HomeMy WebLinkAbout0583 Court to be permitted to continue its foreclosure proceedings,
all of which was deferred by this Court.
5. Subsequently, the Debtors herein and Liberty
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Life Insurance Company did come to an agreement, which agreement
is entitled "Forebearance and Modification Agreement," in order
to reinstate the mortgage, clarify, and set forth additional
obligations and terms which the Debtors believe they can meet.
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6. It is essential that this Forebearance and f
Modification Agreement, along with numerous other documents and
agreements pertinent thereto, be entered into in order to rein-
state the mortgage between the Debtors and Liberty Life Insurance
Company which is presently in default.
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7. A copy of the proposed Forebearance and
Modification Agreement is annexed hereto and made a part hereof,
with various other proposed forms of documentation, which may be
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amended as to form but substantially remain the same as to
substance.
8. In order to consummate this transaction, which
must take place prior to confirmation of the Plan of Arrangement
in this case, which has already been approved by the creditors,
it is essential that the Debtors and/or the Receiver enter into
• these agreements in substantially the same form as annexed hereto
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in order to reinstate the mortgage on the Ramada Inn. ~
9. It would be in the best interest of the
~ Debtors, its unsecured creditors, and its secured creditors, if
the Debtors and/or the .Receiver were permitted to execute the
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