Bank of America, N.A. v. Northwood Shoppes Two, LLC et al

Filing 55

OPINION AND ORDER granting 54 Receiver's Motion for Authorization to Sell Real Estate and for Approval of Sale. The Court AUTHORIZES the Receiver to accept the offer and enter into and perform the Agreement to sell the property on the terms pr ovided in this Order, and DIRECTS that the property be sold free and clear of any and all liens and encumbrances on the property, as expressly authorized by 28 USC Section 2001, and the Court's previous Order 21 . Signed by Judge S Arthur Spiegel on 9/30/2011. (km1)

UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF OHIO
WESTERN DIVISION
BANK OF AMERICA, N.A.,

:
:
Plaintiff,
:
:
v.
:
:
NORTHWOOD SHOPPES TWO, L.L.C.,:
et al.,
:
:
Defendants.
:

NO:

1:10-CV-00097

OPINION AND ORDER

This matter is before the Court on the Receiver’s Motion
for Authorization to Sell Real Estate and for Approval of Sale
(doc. 54).
Towne

Development

Group,

Ltd.,

the

court-appointed

Receiver in this matter, seeks authorization to enter into and
perform the sale, effective as of July 28, 2011, the real property
in the City of Montgomery, identifed as Parcel # 603-0004-0058-00
(doc. 54).

The Court’s March 24, 2010 Order authorized the

Receiver to sell the property with Court approval, so long as the
property would be sold at no less than two-thirds of the appraised
value (doc. 21).
The Receiver has proferred three independent appraisals
ranging from $758,000.00 to $1,650,000.00, such that the “upset
price,” the lowest price for which the property may be sold is
approximately $500,000.00.

The sales agreement attached to the

Reciever’s motion lists a purchase price of $1,250,000.00, which is

obviously above the upset price amount.
Having reviewed this matter, the Court finds well-taken
the Receiver’s Motion for Authorization to Sell Real Estate and for
Approval of Sale (doc. 54).

Accordingly, the Court GRANTS such

motion, AUTHORIZES the Receiver to accept the offer and enter into
and perform the Agreement to sell the property on the terms
provided therein, and DIRECTS that the property be sold free and
clear of any and all liens and encumbrances on the property, as
expressly authorized by 28 U.S.C. § 2001, and the Court’s previous
Order.

SO ORDERED.

Dated: September 30, 2011

/s/ S. Arthur Spiegel
S. Arthur Spiegel
United States Senior District Judge

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