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~ ~ U~\ITED STATES DISTRICT COURT
DISTRICT OF NEjV JERSEY '
B 76-2704
In the Matter of:
GEORGE A. COSTA, et als., In Proceedings for an Arrange-
ment Under Chapter XI of the
- Bankruptcy Act
Debtors.
ORDER AUTIiORIZING RECEIVER TO
2i0RTGAGE "POINT" PROPERTY AS
SECURITY FOR REAL AND PERSONAL
PROPERTY TAXES INCURRED DURING
CHAPTER XI PROCEEDINGS
. This matter having come on before this Court by way of
application by the attorneys for the debtors herein, praying for
an order authorizing the Receiver and/or Lucille V. Costa, as weI
as the debtors inerein, to execute and deliver a mortgage on the
"Point" property located in Fort Pierce, St. Lucie County, Florid ,
more fully described below to Liberty Life Insurance Company, in
the sum of $215,000.00, in order to secure said Liberty Life
Insurance Company for the payment of said $115,000,00, represer~t~
-ing real and personal property taxes accrued during the aegis of
the Receiver and during the Chapter XI proceedings, under the
terms and conditions as set forth in the application annexed. here o.
and made a part hereof, and it.further appearing that it would be
in the best interest of the creditors and the debtors~herein~if
the Forebearance and ilodification Agreement entered into between
the debtors, the Receiver and Liberty Life Insurance Company '
should become effective in order to cure the default on the mort-
4 gage covering the hotel property held by Liberty Life Ins~lrance
Company, and it further appearing that said real acid personal ±
property taxes are an administration expense, and good cause '
appearing for the making of this order,
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~ . , BO~K32Q PacE 431
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