Ferydoun Ahadpour, A.K.A. F. Ahadpour, and Doris Ahadpour - Page 9

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          “Limited Agreement” pursuant to which First American would lend             
          petitioners $600,000 interest free.  The loan was secured by the            
          Phase II property and was to be repaid out of the proceeds of its           
          eventual sale.                                                              
               By letter dated December 4, 1991, Mr. Steinman requested,              
          inter alia, that First American advance up to $700,000 to                   
          petitioners.  This amount would then be offered to CDC in order             
          to terminate the Agreement and discharge CDC’s claims under the             
          Agreement.  The loan was to be interest free and would be repaid            
          with the proceeds from the eventual sale of Phase II.  CDC was              
          not aware of this request.  On December 10, 1991, CDC notified              
          Escrow Holder by letter that the parties wished to continue with            
          the escrow and that they considered it still open.                          
          Cancellation of Agreement                                                   
               On January 31, 1992, after several weeks of negotiations               
          between petitioners and First American, those parties executed an           
          “Amendment to Limited Agreement” incorporating the matters                  
          discussed in Mr. Steinman’s December 4, 1991, letter.  Pursuant             
          to the “Amendment to Limited Agreement”, First American issued a            
          cashier’s check in the amount of $750,000 to petitioners so that            
          they could pay CDC.  This amount was added to petitioners’                  
          accumulated indebtedness to First American.                                 
               Since petitioners were unable to deliver title in fee simple           
          to Phase II free of the cloud of the State’s public easement                

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