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33.
The Receivership Order authorizes the Receiver to procure property insurance.
That insurance would be directly for the benefit of FourLeaf, the first lienholder owed far in excess
of the value of the Property. Based on feedback from its insurance broker that property coverage
would be difficult if not impossible to procure, the Receiver relied upon FourLeaf’s existing forced
place insurance on the Property. The Receiver later learned from FourLeaf that that policy would
not be or was not renewed.
34.
At that juncture, I communicated with a commercial insurance broker with respect
to property coverage for this Property. The broker confirmed that because of the condemnations,
the improvements at the Property are uninsurable. I also learned that a general liability insurance
policy was available, and after consultation with FourLeaf (who had to fund the cost of such
policy), the Receiver procured general liability coverage.
Listing and Marketing of the Property
35.
One purpose of the Receivership was to secure possession and control of the
Property to protect it because the Debtor had essentially abandoned the Property. The other
purpose was to market the Property for sale.
36.
Paragraph 3(h) of the Receivership Order empowers the Receiver to market and
sell the Property with the approval of the Virginia Circuit Court and FourLeaf. It also specifically
authorizes the Receiver to “…engage Commonwealth Commercial…to facilitate the sale of the
Property under standard brokerage terms and conditions and fees and commissions.”
37.
After its appointment, the Receiver listed the Property for sale with Commonwealth
Commercial on April 5, 2025. Attached as Exhibit 4 is a true and complete copy of
Commonwealth Commercial’s Offering Memorandum on the Property.
Case 25-23251-MEH Doc 18-13 Filed 12/22/25 Entered 12/22/25 20:08:18 Desc
Affidavit Page 7 of 16
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