Item 1.01: Entry into a Material Definitive Agreement
On
a) The Debtor shall pay when due all post-petition taxes on
(the "Property") and remain current on such taxes, which are approximately$33,081 per calendar quarter;
b) The Debtor will maintain reasonable security and protection of the Property
site such as fencing and monitoring of the site;
c) The Debtor will facilitate access to the Property to allow previous
contractors to remove their equipment
d) The Debtor shall make specified adequate protection payments to the Lender
until the Stipulation expires or the Lender obtain relief from the stay under the Bankruptcy Act: an initial payment of$100,000 , which has been paid; and remaining payments of$150,000 per month beginning April, 2021 on or prior to the 15th of each calendar month;
e) On or prior to
and there shall be a hearing on the confirmation of such plan on or prior toJuly 22, 2021
f) On or prior to
Lender in full;
g) The Debtor shall promptly file an adversary proceeding against
Investment Fund I, LLC ("BAI") seeking to (1) remove the BAI Lis Pendens that it filed with respect to the Property and (2) obtain an order by theBankruptcy Court determining that any claim of BAI is junior in priority to the Lender's claim against the Property.
All of the above terms and conditions have been satisfied. The Stipulation provides that if the Debtor is in breach of its agreements in the Stipulation, then after a cure period of two business days, the automatic stay under the Bankruptcy Code with respect to the Lender will be terminated and the Lender may foreclose on the Property.
The foregoing description of the Stipulation is a summary only, is not intended to be complete, and is qualified in its entirety by reference to the full text of the Stipulation, which is filed as an exhibit to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits Exhibit No. Description of Exhibit Stipulation for Relief from Stay. Filed by Attorneys for the Secured 99.1 Creditor 2501Cormack, LLC 1
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