HomeMy WebLinkAbout2792. ... __~....: ~..~..----
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2. Upon the expiration of the applicable appeal period ~
~z~ith res~ect to this Order and provided that na appeal has been
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~;ta;:en he=efrom, the Debtors and the Receivez have the consen~ of
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}~ THE R~,:`fa?0 S~~Z ~ to disi~urse up to $550, 000 of the proceeds of L•he
~= Conde~nation Atvard, such monies to be applied solely toward the
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.: dep~sit to be nad~ at confirmation of the Debtors' Plan of Arrar~,e
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;!nent, of sunds xequired- by tihe Bantcruptcy Act to covex the Referee
~ sala~y z~.d e.~pease func~, prioritq tax claims, and unpaid obligatio
~~ncur=ed by the Chapter XI Receivers after the fili~g of the
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i' Chaoter XI Petitioa herein. -
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~ 3. As an additional security for the payment of ~ RAI+~APO
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~; ~:~ti~` s lien on tne Cond2mnatioct Award, TH~ RAi~lAPO BANK is hexebp
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~`•grzn`ed 2 partici~atic~ interest in the purchase money mortgages
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~:he?d by Lehaan & ~~'asserman, a Prvfessional Corporation, dared
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j~iYovecber 5, 1950 and recorded under Clerk's File Nos. 506477 and
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;~ ~~b! 7S, Pt:alic RQcords of St. Lucie Countp, Florida, respectic~
~j t~e real p=o~erty re="er=ed to therein and also more generally xe-
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i~~erred to and ~escribed in Article II, paragraph l, of the
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~; ~~~tors' ~zlded Plan of Arra~gement filed with the Court on No~_
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!~ ve~b~r 2, 1980.
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;~ 4. THE RA~~~O Be~~1'~C` s i.nterest in the mortgages described
~' in paraoraph 3 hereo~ shall be deemed a deferred adcainistzatioa
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'•: e~?e:-se ~_" t'ne D~~~ors' Chapter XI estate, zihich administration
'-e~?e~s~s ~:2ve, in accordance with Article II, paragraph 1(g) of
~• the D~~t~rs ` A~en~ed Plan of Axranoement, a first claim to all
•*~~~ies re~eive3 oy Leh~an & ~lasse~man under the aforementioned
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'~" ~'""""""" ~~ r,:o~ ~~,z ;es; ~rovided, hoi~~ver, that any payment of counsel fees to
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^3 . B~KJ~ PdGE~ i~
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