Florida Industries Investment Corporation and Subsidiaries - Page 18




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          five business days after the expiration of the 180-day period                
          after July 26, 1990, any portion of the "Agreed Amount" as                   
          defined in paragraph 5(e)(2) of the escrow agreement that had not            
          been expended by Interstate within that 180-day period for the               
          purchase of replacement property or that had not previously been             
          paid to OIP pursuant to paragraph 5(d)(1) of the escrow agreement            
          relating to OIP's failure to identify all or any of the replace-             
          ment property within 45 days after July 26, 1990; and (4) to pay             
          any remaining portion of the escrow fund to Interstate within                
          five days after the expiration of the 180-day period after July              
          26, 1990.  Nonetheless, after the expiration of the 45-day period            
          after July 26, 1990, and before the expiration of the 180-day                
          period after that date, a check in the amount of $50,000, which              
          was signed by John Hefferan, payable to OIP, and dated November              
          26, 1990, was drawn on the escrow fund.  The purpose for that                
          withdrawal as stated on that check was "Draw Re:  Canty".  In                
          addition, a check in the amount of $50,000, which was signed by              
          John Hefferan, payable to Canti Carriage Company, and dated                  
          December 11, 1990, was drawn on the escrow fund.  The purpose for            
          that withdrawal as stated on that check was "Draw".  Although the            
          $50,000 check payable to Canti Carriage Company was signed by                
          John Hefferan, Mr. Canty wrote both the name of the payee and the            
          amount on that check.  Furthermore, on January 8, 1991, OIP                  
          received a distribution of $12,740.10 from the escrow fund, which            
          comprised all the moneys remaining in that fund as of that date.             




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