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would convey the property subject to an existing mortgage in the
original principal amount of $700,000. The $155,000 that John
paid to the seller came from his individual funds. On September
1, 1970, the seller executed a Warranty Deed conveying the
apartments to John and Faye. The deed stated that the purchasers
were acquiring the property subject to a mortgage from Bisbee-
Baldwin Corp.
John's and Faye's Divorce
On January 5, 1981, Faye filed a Petition for Dissolution of
Marriage in the Circuit Court, Fourth Judicial Circuit, in and
for Duval County, Florida2 (case number 81-112-CA). On February
3, 1981, Faye's and John's marriage was dissolved pursuant to a
Stipulation and Final Judgment of Dissolution of Marriage
(Stipulation and Final Judgment). The Stipulation provided, in
relevant part, as follows:
in order to settle the issues relating to the financial
affairs of the parties as to property rights, alimony,
custody and support of the minor child of the parties,
and in consideration of these promises and of the
mutual promises hereinafter set forth, each party
hereto accepts and will be bound by the following
provisions * * *
2Hereinafter, unless otherwise indicated, we shall refer to
the Circuit Court, Fourth Judicial Circuit, in and for Duval
County, Florida, as the "Fourth Judicial Circuit".
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