- 7 - price of $449,500. The asking price remained $449,500 for approximately 3 months, but failed to generate any offers. Stephanie and David reduced the price to $379,500 in approximately July 1991. Despite the reduction, the Atascadero property still failed to generate any offers. Stephanie and David’s real estate agent attributed the lack of interest to a “soft” market and was of the opinion that a further reduction, to $350,000, would be necessary to generate any offers. Stephanie and David were unwilling to reduce the price further and took the property off the market in August 1991 with the hope that market conditions would improve. On August 30, 1991, Stephanie and David consolidated the 33 loans (hereinafter the Atascadero loan) by executing a “Note Secured By Second Deed Of Trust” in favor of petitioner’s profit- sharing plan. The note states that Stephanie and David are individually, jointly, and severally liable for the outstanding balance of $166,029 plus 12-1/2 percent interest from August 30, 1991, until paid, compounded annually. The note was due 24 months after the date of the note (August 30, 1991), or upon the sale, transfer, conveyance, or encumbering of the property. The note recites that the holder may proceed against the makers independently. The note is secured by a second deed of trust and assignment of rents to the Atascadero property.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011