Case No. 02-B02474, (Jointly Administered)United States Bankruptcy Court, N.D. Illinois, Eastern Division.
March 21, 2003
John Wm. Butler, Jr., J. Eric Ivester, Mark A. McDermott, SKADDEN, ARPS, SLATE, MEAGHER FLOM (ILLINOIS), Chicago, Illinois, Attorneys for the Debtors and Debtors-in-Possession.
AGREED ORDER IN FURTHERANCE OF DESIGNATION RIGHTS ORDER, PURSUANT TO 11 U.S.C. § 365 AND FED. R BANKR. P. 6006, AUTHORIZING THE TERMINATION OF LEASE FOR STORE NO. 4228 (WHEELING, ILLINOIS)
SUSAN PIERSON SONDERBY, United States Bankruptcy Judge
In accordance with the Order (A) Establishing Bidding Procedures In Connection With the Sale of Certain Leases Including, Without Limitation, Termination Fee Provisions, (B) Approving the Form and Manner of Notice of Sale, (C) Approving Forms of Purchase Agreement and Termination Agreement, (D) Setting a Hearing Date to Consider Approval of the Sale, and (E) Granting Related Relief (Docket No. 2978) and the Order Approving Designation Rights Agreement and Related Relief (Docket No. 4653), and upon the agreement of Kmart Corporation and certain of its domestic subsidiaries and affiliates, debtors and debtors-in-possession in the above-captioned cases (the “Debtors”), Kimart, L.P. (“Kimart”), the assignee of the joint venture comprised of Kimco Realty Corporation, Schottenstein Stores Corporation and Klaff Realty, LP, and Donald Gellar (“Landlord”);
1. The lease termination agreement, dated as of March 21, 2003, by and between Kmart Corporation, Landlord and Kimart, attached hereto asExhibit 1 (the “Termination Agreement”), is approved, and the Debtors are authorized to implement the transactions set forth therein.
2. The Court shall retain exclusive jurisdiction to resolve any dispute arising from the matters set forth herein.
3, To the extent that this Order is inconsistent with any prior order or pleading with respect to this matter, the terms of this Order shall govern.
4. Notwithstanding anything to the contrary in the Federal Rules of Bankruptcy Procedure, this Order shall take effect immediately upon being signed and entered.
5. The transactions contemplated by the Termination Agreement were negotiated by the parties in good faith and are entitled to the full protections of section 363(m) of the Bankruptcy Code.
[EDITORS’ NOTE: EXHIBIT ”1” IS ELECTRONICALLY NON-TRANSFERRABLE.]