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3. In said Motion, the Debtor seeks instructions from <br /> this Court regarding the following: <br /> a. The Debtor owns two contiguous pieces of <br /> property (identified as TMK 3-2-4-025-044 and TMK 3-2-4-025-46), <br /> <br /> which are located next to the Hilo police department. (The <br /> properties, together with another property in Laupahoehoe, secure <br /> a mortgage to GE Capital, with a principal balance of somewhat <br /> over 5330,000). The County of Hawaii has indicated that, subject <br /> to obtaining governmental financing and approvals, it would be <br /> interested in purchasing the two Hilo properties for 5175,000. <br /> While this sum is less than the Debtor believes the properties to <br /> be worth, the price is within a range for which the Debtor <br /> understands that he should seek instructions about whether to <br /> enter into a preliminary agreement with the County of Hawaii. <br /> The County then could proceed to obtain governmental approvals <br /> and financing for a proposed sale that would be subject to Court <br /> approval. A sale at the suggested price of $175,000, together <br /> with the sale of the Laupahoehoe property at a fair price, should <br /> be sufficient to satisfy the GE Capital mortgage in full. <br /> b. The Debtor has not received any serious <br /> offers on his residence. Counsel for the Debtor has discussed <br /> residence, (2) two contiguous properties in Hilo and one property in <br /> Laupahoehoe, all of which are subject to a GE Capital mortgage, (3) an option <br /> on property in Kanehoe, which was assigned with Court approval and for which <br /> escrow is scheduled to close in late October, resulting in an anticipated some <br /> $20,000 to $30,000 coming into the Estate; and (4) two additional properties <br /> on the Hig Island, which have been sold with Court approval and which are in <br /> escrow, although the proceeds will not be sufficient to pay the Bank of <br /> 2 <br /> <br />