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was ultimately transferred to the Federal National Mortgage
Association (Fannie Mae).
After the transfer of the Aspen Road property to Fannie Mae,
petitioner again contacted Mr. Riccardi. Petitioner told Mr.
Riccardi that if he purchased the Aspen Road property, she would
“take care of all expenses, maintain the property, and that after
a period of two years would either buy the property back or [they]
would sell it and split the profits, if there were any.” Mr.
Riccardi understood that he would receive a minimum profit of
$20,000. Relying on petitioner’s promises, Mr. Riccardi offered
Fannie Mae $170,000 for the Aspen Road property; this offer was
accepted.
On November 14, 1994, Mr. Riccardi and petitioner signed a
lease agreement that permitted petitioner to occupy and use the
Aspen Road property for the 2-year period beginning January 1,
1995, and ending December 31, 1996. The lease agreement required
petitioner to pay Mr. Riccardi a basic rent of $1,800 a month and
an amount equal to any increases in real estate taxes, fire
insurance premiums, and water and sewer charges. The lease also
required petitioner to reimburse Mr. Riccardi for any damages or
costs that he might incur as a result of petitioner’s breach of her
obligations under the lease.
Because of petitioner’s continued financial difficulties, she
failed to comply with her obligations under the lease. She did not
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