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partnership.15 The transfer was accomplished with the execution
of the First Amendment to Kiddies 38 Agreement (sales agreement).
Petitioner, Farm & Grove, and petitioner as guardian of his minor
children (Brian, Erik, and Kris Tietig) were parties to the sales
agreement.16 Petitioner and his minor children were all partners
in the Kiddies 38 partnership, which was now called the Kiddies
91 partnership.
The sales agreement provided, in part, as follows:
3. The consideration to be paid by the Joint Venture
to * * * [Edward C.] Tietig and Farm & Grove is as
follows:
a. The payment by the Joint Venture of the
note and mortgage attached hereto * * * in the
total amount of $174,900 which represents
$3,300.00 per lot release price of these lots from
the lien of the County Bank mortgage.
b. A further sum of $72,822.00 cash
representing additional consideration of $1,374.00
per lot. Said cash shall be paid by the sale
and/or hypothecation of existing mortgages
receivable * * *. When each of these notes and
mortgages shall be hypothecated and upon what
terms shall be at the discretion of Tietig; but,
provided however, that a net cash flow of no less
than $1,250.00 per month shall remain * * *
15Before this transaction, the partnership was referred to
as the Kiddies-CKE 38 Joint Venture. Afterwards, its new name
was Kiddies 91 Joint Venture. The name changed because of the
increased number of lots held by the joint venture (38 + 53 =
91).
16Petitioner signed the agreement individually, as president
of Farm & Grove, and as natural father and duly appointed
guardian of his three minor children (Brian, Erik, and Kris
Tietig).
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