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IN RE PRESQUE ISLE APARTMENTS, L.P.

Bankruptcy No. 87-00064E, Motion No. 89-591.

109 B.R. 687 (1990)

In re PRESQUE ISLE APARTMENTS, L.P., a Pennsylvania Limited Partnership, Debtor. PRESQUE ISLE APARTMENTS, L.P., Movant, v. FIDELITY UNION BANK/FIRST NATIONAL BANK, a/k/a First Fidelity Bank, N.A., Respondent.

United States Bankruptcy Court, W.D. Pennsylvania.

January 26, 1990.

Attorney(s) appearing for the Case

Stephen H. Hutzelman, Erie, Pa., for movant.

John P. Eppinger, Erie, Pa., for respondent.

Richard Jankell, New York City, for Rosalind Cohen, Joseph Cohen, Stanford Klapper, Richard Jankell, Northwestern Nat. Ins. Co. of Milwaukee, Wis., and Edward S. Markman.

OPINION

WARREN W. BENTZ, Bankruptcy Judge.

Background

On January 29, 1985, Presque Isle Apartments, L.P. ("Debtor") executed a ninety-day promissory note ("Note") in the amount of $300,000 bearing an interest rate of 12% per annum in favor of First Fidelity Bank ("Bank"). The Bank was secured by a second mortgage on the debtor's 96 unit apartment complex. The Note provided that, in the event of default, the Bank was entitled to "collect...

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