Case No.: 803-81385-478.United States Bankruptcy Court, E.D. New York, at Central Islip.
May 24, 2004
Silverman, Perlstein Acampora LLP, Counsel to Kenneth P. Silverman, Esq., Chapter 7 Trustee, Jericho, New York, Anthony C. Acampora, Esq.
Steven J. Baum, P.C., Attorneys for Secured Creditor, Steven J. Baum, Esq., Arnherst, New York.
CONSENT ORDER BY AND BETWEEN THE CHAPTER 7 TRUSTEE AND CHASE MANHATTAN MORTGAGE CORPORATION CONDITIONALLY TERMINATING THE AUTOMATIC STAY REGARDING DEBTOR’S REAL PROPERTY LOCATED AT 5 SEAVIEW LAND, PORT WASHINGTON, NEW YORK
DOROTHY EISENBERG, Bankruptcy Judge
Chase Manhattan Mortgage Corporation, (“Chase”) a secured creditor of Edward Moskowitz, (the “Debtor”) having moved this Court pursuant to a Notice of Presentment dated February 25, 2004 (the “Motion”) for an Order terminating the automatic stay as to Chase’s interest in the real property co-owned by the Debtor, known as 5 Seaview Lane, Port Washington, New York 11050 (the “Mortgaged Premises”); and Kenneth P. Silverman, Esq., (the “Trustee”) by his attorneys, Silverman Perlstein Acampora LLP, having filed an Affirmation in Opposition dated March 12, 2004, to the Motion; and the adjourned hearing on the Motion having come on to be heard before the Honorable Dorothy Eisenberg, United States Bankruptcy Judge on the 15th day of April, 2004, (the “Hearing”) and Steven J. Baum, P.C., attorneys for Chase, by its local counsel Allan B. Mendelsohn, Esq., having appeared at the Hearing in support of the Motion, and the Trustee, by his attorneys Silverman Perlstein Acampora LLP, by Robert D. Nosek, Esq., having appeared at the Hearing in opposition to the Motion; and upon the record of the Hearing, the parties agreeing to the terms as follows, and after due deliberation, it is
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ORDERED, that the automatic stay is conditionally terminated permitting Chase to immediately commence and prosecute a foreclosure action against the Mortgaged Premises provided, however, that Chase cannot proceed beyond obtaining a Judgment of Foreclosure and Sale absent further Order of this Court; and it is further
ORDERED, that in the event the Trustee has not satisfied the indebtedness to Chase on or before October 29, 2004, then Chase may settle an Order Vacating the Automatic Stay on 10 days notice to (i) Debtor; (ii) Debtor’s counsel; and (iii) Trustee granting final relief from the automatic stay (“Final Order”) thereby authorizing Chase to proceed to a foreclosure sale of the Mortgaged Premises as to Chase, its successors and assigns; and it is further
ORDERED, that if (i) Trustee does not satisfy the indebtedness to Chase on or before October 29, 2004; and (ii) Chase obtains a Final Order in accordance with this Conditional Order, then the Trustee shall retain any and all rights in and to the surplus money, if any, remaining after a foreclosure sale of the Mortgage Premises.
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