Respondents.
Merrill Cohen, Bethesda, Maryland, Attorney for Movant.
STIPULATION AND ORDER REGARDING MOTION TO LIFT STAY FILED BY WELLS FARGO FINANCIAL, INC.
Adrienne M. Townsend, the debtor herein, by and through her attorney, James R. Logan, 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) and the co-debtor stay of 11 U.S.C. 1301 as to Marjorie Townsend are hereby deemed lifted to permit Wells Fargo to enforce its security interests to repossess and dispose of, if necessary, the debtor's 2006 Nissan Altima, S.N. 1N4AL11D36C206185 (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 May 16, 2008, the regular monthly payment in the amount of $536.23 and the debtor shall continue to make the regular monthly payments of $536.23 on the 16th 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 $2,158.69 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 $431.74 to be paid on: May 30, 2008; June 30, 2008; July 30, 2008; August 30, 2008; and September 30, 2008.
3. In the event that the debtor defaults in making any payments as set forth herein, or defaults 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 co-debtor, 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 debtor and their 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 return to Wells Fargo the subject vehicle.