- 22 -
be bound by the promissory note in the amount of $367,500 and the
purchase money mortgage with respect to that note that OIP had
executed in favor of General on December 11, 1990, when OIP had
acquired the Vero Beach property, and (2) "to meet the obliga-
tions created thereby and does hereby release and hold harmless
OIP from any and all liability associated therewith."
The terms of a document entitled "Warranty Deed", which also
bears the date of February 28, 1992, was signed by Mr. Canty as
president of FIIC, and was never recorded, recite that FIIC was
transferring the Vero Beach property to IRF, one of FIIC's wholly
owned subsidiaries, for $10 and other valuable consideration. As
of February 28, 1991, IRF had assets of $96.
The terms of a document entitled "Quit-Claim Deed", which
bears the date of January 20, 1994, was signed by Mr. Canty as
president of IRF, and was never recorded (IRF quitclaim deed
document), recite that IRF
in consideration of the sum of $950,000.00 * * * does
hereby * * * quitclaim unto [OIP] * * * all the right,
title, interest, claim and demand which [IRF] * * * has
in * * * all of government lot three, lying in section
29, township 33, range 40 east, Indian River County,
Florida.
The government lot three referred to in the IRF quitclaim deed
document consisted of approximately 34.3 acres (34.3-acre parcel
of the Vero Beach property) of the approximately 174.5-acre Vero
Beach property which OIP had acquired from General on December
11, 1990. There is no road access to the 34.3-acre parcel of the
Page: Previous 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 NextLast modified: May 25, 2011