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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.
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