- March 17, 2008
- All New York State Office Counsel, Managers and Agents
- Special Alert - TOUSA Bankruptcy (Engle Homes, et al)
The attached orders have been approved and entered.
The Final Order Authorizing the Debtors to Sell Homes authorizes sales free and clear of liens. You may rely upon this Order, provided (1) taxes are paid at closing, and (2) the Final Order is recorded in the county of the land.
The Interim Order Establishing Procedures for Non-Core Asset Sales may be relied upon for sales of unimproved land if (1) the sale is $1,000,000 or less, (2) the only liens on the land are held by lenders that consented to the sale, (3) taxes are paid at closing, and (4) a representative of the debtor certifies compliance with the Order. If the sales price exceeds $1,000,000 for sales of Non-Core Assets, or involves other land, please call Stewart Title Insurance Company Agency Legal Services.
These Orders apply to the following debtors:
Engle Homes Commercial Construction, LLC
Engle Homes Delaware, Inc.
Engle Homes Residential Construction, LLC
Engle Sierra Verde P4, LLC
Engle Sierra Verde P5, LLC
LB/TE #1, LLC
Lorton South Condominium, LLC
McKay Landing LLC
Newmark Homes Business Trust
Newmark Homes Purchasing, LP
Newmark Homes, LLC
Newmark Homes, LP
Preferred Builders Realty, Inc.
Reflection Key, LLC
Silverlake Interests, LLC
TOUSA Associates Services Company
TOUSA Delaware, Inc.
TOUSA Funding, LLC
TOUSA Homes Arizona, LLC
TOUSA Homes Colorado, LLC
TOUSA Homes Florida, LP
TOUSA Homes Investment #1, Inc.
TOUSA Homes Investment #2, Inc.
TOUSA Homes Investment #2, LLC
TOUSA Homes Mid-Atlantic Holding, LLC
TOUSA Homes Mid-Atlantic, LLC
TOUSA Homes Nevada, LLC
TOUSA Homes, Inc.
TOUSA Homes, LP
TOUSA Investment #2, Inc.
TOUSA Mid-Atlantic Investment, LLC
TOUSA Realty, Inc.
TOUSA/West Holdings, Inc.
TOUSA, INC., et al - Case No. 08-10928-JKO: Final Order Authorizing the Debtors to Sell Homes Free and Clear of Liens, etc. (Please Click Here to View)
TOUSA, INC., et al - Case No. 08-10928-JKO: Interim Order Establishing Procedures for Non-Core Asset Sales (Please Click Here to View)
THIS BULLETIN IS FURNISHED TO INFORM YOU OF CURRENT DEVELOPMENTS. AS A REMINDER, YOU ARE CHARGED WITH KNOWLEDGE OF THE CONTENT ON VIRTUAL UNDERWRITER AS IT EXISTS FROM TIME TO TIME AS IT APPLIES TO YOU, AS WELL AS ANY OTHER INSTRUCTIONS. OUR UNDERWRITING AGREEMENTS DO NOT AUTHORIZE OUR ISSUING AGENTS TO ENGAGE IN SETTLEMENTS OR CLOSINGS ON BEHALF OF STEWART TITLE GUARANTY COMPANY. THIS BULLETIN IS NOT INTENDED TO DIRECT YOUR ESCROW OR SETTLEMENT PRACTICES OR TO CHANGE PROVISIONS OF APPLICABLE UNDERWRITING AGREEMENTS. CONFIDENTIAL, PROPRIETARY, OR NONPUBLIC PERSONAL INFORMATION SHOULD NEVER BE SHARED OR DISSEMINATED EXCEPT AS ALLOWED BY LAW. IF APPLICABLE STATE LAW OR REGULATION IMPOSES ADDITIONAL REQUIREMENTS, YOU SHOULD CONTINUE TO COMPLY WITH THOSE REQUIREMENTS.
- Bulletins Replaced:
- Related Bulletins:
- NY000311 Mortgage Lenders That Are The Subject Of Closing Alerts Or That May Be Troubled
- NY000344 Special Alert - TOUSA Bankruptcy (Engle Homes, et al)
- SA2008002 Special Alert - TOUSA Bankruptcy (Engle Homes, et al)
- SA2008004 Special Alert - TOUSA Bankruptcy (Engle Homes, et al)
- Underwriting Manual:
- Exceptions Manual: