- 8 - agreed to pay petitioner’s moving expenses, petitioner agreed to vacate the property. Nothing in the record indicates that petitioner took any action to compel Mr. Riccardi to pay her the $40,500 balance of the commission or that petitioner contested the matter. Nor is there any evidence that Mr. Riccardi took any action to compel petitioner to pay additional expenses he may have incurred because of petitioner’s failure to pay rent. The dispute as to the amount of the remaining debt petitioner owed to Mr. Riccardi and the remaining amount of commission Mr. Riccardi owed petitioner apparently was resolved and settled by the end of 1996. Petitioner was obligated under the written lease to pay Mr. Riccardi $1,800 per month from January 1, 1995, to December 31, 1996, for a total of $43,200 for the 24-month period. Although petitioner occupied the property and owed rent for the entire 24- month term of the lease, she paid Mr. Riccardi only $5,701.68. Thus, when she vacated the property at the end of 1996, she owed Mr. Riccardi $37,498.32 of unpaid rent ($43,200 - $5,701.68). Additionally, because petitioner failed to pay the rent when it was due, Mr. Riccardi incurred more than $3,000 of additional interest expense and costs for which petitioner was liable under the lease. Consequently, petitioner owed Mr. Riccardi at least $40,500 by the end of 1996. Petitioner earned a commission of $60,500 on the sale of the shopping center in 1996. The M. Riccardi Agency paid petitionerPage: Previous 1 2 3 4 5 6 7 8 9 Next
Last modified: May 25, 2011