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TARTER KRINSKY & DROGIN LLP Attorneys for The Christian Brothers Institute, et al. Debtors and Debtors-in-Possession 1350 Broadway, 11th Floor New York, New York 10018 (212) 216-8000 Scott S. Markowitz, Esq. UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK ------------------------------------------------------------------- x In re: : : THE CHRISTIAN BROTHERS INSTITUTE, et al., : : Debtor. : ------------------------------------------------------------------- x

Chapter 11 Case No.: 11-22820 (RDD) (Jointly Administered)

STIPULATION AND ORDER MODIFYING ORDER DATED MARCH 12, 2012 APPROVING SALE PROCEDURES IN CONNECTION WITH THE SALE OF THE PROPERTY LOCATED AT 173 STRATTON ROAD, NEW ROCHELLE, NEW YORK AND VACANT LAND ACROSS THEREFROM WHEREAS, by motion dated January 30, 2012 (the Sale Motion) The Christian Brothers Institute, debtor and debtor-in-possession (the Debtor), sought approval of a contract of sale with respect to the sale of the property located at 173 Stratton Road, New Rochelle, New York and vacant land across therefrom (the Property), to Iona Preparatory School (Iona); and WHEREAS, by order dated March 12, 2012 (the Bid Procedures Order), this Court approved certain bid procedures with respect to the sale of the Property; and WHEREAS, the Bid Procedures Order provided that all competing bids for the Property must be submitted by no later than June 20, 2012, at 12:00 p.m. (EST) (the Bid Deadline); and WHEREAS, the Bid Procedures Order provided that if a qualified bid from a party other than Iona was received prior to the Bid Deadline, an auction would be held on June 25, 2012, and a sale hearing would be held on June 28, 2012; and

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WHEREAS, the marketing materials prepared by the Debtors broker were incorrect with respect to the zoning of the vacant parcel; and WHEREAS, the Official Committee of Unsecured Creditors (the Committee), has requested that the Debtor consent to an extension of the Bid Deadline to enable the Debtors broker to correct the marketing materials to reflect the proper zoning of the vacant parcel and advise potential interested bidders of same; and WHEREAS, the Debtor has consented to an extension of the Bid Deadline upon the terms and conditions set forth below. BASED UPON THE FOREGOING, IT IS HEREBY ORDERED AS FOLLOWS: 1. The Bid Deadline is hereby extended to through and including July 31, 2012 at

12:00 p.m. (EDT) (the Extended Bid Deadline). 2. If a Qualified Bid1 is received (from an entity other than Iona) prior to the

Extended Bid Deadline, an auction will be held on August 7, 2012, at 10:00 a.m. (EDT) at the offices of Tarter Krinsky & Drogin LLP, 1350 Broadway, 11th Floor, New York, New York 10018. 3. The Sale Hearing shall be held on August 15, 2012, at 10:00 a.m. (EDT) before

the undersigned United States Bankruptcy Judge at his courtroom located at 300 Quarropas Street, White Plains, New York. 4. Except as modified by this stipulation and order, all provisions of the Bid

Procedures Order shall remain in full force and effect and continue to govern Sale Procedures with respect to the Property. 5. The Debtor shall provide notice of this stipulation and order to all parties who

Capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms in either the Bid Procedures Order or the Sale Procedures.

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have expressed interest in purchasing the Property. 6. The Bankruptcy Court shall retain jurisdiction with respect to all matters

pertaining to this Order. Dated: New York, New York June 18, 2012 TARTER KRINSKY & DROGIN LLP Attorneys for The Christian Brothers Institute, et al. Debtors and Debtors-in-Possession By: /s/ Scott S. Markowitz Scott S. Markowitz 1350 Broadway, 11th Floor New York, New York 10018 (212) 216-8000 Dated: New York, New York June 18, 2012 PACHULSKI STANG ZIEHL & JONES LLP Attorneys for the Official Committee of Unsecured Creditors

By:

/s/ Ilan D. Scharf James I. Stang Ilan D. Scharf 780 Third Avenue, 36th Floor New York, New York 10017 (212) 561-7700

SO ORDERED this 19th day of June, 2012

/s/ Robert D. Drain THE HONORABLE ROBERT D. DRAIN UNITED STATES BANKRUPTCY JUDGE

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