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Securities and Exchange Commission v. Path America, LLC

United States District Court, W.D. Washington, Seattle

September 13, 2017

SECURITIES AND EXCHANGE COMMISSION, Plaintiff,
v.
PATH AMERICA, LLC, et al., Defendants, and POTALA SHORELINE, LLC, et al., Relief Defendants.

          ORDER GRANTING MOTION FOR ORDER APPROVING SALE OF SHORELINE PROPERTY

          JAMES L. ROBART United States District Judge.

         The court, having reviewed Receiver Michael A. Grassmueck's[1] (“the Receiver”) Motion for Order Approving Sale of Property (“Motion”) (Mot. (Dkt. # 571)) and good cause appearing therefor, hereby ORDERS as follows:

         1. The Motion (Dkt. # 571) is hereby GRANTED;

         2. The sale of the real property located at 15560 Westminster Way North, Shoreline, Washington 98133 (the “Property”), more specifically described in the Purchase and Sale Agreement and Joint Escrow Instructions (the “Agreement”) attached as Exhibit A to the Receiver's Declaration (Dkt. # 571-1) submitted concurrently with the Motion, to Maple Multi-Family Land TX, LP ("Buyer") is CONFIRMED and APPROVED;

         3. The purchase and sale of the Property to Buyer shall be on an “As-Is, Where-Is” basis, as set forth in the Agreement;

         4. The court further finds as follows:

a. The negotiation, execution, delivery, and consummation of the Agreement was conducted in a manner appropriate under applicable law;
b. The Receiver provided adequate and sufficient notice for the Motion;
c. The consummation of the sale of the Property is in the best interests of the estate of the Receivership Entities;
d. Buyer has acted in good faith, the purchase and sale is undertaken by Buyer and the Receiver at arm's length, without collusion and in good faith, and Buyer is entitled to appropriate protections on account thereof;

         5. The purchase price of $11, 500, 000 for the Property is CONFIRMED and APPROVED;

         6. The Receiver is authorized, empowered and directed to immediately pay, upon closing of the sale, a commission of 1% of the final purchase price to broker Berkadia Real Estate Advisors;

         7. If applicable, the Receiver is authorized, empowered and directed to pay the “Buyer's Costs” as defined in the Agreement within ten (10) business days following closing to a third-party or delivery of Buyer's Termination Notice as defined in the Agreement;

         8. The sale of the Property to Buyer (i) is legal, valid and effectively transfers the Property; (ii) will vest Buyer with all rights, title and interest to the Property free and clear of all “Removable Liens, ” other than “Permitted Exceptions, ” as those terms are defined in the Agreement; and (iii) constitutes a ...


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