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_ Case 25-23251-MEH Doc18-11 Filed 12/22/25 Entered 12/22/25 20:08:18 Desc
; Exhibit J Page 4 of 15
6. Paragraph 3(h) of the Receivership Order states that the Receiver is authorized,
with prior approval of the Court and Lender, to sell the Property and other collateral and execute
on the owner’s behalf any necessary documents in connection with any sale.
7. After its appointment, the Receiver engaged Commonwealth Commercial Partners,
LLC to broker the sale of the Property. As stated in more detail in the Sale Motion, the Property
was heavily marketed, and the offer of LBD Holdings LLC was the highest and best offer received
for the Property after the default by a prior prospective purchaser. The specific terms of LBD
Holdings LLC’s offer are provided in the Sale Agreement which is attached as Exhibit 1 to the
Sale Motion.
8. The terms of the Sale Agreement were negotiated at arm’s length. The sale of the
Property as contemplated by the Sale Agreement is proposed in good faith, the purchase price is
fair and reasonable, and the price was reached after an extensive marketing process. On these
bases, the Purchaser is a bona fide purchaser for value.
9. The sale of the Property as contemplated by the Sale Agreement, is in the best
interest of Seaview, the Lender, and the Property.
10. All requirements for notice to creditors or claimants have been satisfied under Va.
Code §§ 8.01-595 and -596.
11. Additionally, on August 25, 2025, the Receiver filed the Personal Property Motion
seeking entry of an order providing that any remaining personal property of former tenants
(“Personal Property”) may be disposed of by (a) the Purchaser, after closing of its purchase of the
Property, as contemplated by the Sale Agreement; (b) the Receiver, if the Purchaser does not close
on its purchase of the Property; or (c) any subsequent purchaser of the Property, each without
liability to any of the former tenants of the Property.Jump to an indexed page (15 of 15)