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

United States District Court, E.D. California

June 8, 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 3009 RIVER BOULEVARD, BAKERSFIELD, CA 93305

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

         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 May 30, 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 3009 River Boulevard, Bakersfield, CA 93305 Assessor's Parcel Number 021-041-32-00-5 (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 41 except the northerly 5 feet thereof of Tract 1684 in the City of Bakersfield, County of Kern, State of California, as per map recorded May 7, 1953 in Book 8, Page 56 of Maps, in the Office of the County Recorder of said County.
Except therefrom all oil, gas and other minerals within said land whether now known to exist or hereafter discovered and all oil, gas and other mineral rights belonging or appertaining to said property and the exclusive right to produce, mine, extract and remove oil, gas and other minerals upon, from and through said property 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 second part, its successors and assigns shall give written consent to the drilling of wells upon the surface of said land, all of the foregoing rights shall be exercised only by the drilling of wells into or through said property at depths below 100 feet from the surface of the ground from locations on adjacent or neighboring lands and in such manner as not to disturb the surface of said property or any improvements located upon the surface thereof, as reserved in deed from Kern County Land Company, recorded April 10, 1953 in Book 2067, Page 27 of Official Records.
By Quitclaim Deed recorded May 18, 1953 in Book 2070, Page 317 of Official Records, the right to use said land for the above purposes above 300 feet below the surface of said land was relinquished.

APN: 021-041-32-00-5

         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 B and R Holdings ("Buyer") 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 Buyer or Buyer's designee, as contemplated in the PSA, in exchange for the aggregate sum of $120, 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 and title to the Property, and is not relying on any representation or warranty of the Receiver, except as expressly set forth in the PSA;

         6. In the performance of his obligations pursuant to this Order, the Receiver's liability in connection with the PSA and the sale of the Property to the Buyer shall be limited to the assets of the receivership estate (the "Estate"). Neither the Receiver nor his professionals shall have any personal liability for claims arising out of or relating to the ...


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