Andrew E. Blanche, Jr., and Cynthia D. Blanche - Page 5

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          1992, petitioners discussed with Mrs. Hewitt the possibility of             
          purchasing the Foxbriar property in its current condition by                
          assuming the mortgage on the property and giving Mrs. Hewitt a              
          $20,000 note in addition to the earnest money previously paid               
          under the contract.  That arrangement was never carried out.                
               Sometime during May 1992, Mrs. Hewitt informed petitioners             
          that she had ceased making the mortgage payments on the Foxbriar            
          property and that the mortgage creditor, Lomas Mortgage U.S.A.              
          (Lomas Mortgage), would initiate foreclosure proceedings if the             
          delinquencies on the mortgage were not paid by June 12, 1992.               
          Shortly thereafter, petitioners and Mrs. Hewitt reached an                  
          agreement for purchase of the Foxbriar property.  The terms of              
          the agreement were: (1) Petitioners would purchase the property             
          “as is”; (2) petitioners would assume the unpaid mortgage balance           
          of $59,703.43; (3) petitioners would assume any other                       
          encumbrances on the property; (4) petitioners would pay the                 
          delinquencies on the mortgage in the amount of $7,269.73; and (5)           
          the earnest money previously paid by petitioners would constitute           
          additional consideration for the property.                                  
               An assumption agreement and deed (assumption documents) were           
          drafted and forwarded to Mrs. Hewitt for her signature and for              
          that of Mr. Hewitt.  The assumption documents were returned to              
          petitioners via facsimile containing only the signature of Mrs.             
          Hewitt, with a notarized signature date of July 2, 1992.  The               

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