MEMORANDUM OPINION AND ORDER Santa Rosa Mall, LLC (“Appellant” or the “Landlord”) appeals from an Order of the Honorable Robert D. Drain, United States Bankruptcy Judge, dated April 30, 2020 (the “Order”), which denied Appellant’s Motion for an Order Finding the Automatic Stay Inapplicable or, in the Alternative, for Relief from the Automatic Stay (“Third Motion for Relief from Stay”). (Doc. 1; APX2369).1 For the reasons set forth herein, the Order is AFFIRMED. BACKGROUND Appellant is a retail landlord in Bayamón, Puerto Rico. Its tenant SR — Rover de Puerto Rico, LLC f/k/a Sears Roebuck de Puerto Rico, Inc. (the “Tenant”), a subsidiary of Sears Holdings Corporation d/b/a Sears Roebuck and Co. (the “Parent” and collectively, the “Debtors”)2 leased and operated a store (“Store No. 1915″) pursuant to a Lease Agreement with the Landlord dated September 16, 1965 (the “Lease”). (APX1478). In 2017, Hurricanes Irma and Maria damaged Store No. 1915. The Tenant then closed its doors thereafter and has remained in ill-repair since. The Lease provided, as relevant to this appeal, that the Tenant was obligated to maintain insurance with respect to Store No. 1915 through an insurance company or through the Parent as self-insurer. (APX1506-07 (§6.01)). The Lease provided further that should Store No. 1915 be damaged in an amount greater than $100,000, by “fire or other insured casualty, then” the insurance proceeds were to be deposited in a specified account in the Landlord’s name. (APX1508 (§6.03)). Finally, in the event of self-insurance by the Parent, the Lease provided that the Tenant was required to repair, restore, or rebuild upon the damage to, or destruction of, Store No. 1915. (APX1509 ((§6.04)). Here, the Tenant did not maintain its own insurance policy; and the Parent did not self-insure. At the time of the Hurricanes, the Parent had an insurance policy covering property damage to Store No. 1915 (the “Insurance Policy”). (APX1545). The Insurance Policy named the Parent as the “Insured.” (id.; APX1547). It provided that “all adjusted claims…shall be paid to the Insured or its order…” and “[l]oss, if any, shall be adjusted with and payable to [the Parent] or as directed by it.” (APX1567 ( 19); APX1574 ( 53)). On September 8, 2017 and September 28, 2017, in connection with the Hurricanes, respectively, the Parent submitted claims under the Insurance Policy. (APX0097; APX1624). On October 25, 2017, the Landlord obtained a “Certificate of Property Insurance” produced by Aon Risk Services, Inc. (“Aon”), the company authorized to issue certificates of insurance under the Insurance Policy (APX1571), naming AIG Europe Limited as the insurer (together with certain other insurers, the “Underwriters”), and the Parent as the insured. (APX1613). The Certificate also listed the Landlord as a “loss payee in accordance with the policy provisions of the [Insurance Policy].” (APX1615). On October 30, 2017, the Landlord’s managing agent wrote to the Underwriters requesting to be informed of the filing and processing of any claim under the Insurance Policy, and that any insurance proceeds be deposited “as required by the Lease Agreement.” (APX1620). Appellant did not receive any response. The Underwriters, with regard to the Parent’s claim, made payments over time in installments directly to the Debtors totaling $46,332,916. (APX1624). On October 15, 2018, the Debtors filed their petition for relief under Chapter 11 of the Bankruptcy Code and suspended initial reconstruction efforts of Store No. 1915. On January 17, 2019, because the Underwriters disputed the nature, scope, extent, and amount of certain of the losses and damages claimed, and disputed their responsibility to cover those losses and damages, after extensive negotiations, the Debtors and the Underwriters agreed to settle their claims (the “Settlement Agreement”). (APX1625). Under the Settlement Agreement and, in exchange for the settlement amount of $13,260,122, the Debtors released the Underwriters from “any and all claims that were made, could have been made, or could be made in the future relating to or arising out of” the Insurance Policy relating to the Hurricanes. The Debtors further agreed to, inter alia, indemnify and defend the Underwriters in any action under the Insurance Policy relating to Store No. 1915 and the Hurricanes brought by “any other person, including but not limited to…landlord(s).” (APX1625-1626 (
