-23- Elmore conceded at trial were unusual contract terms, the effect of which Elmore had not considered. For example, petitioner bought $150,000 worth of timber and paid almost $50,000 to help the buyers make the downpayment; the buyers obtained an easement across the property to the waterfront property; under the release clauses contained in the owner-financed mortgage, the waterfront property was released from the mortgage when the buyers made the downpayment; and the buyers could keep one-half of the proceeds from all future timber sales (including the mortgaged property) even if they did not complete the sale. Elmore did not know that Thompson applied for, but could not get, zoning for a residential development except for the waterfront property released at closing; he did not ascertain whether the 7-percent interest charged in the note was consistent with prevailing interest rates in 1980; and he did not conduct a timber cruise to estimate the value of the standing timber. Elmore also considered as a comparable sale the 1979 sale by River Farms, Inc., to Seminole Electric Cooperative, Inc. Elmore stated in his report that the buyer bought this property to use as an electric power generation facility. However, Elmore did not consider whether the Putnam County property could be used forPage: Previous 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Next
Last modified: May 25, 2011