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Unity Bank v. Silver Moon Restaurants

IN THE UNITED STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF PENNSYLVANIA


May 24, 2007

UNITY BANK, PETITIONER
v.
SILVER MOON RESTAURANTS, INC., ET AL., RESPONDENTS

The opinion of the court was delivered by: Judge Conner

ORDER

AND NOW, this 24th day of May, 2007, upon consideration of the petition (Doc. 32) to fix fair value pursuant to Section 8103(a) of Title 42 of the Pennsylvania Consolidated Statutes, requesting that the court establish the fair market value of the property located at 6341 York Road, New Oxford, Pennsylvania that was purchased by petitioner Unity Bank on December 27, 2006,*fn1 and it appearing that respondents have not filed an answer to the petition as of the date of this order,*fn2 and that when a respondent fails to file an answer "the court shall determine and fix as the fair market value of the property sold the amount thereof alleged in the petition to be the fair market value," 42 PA. CONS. STAT. ANN. § 8103(c)(1), it is hereby ORDERED that:

1. The fair market value of the property located at 6341 York Road, New Oxford, Pennsylvania that was purchased by petitioner Unity Bank on December 27, 2006 is fixed at $500,000.00.

2. The following amounts are to be deducted from the fair market value of the aforementioned property when determining respondents' deficiency liability:

a. $32,930.77, which represents the real estate taxes paid by petitioner through the date of the United States Marshal's Sale;

b. $22,493.65, which represents the maintenance costs and expenses incurred by petitioner through the date of the United States Marshal's Sale; and,

c. $3,472.38, which represents the foreclosure costs and expenses incurred by petitioner through the date of the United States Marshal's Sale.

CHRISTOPHER C. CONNER United States District Judge


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