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October 19, 1990 to November 19, 1990, because he thought he had
some potential financing options. Subsequently, when petitioner
was unable to meet the November 19, 1990 deadline, and after he
requested another extension, petitioner was cautioned by Mr.
Boyd. Mr. Boyd advised petitioner that Mr. Suiter was reluctant
to extend the Earnest Money Contract because he was unsure that
petitioner would be able to finance the purchase. Mr. Boyd
observed that Mr. Suiter only agreed to extend the closing date
because petitioner "insisted" that he could close by December 19,
1990. Thus, we are not convinced that it was Mr. Suiter who
misled petitioner into thinking that financing was obtainable for
the purchase of Skylane Apartments.
We also find that petitioner had no reasonable prospect of
recovering the $55,000 based on the allegations set forth in Mr.
Trueheart's letter dated December 20, 1990. In his letter, Mr.
Trueheart alleged that Mr. Suiter provided petitioner with
inaccurate information concerning Skylane Apartments.
The record clearly demonstrates that Mr. Suiter specifically
disclaimed warranties with respect to his records. Both addenda
to the Earnest Money Contract advised petitioner that he should
not rely on the seller's records but should perform his own
independent analysis of Skylane Apartments. For example, the
Second Addendum stated:
SELLER IS CONVEYING THE PREMISES AS IS WHERE IS.
ALL WARRANTIES OF EVERY KIND WITH RESPECT TO THE
PREMISES, THE FINANCIAL CONDITION OF THE PREMISES,
THE BOOKS AND RECORDS OF THE SELLER, PROFIT AND LOSS
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