4910 BLACK FOREST LN 2016-01-01 MF Import

about April 27, 1989. On April 28, 1989, prior to receiving notice 1 of the debtor's bankruptcy filing, Continental mailed copies of the 2 notices of default in such foreclosure actions to the Debtor and 3 all successor to the Debtor's interest by first class and certified 4 mail, return receipt requested, and caused a copy of the notices of 5 deYault to be posted on the appropriate lots in accordance with RCW 6 ch. 61.24 and the powers of sale granted in the Deeds of Trust. 7 5. Automatic Stav Imposed. On April 27, 1989, the Debtor 8 filed a petition for relief under Chapter 11 of the Bankruptcy 9 Code. Accordingly, Continental has been prevented from exercising 10 its remedies under the Notes and Deeds of Trust by reason of the il automatic stay imposed by Sections 362 (a) (1) and (3) of the 12 Bankruptcy Code. The Debt�r is now attempting to operate its 13 business and manage the Subject Property as debtor-in-possession. 14 6. Debtor Lacks Abilitv to Comvlete Construction. It has 15 become apparent that the Debtor will not be abl� to complete 16 construction on the Subject Property. ProbJ.ems with lienholders 17 and other subcontractors and the Debtor's inability to obtain post- 18 petition fi:�ancing have placed the Debtor in a position where it is 19 no longer able to move forward with construction. 20 7. Need to Exercise Remedies. The Debtor is in default 21 under its Notes and Deeds of Trust with Continental and has 22 evidenced its inability to complete construction on the Subject 23 Property and otherwise fulfill its obligations under the Notes and 24 Deeds of Trust. In order to protect its security interest in the 25 HILLIS,CLARK, Stipulation and Order MARTIN&PETERSON,P.S. Granting Relief from Automatic Stay - 3 AITORNEYSATiAW Nq GALLAND BUILDING I37i SECOND AVENUE SEATfLE,wASNINGTON 9C101-2425 62J-1/95