CASE NO: 06-18497-DWK.United States Bankruptcy Court, D. Maryland, (Baltimore Division) Salisibury.
April 17, 2007
STIPULATION AND CONSENT ORDER AUTHORIZING SALE OF REAL PROPERTY
E. DERBY, Bankruptcy Judge
Upon Consideration of the consents of Michael G. Rinn, Trustee of the Bankruptcy Estate of Kevin P. O’Donnell (“Trustee”) Heidi O’Donnell (“Co-Owner”), a co-owner as tenants in severalty of the real property and improvements described and known a 9317 Ten Point Court, Berlin, Maryland 21811 (the “Real Property”) as evidenced by their signatures or the signatures of their respective counsel, to the entry of an Order in the following format authorizing the sale by the Trustee of Debtor’s and the co-owner’s interest in and to the Real Property pursuant to 11 U.S.C. 363(h) upon the following terms and conditions, it is; after prior Notice of Proposed Sale (the “Notice’), and without opposition, by the United States Bankruptcy Court for the District of Maryland
ORDERED, that Michael G. Rinn, Trustee, shall be and hereby is authorized to offer, sell, and convey the interest of the Debtor and the interest of co-owner Heidi O’Donnell in and to the Real Property and to consummate closing of the said Real Property, pursuant to 11 U.S.C. § 363(h) upon the terms set forth in the Notice and the following terms;
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The Co-owner hereby specifically acknowledges that the Real Property was offered to the Co-owner pursuant to 11 U.S.C. 363(i) and that the Co-owner hereby irrevocably waives the right to purchase the Real Property and consents to the consummation of the sale of the Real Property on the terms set forth in the Notice and herein.
Disposition of Proceeds in the following order:
The sales proceeds from the sale of the Real Property shall be disbursed by the Trustee in the following order from available funds:
1.) The unavoidable liens of lienholders if any, against said property, shall be transferred to and paid from the proceeds of the sale at closing, in the same priority and amount of said lien, mortgage, or security interest attached to the subject property, subject to the agreement of the parties; then
2.) The actual cost and expenses of any sale of said assets, specifically including but not limited to realtor commissions, charges, fees, and disbursements necessary for the conveyance and transfer of the property or assets, shall be payable and paid from the proceeds of sale; then
3.) Trustee’s commissions, voluntarily capped at the sum of $18,750.00[1] , and expenses including expenses provided for under 11 U.S.C. § 503 as allowable pursuant to Order of the Bankruptcy Court, shall be calculated on the gross sale proceeds to be received then segregated pending Application and approval of such commissions and expenses by further Order of this Court after subsequent Notice, the Co-owner specifically authorizing the Trustee to seek commissions on the gross sales proceeds up to the reduced sum of $18,750.00; then
4.) The undisputed, allowable joint unsecured debts of the Debtor and the Co-owner
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Heidi O’Donnell on a pro rated basis; including[2] :
5.) The remaining sales proceeds, if any, shall be distributed by and between the estate and the co-owner of the property according to the interest of the estate and said co-owner; then
6.) Thereafter, the proceeds paid to the Estate, if any, shall be distributed by the estate in accordance with the provisions of 11 U.S.C. including the payment of allowed unsecured claims entitled to priority pursuant to 11 U.S.C. 507(a)(1)(A).
The Foregoing Consented to:
SO ORDERED