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(7) Faye would convey her interest in the Landon Imperial
Apartments, by quitclaim deed, to John.3
(8) Following the execution of the Final Judgment, John
would pay Faye $1,000 per month for 12 months or until such time
as the jointly owned home was sold, whichever was sooner. During
this period, John would make all mortgage payments due on the
home. After this period, John would pay Faye $2,200 per month
for a period of 12 months. For each succeeding 12-month period,
John's monthly obligation to Faye would increase by $100 until it
reached $2,500 per month. John would then pay Faye $2,500 per
month for the remainder of her life or until such time as she
remarried. These payments would stop only upon Faye's remarriage
or death. In consideration of the mutual promises made between
the parties, John bound his estate to make all payments required
to be made under the terms of the agreement.
Pursuant to the Stipulation and Final Judgment, Faye
executed a Quit-Claim Deed, dated February 3, 1981, conveying her
interest in the Landon Imperial Apartments to John. Beginning in
1981, John paid to Faye the amounts required under the
Stipulation and Final Judgment.
3In a Notice of Proposed Property Taxes from the Duval
County Taxing Authorities, prepared in or around September 1980,
the Landon Imperial Apartments were assessed at a value of
$963,700. In a financial affidavit titled "John F. Daugharty II
Jacksonville, Florida February 1, 1981", John stated that he had
$700,000 of equity in the apartments.
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