- 6 - The promissory note would be deemed null and void if the bonds were released to Mark Tietig, and he was released from all liability without incurring any loss. Pledging the bonds as collateral for the loan to petitioner was consideration for executing the promissory note. Petitioner gave Mark Tietig a “surety loan or a surety note and mortgage” secured by real property owned by petitioner in five Florida counties. All dividends and interest paid on account of the pledged securities were to be paid to Mark Tietig. On September 19, 1983, Mark Tietig paid $200,000 to Eureka Field Nursery for an interest in 8,000 trees ($25 per tree). Additionally, Mark Tietig was required to pay $56,000 per year ($7 per tree) for maintenance of the trees, pursuant to a joint venture agreement between Mark Tietig and Eureka Field Nursery. Out of the sales of any trees, Mark Tietig was to receive his cost8 plus 6 percent, plus 50 percent of any profit after a $10 commission was paid to the nursery. In August 1985, petitioner secured a loan from Caribank of $3,430,000. From the Caribank loan proceeds, $1,900,000 was given to Westfield Financial, reducing the amount of that loan balance to approximately $500,000 and removing the Kissimmee and Lakeland properties from the Westfield Financial mortgage. The 8The initial fee plus a prorated amount to reimburse him for maintenance of the trees.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011