Antonio and Joyce Rosario - Page 4

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          to the practice agreement, petitioner received $242,556 from the            
               On January 1, 1994, petitioner and the hospital executed a             
          First Amendment to Professional Practice Agreement (amended                 
          agreement).  The amended agreement provided:                                
               Hospital intended that Physician, upon expiration of                   
               the Income Guarantee, be required to repay that portion                
               of the Income Guarantee not repaid pursuant to the                     
               Guarantee Payback, regardless of the level of                          
               Physician’s gross income, * * *.                                       
          The amended agreement also stated:                                          
               WHEREAS, Physician acknowledges that he, consistent                    
               with this intent, has accounted for amounts advanced by                
               Hospital pursuant to the Income Guarantee as a loan and                
               not as income.                                                         
          In connection with the amended agreement, petitioner executed a             
          promissory note on January 1, 1994, in the amount of $261,094.              
          If petitioner ceased practicing in that area, the outstanding               
          principal balance would be due and payable in full.  After more             
          than 6 years of practice in the area, petitioner ceased in                  
          November 1998.                                                              
               Petitioner and the hospital discussed repayment of the                 
          promissory note balance by assigning to the hospital petitioner’s           
          accounts receivable from his practice.  On March 2, 1999, the               
          hospital wrote petitioner that the value of his accounts                    
          receivable had decreased substantially.  The hospital then                  
          requested immediate payment of the outstanding balance of                   

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