- 6 -
1990, Mr. Suiter, through his attorney William Boyd (Mr. Boyd),
expressed some reluctance about agreeing to another extension of
the closing date. Mr. Boyd stated in his letter:
Carl, Darby would prefer to terminate the
Contract. He is concerned that you will not be
able to raise the down payment and thus lose the
$25,000.00 extension payment. You have insisted
that you can close by December 19th. Darby has
reluctantly agreed to this extension but will not
be inclined to grant further extensions. Please
consider all of this carefully before spending
your $25,000.
In the same letter, Mr. Boyd indicated that Skylane Apartments
were averaging 82-85 percent occupancy. However, Mr. Boyd
warned:
You are required not to rely on this information but
to conduct your own independent analysis of these
matters.
Petitioner signed the Second Addendum and paid the $25,000
extension fee by money order dated November 26, 1990. According
to the Second Addendum, the sale price of Skylane Apartments
remained at $10,200,000. However, a cash downpayment in the
amount of $2,550,000 was required, and the remaining portion of
the purchase price was to be financed by Mr. Suiter. Pursuant to
the Second Addendum, the sale of Skylane Apartments was required
to close by December 19, 1990. In the event of default by
petitioner, the seller's only remedy would be termination of the
contract or specific performance. In addition, the Second
Addendum stated:
Buyer has had ample opportunity to inspect the books
and records of Seller and the premises and have
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Next
Last modified: May 25, 2011