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STATEMENTS, BALANCE SHEETS, ARE HEREBY DISCLAIMED * * *
BUYER AGREES THAT BUYER WILL HAVE ITS OWN INDEPENDENT
AUDITORS, FINANCIAL EXPERTS, TAX ADVISORS, ATTORNEYS,
ACCOUNTANTS TO REVIEW THE BUSINESS OPERATIONS AND BUYER
WILL SATISFY BUYER'S SELF, WITHOUT RELIANCE UPON ANY
INFORMATION BY SELLER, AS TO WHETHER BUYER INTENDS TO
PURCHASE THE PROPERTIES OR NOT.
Petitioner was also cautioned by Mr. Boyd about relying on
Mr. Suiter's records. Although Mr. Boyd's letter dated November
20, 1990, contained information about the occupancy of Skylane
Apartments, Mr. Boyd's letter specifically warned petitioner not
to rely on the information presented but rather to perform his
own "independent analysis". Certainly with his many years of
commercial real estate experience, petitioner had reason to heed
the disclosures in the addenda and the warnings in Mr. Boyd's
letter. Therefore, we cannot find that petitioner reasonably
relied on the information provided by Mr. Suiter or that
petitioner had a reasonable prospect of recovering the $55,000
based on a theory that he was provided with inaccurate
information.
Finally, petitioner alleged at trial that he continued to
pursue the recovery of $55,000 from Mr. Suiter until 1992. To
the contrary, we find that petitioner failed to pursue seriously
the recovery of such amount after December 1990. Indeed, after
Mr. Trueheart's letter dated December 20, 1990, there were no
further demands made for the refund of the $55,000 (much less the
commencement of any litigation).
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