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IN RE PRESQUE ISLE APARTMENTS, L.P.

Bankruptcy No. 87-00645E, Motion No. 89-586.

112 B.R. 744 (1990)

In re PRESQUE ISLE APARTMENTS, L.P., Debtor. PRESQUE ISLE APARTMENTS, L.P., Movant, v. LANDMARK SAVINGS ASSOCIATES, Respondent.

United States Bankruptcy Court, W.D. Pennsylvania.

March 28, 1990.

Attorney(s) appearing for the Case

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

Edward T. Harvey, Pittsburgh, Pa., for respondent.

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

OPINION

WARREN W. BENTZ, Bankruptcy Judge.

Presque Isle Apartments, L.P. ("Debtor") filed its petition under Chapter 11 of the Bankruptcy Code on February 12, 1987. Landmark Savings Association, formerly known as Second Federal Savings and Loan Association of Pittsburgh ("Landmark") holds a first mortgage note on the debtor's 96 unit apartment complex.

The lien position of Landmark had its genesis when Country Place Apartments Associates executed...

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