PATRICIA WILLIAMS, Chief Judge, Bankruptcy
THIS MATTER came before the court on November 24, 2004 on Debtor's Motion for Order Authorizing Sale of Summit Development Property to Seawest. The court reviewed the files and records herein and was fully advised in the premises. NOW, THEREFORE,
IT IS HEREBY ADJUDGED, ORDERED AND DECREED as follows:
1. The offer to purchase the Summit Development Property made by Northwest Properties LLC in the sum of $12,800,000.00 is hereby APPROVED. Said offer is evidenced by a separate written offer to purchase submitted to debtor. The purchase price of $12,800,000.00 includes $100,000.00 which shall be held by the closing agent and set aside to pay, after approval of the court, any "break up" fees of Seawest. Should the amount of `break up' fees approved by the court be less than $100,000.00 the balance of the amount set aside shall be refunded to Northwest Properties.
2. Northwest Properties LLC has delivered non-refundable earnest money of $250,000.00 to debtor and shall deliver an additional $250,000.00 on Monday, November 29, 2004 as non-refundable earnest money. Cash sale to close by January 12, 2005. A final written purchase agreement shall be signed by Northwest Properties and debtor further evidencing the terms of the sale by close of business on Tuesday, November 30, 2004.
3. Seawest's offer to purchase said property for $12,550,000.00 is accepted as the second highest bid on the property. Said offer is evidenced by a separate written offer to purchase submitted to debtor. Seawest previously delivered refundable earnest money of $100,000.00 to debtor and is required to deliver an additional sum of $150,000.00 to debtor by close of business on Monday, November 29, 2004.
4. In the event the sale to Northwest Properties LLC does not close, Seawest's offer of $12,550,000.00 is accepted and the sale to Seawest shall close. Said offer to purchase may be withdrawn no later than 3:00 p.m. on Friday, December 7, 2004. If not withdrawn, said offer shall be final and binding.