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Feb-23-05 10:45A Lake Durango Water CO,Inc 1 970 247 3666 P.02 <br /> <br />1)N1Th.D STA'1'IsS BANKRUPTCY COURT <br />FOR Tll>; DISTRICT OF COLORADO <br />IN RL: ) <br />Wtstsidc Grrvc[, LLC', ) CASE N0.04-2(1834 SBB <br />x Colorado Limited Liability Corporation, ) Chapter 11 <br />Debtor ) <br />nARTOR'S MOTION 'ro DISMISS CHAPTIv R 11 PROCEEDINCs <br />Thu Debtor, Westside Gravel, LLC,'hy and through its utlomeys, Appel & Lucas, P.C„ <br />hereby moves the Court to dismiss the captioned C:hap[er l I ease. In suplx~rt of its Motion, thu <br />Debtor status ;ts fi>Ilnws: <br />Thu Ucbtur tiled for rolicf under Chapter I I of the Bankntptcy Codc on May f 9, <br />2004. 'I'hc I)cbtor remains allcbtor-in-Possession. <br />2. At the lime of Hie tiling ul'the Petition, the principal asset of the Debtor was a <br />Icttsdtold interest in a I,~avcl pit locauxl in La PEata County, Colorado. "Chc <br />Debtor's leasehold inta'cst was evidenced by a Sand and Grttvcl Lcasc Agreement <br />between Durango PTR Propct•lics, LLC and the Dcbtar, dated August 8, 2002, as <br />amended, by the Amcndntcnt to Memorandutn of Sand and Gravel Lcasc, dated <br />July I I, 2043, and further amended by {hc First Addendum ut Sand and Ciravc[ <br />Lcasc (catlcctivc{y the "Lcasc."). <br />3, On July 9, 3004 Durango PTR fled its Motion for Rclicf from Stay, pursuant to <br />which Durango PTR sought relief to terminate the Lease. <br />4. On August 31, 2004, the Debtor entcrcd into a Stipulation Regarding Application <br />for an Order Authorizing Assumption of Rcal Property Lcasc and Motion far <br />Rcliul' linen Stay f ilud by Durango 1''1'12 Propcrtias, LLC. Uuder the Stipulation the <br />Debtor agreed that thu llcbtor would attempt to assilm Hie Lcasc to a third party. <br />'1'1tc Stipulation fttrtttcr provided that if the Debtor failed to du so, (hc Cn~ditor <br />would be granted Ruliuf From Stay and the Lcasc would be terminated. 'I'hc <br />Debtor subscqucnlly foiled to assibn the Lease to & third party. <br />5. On Novcmbur 1, ZOn4, the Court granted Creditor Durango PTR Rclicf frmn <br />qulomatic Stay and terminated the Sand and Gravel Lcasc in ;tceordancc with the <br />agreed relief caught iu paragraphs 4 and 5 of Hzc 5tipulaliat. <br />