Bank of America, N.A. v. Northwood Shoppes Two, LLC et al, No. 1:2010cv00097 - Document 55 (S.D. Ohio 2011)
Court Description: 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)
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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. ยง 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 2
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