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Securities and Exchange Commission v. BIC Real Estate Development Corp.

United States District Court, E.D. California

April 10, 2017

SECURITIES AND EXCHANGE COMMISSION, Plaintiff,
v.
BIC REAL ESTATE DEVELOPMENT CORPORATION and DANIEL R. NASE, individually and d/b/a BAKERSFIELD INVESTMENT CLUB, Defendants, BIC SOLO 401K TRUST and MARGARITA NASE, Relief Defendants.

          ORDER AUTHORIZING RECEIVER'S SALE OF REAL PROPERTY LOCATED AT 5301 PEPPERTREE LANE, BAKERSFIELD, CA 93309

          LAWRENCE J. O'NEILL, UNITED STATES CHIEF DISTRICT JUDGE

         ORDER

         In accordance with its September 19, 2016 Order Granting Stipulation to Waive Requirements of 28 U.S.C. § 2001(a) and (b) in Connection with, and to Establish Sales Procedures for, Receiver's Sales of Residential Real Property (the "Stipulation") and the sales procedures approved therein (the "Sales Procedures"), this Court has reviewed the April 5, 2017, Declaration of David P. Stapleton, the Court-appointed receiver (the "Receiver") regarding his proposed sale of the real property located at and commonly known as 5301 Peppertree Lane, Bakersfield, CA 93309, Assessor's Parcel Number 355-304-15-00-6 (the "Property"). The legal description for the Property is as follows:

         All that certain real property in the County of Kern, State of California, described as follows:

LOT 55 OF TRACT NO. 3787, IN THE CITY OF BAKERSFIELD, COUNTY OF KERN, STATE OF CALIFORNIA AS PER MAP FILED JULY 15, 1976 IN BOOK 26 PAGES 126 AND 127, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
EXCEPT ALL OIL, GAS AND OTHER MINERALS CONTAINED WITHIN THE PROPERTY HEREINABOVE DESCRIBED, WHETHER NOW KNOWN TO EXIST OR HEREAFTER DISCOVERED ALL OIL, GAS AND OTHER MINERAL RIGHTS BELONGING OR
APPERTAINING TO SAID PROPERTY, THE EXCLUSIVE RIGHT TO PROSPECT FOR, DRILL FOR, PRODUCE, MINE, EXTRACT AND REMOVE OIL, GAS AND OTHER MINERALS UPON AND FROM SAID PROPERTY, THE EXCLUSIVE RIGHT TO DRILL UPON, TO DRILL THROUGH AND OTHERWISE TO USE SAID PROPERTY TO PRODUCE, MINE, EXTRACT AND REMOVE OIL, GAS AND OTHER MINERALS FROM ADJACENT OR NEIGHBORING LANDS AND THE EXCLUSIVE RIGHT TO INJECT IN, STORE UNDER, AND THEREAFTER WITHDRAW FROM SAID PROPERTY, OIL, GAS AND OTHER MINERALS AND PRODUCTS THEREOF, WHETHER PRODUCED FROM SAID PROPERTY OR ELSEWHERE, BUT UNLESS THE GRANTEE THEREIN OR ITS SUCCESSORS OR ASSIGNS, SHALL GIVE WRITTEN CONSENT TO THE DRILLING OF WELLS UPON THE SURFACE OF SAID LANDS, ALL OF THE FOREGOING RIGHTS SHALL BE EXERCISED ONLY BY THE DRILLING OF WELLS FROM LOCATIONS ON ADJACENT OR NEIGHBORING LANDS INTO OR THROUGH SAID PROPERTY AT LEAST 500 FEET BELOW THE SURFACE OF THE GROUND AND WITHOUT ENTERING UPON OR USING ANY PORTION OF SAID PROPERTY LYING ABOVE SAID DEPTH, AS RESERVED IN DEED FROM KERN COUNTY LAND COMPANY, A CALIFORNIA CORPORATION, TO STOCKDALE DEVELOPMENT CORPORATION, A CALIFORNIA CORPORATION, RECORDED MAY 27, 1960 IN BOOK 3271, PAGE 26 OF OFFICIAL RECORDS.

APN: 355-304-15-00-6

         Having confirmed the Receiver's compliance with the Sales Procedures, and the 15-day notice period provided for in the Stipulation having lapsed without objection to the Receiver's proposed sale of the Property, this Court orders as follows:

         1. The terms of the purchase and sale agreement, and all attendant documents (collectively, the "PSA"), by and between the Receiver and Linda Isavi and Lora Isavi ("Buyers") in connection with the Receiver's proposed sale of the Property to Buyer are approved;

         2. The Court ratifies the Receiver's execution of the PSA and authorizes the Receiver to perform all of his obligations under the PSA;

         3. The Receiver's is authorized to sell the Property to Buyers or Buyer's designee, as contemplated in the PSA, in exchange for the aggregate sum of $145, 000 subject to the applicable terms of this Order;

         4. The Receiver is further authorized to pay any commissions provided for in the PSA and in connection with the consummation of his sale of the Property;

         5. In accordance with the terms of the PSA, and without limiting those terms, Buyer or Buyer's designee shall purchase the Property on an "as-is / where-is" basis, without any representations or warranties whatsoever by the Receiver and his agents and/or attorneys including, without limitation, any representations or warranties as to the condition of the Property, except as expressly set forth in the PSA. Buyer or its designee is responsible for all due diligence, including but not limited to inspection of the condition of ...


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