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that were to be recorded at the time the July 2, 1984,
installment was paid. The sellers also agreed to subordinate the
December 2013 installment payments to any permanent financing
obtained by the partnerships. The December agreements also
recited that "All of the burdens and benefits of ownership of the
subject property are transferred from * * * [seller] to * * *
[the purchasing partnership]" and "This document, may at the
mutual consent of * * * [the parties], be superseded by a more
formal contract of sale, as long as said contract does not change
the terms and conditions outlined herein."
On or about December 30, 1983, the partnerships and
condominium sellers executed 69 separate informal memoranda of
condominium purchase agreements (December memoranda). The
memoranda referenced the December agreements and had descriptions
of the specific condominium units under contract attached to
them. They also required the parties to cooperate in recording
any documents necessary to evidence any termination of the
December agreements. The December memoranda were recorded with
the local county's recorder's office.
The seller of 3 groups of 16 condominium units (or a total
of 48 units) had entered into purchase agreements during November
1983, after the builder's initial default on its construction
mortgage with Western Savings and Loan Co. (Western Savings).
The seller of 3 groups of 7 condominium units (or a total of 21
units) purchased the units from the builder during the last few
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