Estate of Morton B. Harper, Deceased, Michael A. Harper, Executor - Page 54




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               C.  Value of Marsh Note                                                
               The subject note, with principal amount of $450,000, was               
          issued on April 15, 1991.  Jack P. Marsh was the maker, and the             
          Trust was the payee.  The original due date was April 14, 1992,             
          and the original interest rate borne by the note was 10.75                  
          percent.  As of decedent’s date of death, the note had been                 
          renewed annually for 1-year extensions, the interest rate had               
          been reduced to 10 percent, and payments of interest were                   
          current.                                                                    
               The Marsh note was secured by collateral in the form of a              
          45-percent interest in a $1 million note, which note in turn was            
          secured by a deed of trust on Carson Harbor Village, a mobile               
          home park.  Jack P. Marsh was the payee of the $1 million note              
          and beneficiary of the deed of trust, and Carson Harbor Village,            
          Ltd., was the payor and trustor.  Carson Harbor Village, Ltd.,              
          was a limited partnership of which Goldstein Properties, Inc.,              
          was the general partner.  James F. Goldstein, as president of               
          Goldstein Properties, signed the $1 million note and related deed           
          of trust on behalf of Carson Harbor Village, Ltd.                           
               i.  Mr. Cronkite’s Report                                              
               Mr. Cronkite, at the outset of his report, states the terms            
          of the Marsh note and indicates that it is secured by a                     
          collateral interest in the aforementioned note secured by deed of           
          trust.  He continues:  “In addition to this note, there is a                






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