DON J. POOL 166468 THE LAW FIRM OF POWELL & POOL 7522 North Colonial Avenue, Suite 100 Fresno, California 93711 Telephone: (559) 228-8034 Facsimile: (559) 228-6818 email@example.com Attorneys for JOHN VAN CUREN, Court-Appointed Receiver
STIPULATION TO SELL PROPERTY FREE AND CLEAR OF ALL LIENS, ENCUMBRANCES, OR SECURITY INTERESTS; AND ORDER THEREON
The Honorable Oliver W. Wanger
IT IS HEREBY STIPULATED by and between JOHN VAN CUREN, court-appointed Receiver in the above-captioned matter ("VAN CUREN" or "Receiver"),
Intervenor Plaintiff Terence J. Long, Trustee of the PACA Trust created by Court Order 24 dated June 24, 2009 ("PACA Trust"), and Intervenor Plaintiff and Defendant FRESNO-25
MADERA FEDERAL LAND BANK ASSOCIATION, FLCA ("Land Bank") (hereinafter 26 collectively referred to as "the Parties"), and their respective counsel, as follows:
1 Land Bank is the beneficiary under that certain deed of trust recorded 4 in the Official Records of Tulare County on December 26, 2008, as instrument no. 2008-5 0086532 (the "Deed of Trust"). The Deed of Trust encumbers that certain real property 6 legally described in exhibit A attached hereto and incorporated herein by this reference (the 7 "Real Property"). The Trustor under the Deed of Trust was ZM Fresh Special T's, Inc., a California corporation ("ZM Fresh"). The Deed of Trust secures a promissory note in the 9 original principal amount of $4,810,000.00 ("the Note").
2 The Note is also secured by that certain Security Agreement in favor 11 of Land Bank dated November 14, 2007, which interest was perfected by the recordation of a 12 UCC-1 Financing Statement with the California Secretary of State on December 23, 2008, as 13 filing no. 087182528667.
3 On June 1, 2009, and continuing thereafter, ZM Fresh defaulted under the Note. 1.4 On May 22, 2009, plaintiffs ONIONS, ETC., INC. and DUDA FARM FRESH FOODS, INC. (hereinafter collectively referred to as "Plaintiffs") filed the above-18 entitled case (the "Action").
1.5 On July 13, 2009, Plaintiffs filed an Amended Complaint and named ZM Fresh as a defendant, and sought, among other things, to impose a constructive trust 21 upon the Real Property.
1.6 On or about November 25, 2009, PACA Trust caused to be recorded in 23 the Official Records of Tulare County, that certain Notice of Pending Action as instrument 24 no. 2009-0077202.
1.7 On February 17, 2010, Land Bank filed its Second Amended Cross- Complaint and First Amended Counter-Complaint (collectively "SACC") in the Action 27 against, among others, ZM Fresh, Aaron Margosian and Carrie Margosian and Martin Zaninovich, sole shareholders of ZM Fresh.
1.8 The SACC seeks to judicially foreclose Land Bank's Deed of Trust, as 2 well as quiet title as to any claims by the PACA Trust Creditors to Land Bank's ...