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Vero Beach property, which is bounded on the eastern side by the
Indian River and is landlocked on the remaining three sides.
The terms of the IRF quitclaim deed document state that the
consideration of $950,000 recited therein was to be evidenced by
a purchase money note and a mortgage in that amount, which also
were to bear the date of January 20, 1994. The terms of a
document entitled "NOTE" (OIP note), which also bears the date of
January 20, 1994, was signed by Mr. Canty as president of OIP,
and was never recorded, recite that OIP promised to pay IRF
$950,000 on a date that is 36 months after January 20, 1994,
"with interest after maturity at the rate of 8 per cent per annum
until paid". The terms of a document entitled "This Indenture",
which also bears the date of January 20, 1994, was signed by Mr.
Canty as president of OIP, and was never recorded, recite that
OIP, as mortgagor, "for and in consideration of * * * nine
hundred fifty thousand Dollars * * * has granted, bargained and
sold to the * * * Mortgagee [IRF]" the 34.3-acre parcel of the
Vero Beach property as security for the payment of the OIP note.
Except as described above with respect to the $2,520 in
document stamps that the recorded Vero Beach property warranty
deed recites was paid to the State of Florida, no Florida trans-
fer tax or Florida intangibles tax was paid with respect to the
various transactions and indebtedness among OIP, FIIC, and/or IRF
that were recited in the above-described documents regarding the
Vero Beach property and regarding the 34.3-acre parcel of the
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