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final map for unit 9 was recorded on May 19, 1987. Ridgemark’s
May 26, 1987, corporate minutes reflect that it intended to sell
the unit 9 property to Financial within 1 month. The property
was sold on June 30, 1987, and deeded July 10, 1987.
When Ridgemark sold the units 4 through 9 properties to
Financial and Construction, Robert A. Prior (Prior), Ridgemark’s
attorney, did the preliminary filing of the applications with the
State of California Department of Real Estate (DRE). These lots
were developed and sold by Construction or Financial, although
the preliminary approval for subdividing was obtained in
Ridgemark’s name. The final report, however, was issued in the
name of the subdivider, either Financial or Construction. The
lots herein were zoned for the highest possible use (residential)
in order to maximize possible loans by third parties.
On February 24, 1987, in an effort to “increase the
marketability of lots and townhomes”, Ridgemark’s board of
directors voted to restrict the sales of new golf memberships to
people who owned property in and resided in Ridgemark Estates.
On May 26, 1987, Ridgemark’s board of directors met to discuss
Ridgemark’s financial status, and the board reversed its decision
of February 24, 1987:
[Ridgemark] will market a golf subscription to persons
who are not owners of a lot or a unit and a resident of
Ridgemark Estates. The subscription price will be
$4,000.00. The subscription will have a term of five
years, and will not be transferable and will have no
golf cart use privileges, and can be converted to a
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Last modified: May 25, 2011