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3. Contract for Like-Kind Exchange
On October 3, 1990, petitioners signed a contract entitled
"Real Estate Contract for Like-Kind Exchange" (the contract) to
convey the property to the buyers. An addendum to the contract
gave the buyers 30 days after signing the contract to perform
field tests to see whether the 76.5 acres was suitable for use as
a landfill and sand mine. The buyers could have their deposit
returned only if they decided that the 76.5 acres was not
suitable for use as a construction and demolition debris dump and
sand mine, or if they did not obtain construction and demolition
debris dump and sand mine permits from Pasco County.
The addendum allowed petitioners to operate the sand mine
until the transfer to the buyers closed. This benefited the
buyers, who wanted sand to be removed. The buyers had the right
to review petitioners' records to verify that petitioners did not
jeopardize the property, e.g., create liens.
The addendum provided that if the buyers obtained new
permits and then defaulted on the contract, the buyers agreed to
pay petitioners' expenses to obtain the permits that petitioners
had obtained before signing the contract.
On November 9, 1990, the parties extended the closing date
under the contract because the buyers did not know if Pasco
County would permit them to deposit debris from outside the
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Last modified: May 25, 2011