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Pursuant to the First Addendum, petitioner paid $30,000 to
Stewart Title Co. Petitioner then continued to seek financing
for the purchase of Skylane Apartments.
By October 19, 1990, petitioner was unable to obtain
financing for the purchase of Skylane Apartments, and the Earnest
Money Contract expired once again. At this time, petitioner
thought that he still could obtain financing for the purchase of
Skylane Apartments. Petitioner again convinced Mr. Suiter to
extend the closing date of the Earnest Money Contract, this time
from October 19, 1990 to November 19, 1990. As consideration for
extending the closing date, petitioner agreed to tender to Mr.
Suiter the $30,000 previously deposited in escrow with Stewart
Title Co. By letter dated October 22, 1990, petitioner
authorized Stewart Title Co. to disburse $30,000 to Mr. Suiter as
consideration for extending the closing date of the Earnest Money
Contract from October 19, 1990 to November 19, 1990.
Although petitioner continued to seek financing for the
purchase of Skylane Apartments, petitioner was once again
unsuccessful. The sale of Skylane Apartments did not close by
November 19, 1990. Once again, petitioner requested that Mr.
Suiter extend the closing date.
Mr. Suiter ultimately agreed to extend the closing date for
an additional 30 days. However, Mr. Suiter required petitioner
to sign a new addendum to the Earnest Money Contract (Second
Addendum) and pay a $25,000 fee. In a letter dated November 20,
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