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Contract analysis / stipulation-neutral-administrator.docx
stipulation-neutral-administrator.docx
1035-00005 · 7 clauses
High · 1 Medium · 1 Standard · 2
1. Ashford Fiduciary Services Inc. (Gerald Whitmore, Principal Officer), with principal of
1. Ashford Fiduciary Services Inc. (Gerald Whitmore, Principal Officer), with principal offices at 600 Wilshire Boulevard, Suite 1450, Los Angeles, California 90017, is hereby appointed as the neutral administrator of the Estate of Teodoro R. Fonseca, Deceased, pending resolution of the disputes in this proceeding, whether by settlement, mediation, trial, or other adjudication.
2. Ashford Fiduciary Services Inc. shall have all of the powers and duties set forth in th Medium
⚑ Liability cap to check against exposure
2. Ashford Fiduciary Services Inc. shall have all of the powers and duties set forth in the Stipulation filed concurrently herewith, subject to the limitations, restrictions, and conditions contained therein, including but not limited to the powers and duties described in Section 1.2 of the Stipulation (preservation of estate assets, business interest oversight, collection of income and distributions, payment of esta
3. Ashford Fiduciary Services Inc. shall be compensated for its services as neutral admini Standard
⚑ Commercial term
3. Ashford Fiduciary Services Inc. shall be compensated for its services as neutral administrator as set forth in Section 1.3 of the Stipulation, as follows: (a) A monthly administration fee of Eight Thousand Five Hundred Dollars ($8,500.00), to be shared equally by Petitioner and Contestants, with Petitioner paying Four Thousand Two Hundred Fifty Dollars ($4,250.00) per month and Contestants paying, jointly and seve
4. Ashford Fiduciary Services Inc. shall furnish a surety bond in the amount of Five Hundr Standard
⚑ Commercial term
4. Ashford Fiduciary Services Inc. shall furnish a surety bond in the amount of Five Hundred Thousand Dollars ($500,000.00) within fifteen (15) calendar days of the date of this Order. The cost of the bond premium shall be paid from estate funds. Failure to furnish the required bond within the time prescribed shall constitute grounds for vacating this Order and Ashford's appointment.
5. Ashford Fiduciary Services Inc. shall file quarterly reports with this Court, and provi
5. Ashford Fiduciary Services Inc. shall file quarterly reports with this Court, and provide copies to counsel for all parties, as set forth in Section 1.4(a) of the Stipulation, within thirty (30) days of the end of each calendar quarter.
6. The Petition for Letters of Administration filed by Marguerite D. Fonseca on October 5,
6. The Petition for Letters of Administration filed by Marguerite D. Fonseca on October 5, 2022, is hereby held in abeyance insofar as it seeks appointment of Petitioner as administrator of the estate, pending further order of this Court. Nothing in this Order shall be construed as a denial of the Petition or a determination of Petitioner's entitlement to serve as administrator.
7. All rights, claims, defenses, and positions of all parties with respect to the merits o High
⚑ Penalty / liquidated damages
7. All rights, claims, defenses, and positions of all parties with respect to the merits of the contest—including but not limited to the characterization of estate assets, the existence and enforceability of the alleged premarital agreement, the validity and priority of creditor claims, and the entitlement of any party to serve as permanent administrator—are expressly preserved and are not affected or adjudicated by