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BRAY, GEIGER, RUDQUIST, NUSS & PARISH <br /> ATTORNEYS AT LAW <br /> MARK S. BRAY 400 BANK OF STOCKTON BUILDING NEWTON RUTHERFORD (1851-1956 1 <br /> D. R. JACOBS i1892-197D <br /> DENNIS DONALD GEiGCR } <br /> JOHN B. RUO LD G 311 EAST MAIN STREET STEPHEN DIE TRICH (1908-19711 <br /> JAMES T. C. NUSS 5TOCKTON, CALIFORNIA 95202 <br /> WILLIAM H. PARISH OF EaUNSEL <br /> TELEPHONE 940-0434 CODE 209 PHILIP CAVALERO,RETIRED <br /> TODD R.NOISE <br /> DONALD N. STEVENSON ^� 1 �7 <br /> FRANCES H.TOSHIMURA July 17, 1 <br /> 987 <br /> Steven P. McDonald, Esq. <br /> Dcrazio, Barnhorst & Bonar <br /> P. O. Box 880209 <br /> San Diego, CA 92108-0005 <br /> Re: Bank of Stockton/Port of Stockton <br /> Your File No. 1051. 01 <br /> Dear Mr. McDonald: <br /> My client, Bank of Stockton, has asked me to answer <br /> your letters regarding Port of Stockton' s lease with Energy <br /> Petroleum, Inc. Your previous letters asserting that Bank of <br /> Stockton is responsible for maintaining the underground <br /> storage tanks is based on several factual misconceptions. My <br /> investigation of this matter indicates that Bank of Stockton <br /> is not responsible for the storage tanks that exist on your <br /> property. <br /> In the past, Bank of Stockton extended loans to <br /> Energy Petroleum, Inc. As part of these loans, the Energy <br /> Petroleum, Inc. lease was pledged as security. As you know, <br /> Energy Petroleum, Inc. defaulted and filed for bankruptcy. <br /> Bank of Stockton obtained relief from the automatic <br /> stay in order to pursue its remedies as a secured party. <br /> Upon obtaining relief from the automatic stay, Bank of <br /> Stockton secured the leased premises in order to protect its <br /> personal property collateral . After publishing notice of <br /> public sale, Bank of Stockton conducted an auction on the <br /> property. You should be aware, however, that Bank of <br /> Stockton never assumed the lease, never foreclosed its <br /> security interest in the lease, and never took title to the <br /> underground storage tanks. Consequently, Bank of Stockton <br /> was neither an owner nor an operator of the premises. After <br /> completion of the public sale, Bank of Stockton paid the <br />