Loren F. Paullus and Donna Paullus - Page 34

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          was a condition precedent to Ridgemark’s ability to convey legal            
          title to the aforementioned parcels to Financial and                        
               Ridgemark notes that it sold three parcels of real property            
          between 1977 and 1984.  Two were sold to Construction, and one              
          was sold to Financial.  For example, on October 18, 1977,                   
          Ridgemark deeded 7 acres of unsubdivided land to Construction for           
               All properties sold after 1977 were conveyed after the final           
          subdivision map was recorded.  In particular, when Ridgemark                
          agreed to sell the unit 9 property to Financial, there was a                
          tentative map for the property.  At the time of the sale on                 
          June 30, 1987, the final map for unit 9 had been recorded.  A               
          similar pattern occurred for units 7 and 8, which were sold to              
          both Financial and Construction, respectively.                              
          5.  The Use of a Business Office for the Sale of the Property               
               Respondent places heavy reliance on the fact that Ridgemark            
          compiled a list of names of people interested in purchasing lots            
          in the unit 10 property.  Ridgemark points out that the list was            
          created several months after it had decided to proceed with a               

               more condominiums as defined in Section 783 of the                     
               Civil Code, a community apartment project containing                   
               five or more parcels, or for the conversion of a                       
               dwelling to a stock cooperative containing five or more                
               dwelling units * * *                                                   

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