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separate Uniform Commercial Code Financing Statements in Bay
County, Florida, listing Towers Development as the debtor on the
loan made directly to Towers Development, and listing Briggs and
Daniell as the debtors on the other loan.
On October 15, 1985, AMI provided Towers Development a $1
million increase to the existing $2.7 million line of credit.
Again, Briggs and Daniell executed a guaranty in favor of AMI for
the loan.
As additional collateral for the $1 million loan increment
from AMI, Imperial Pines Development Corp. (Imperial Pines)--a
Florida corporation owned equally by Briggs and Mrs. Morris–-
conveyed to AMI a mortgage deed with respect to an office
building it owned in Bay County, Florida. The agreement provided
that AMI would release its security interest in the Imperial
Pines property when Towers Development repaid the $1 million loan
increment. At some unspecified date, AMI released its security
interest in the Imperial Pines property.
On April 29, 1986, Briggs and Daniell sold to Towers
Development part of the 40 acres adjacent to the phase I land.
On the same date, AMI sent a commitment letter to Towers
Development, evidencing an intention to provide a $3.9 million
loan to Towers Development for the construction of 158 town house
units. The commitment letter stated that the loan would be
guaranteed by Briggs and Daniell, and required as additional
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