Ferydoun Ahadpour, A.K.A. F. Ahadpour, and Doris Ahadpour - Page 3

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          Development Co. (CDC).  Pursuant to the Agreement, petitioners              
          agreed to sell certain improved real property known as                      
          “Huntington Harbour Bay Club Phase II” (Phase II), with                     
          improvements thereon in the form of parking facilities, tennis              
          courts, and a clubhouse with restaurant, catering, and bar                  
          facilities.  This property is located in the City of Huntington             
          Beach, in an area called Huntington Harbor near the Pacific                 
               CDC was planning a development project for Phase II.  CDC              
          had previously purchased Phase I, and the Phase I development               
          project had already been approved for condominium development by            
          the City of Huntington Beach.                                               
               The agreed-upon purchase price for Phase II was $7.5                   
          million.  The Agreement set forth a payment schedule.  CDC was to           
          pay $500,000 in cash during escrow:  $75,000 as an “Initial                 
          Deposit” to be paid concurrently with the execution of the                  
          Agreement, and $425,000 as an “Additional Deposit” to be paid               
          within 10 days thereafter.  The Agreement provided:  “Escrow                
          Holder is hereby instructed to immediately release the Initial              
          Deposit to Seller.  The Initial Deposit is nonrefundable except             
          in the case of Seller’s breach of this Agreement, and is                    
          applicable to the Purchase Price.”  The Additional Deposit also             
          was to be released immediately to petitioners and also was                  
          nonrefundable except in case of the sellers’ breach and was                 

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