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1986, and/or Assigns, as Buyer, entered into that
certain Contract and Sale and Purchase dated May 2,
1986 (the “Contract”) with respect to the purchase of
approximately 31.50 acres, more or less, located in
Osceola County, Florida (the “Property”); and
WHEREAS, the terms of the Contract provide for
Seller’s obligation to complete construction of a road
to be known as “Dan Smith Road” adjacent to the
Property at Seller’s expense within one (1) year after
the date of closing, and further provide for Buyer’s
right to complete said construction and be reimbursed
by Seller in the event of Seller’s failure to complete
said construction in accordance with the Contract; and
WHEREAS, the Contract further calls for the
personal guaranty of Seller’s performance of said road
construction and payment for said road construction by
the undersigned;
NOW THEREFORE, as an inducement to the Buyer to
purchase the Property, and for good and valuable
consideration not herein recited but the receipt and
sufficiency of which is hereby acknowledged, the
undersigned, jointly and severally, give to Buyer, and
its successors and assigns, their continuing and
unconditional guaranty of performance and payment by
the Seller of the following described obligation, to
the same extent as if Guarantors were the named parties
identified as the Seller under the Contract:
* * * * * * *
The Guarantors hereunder also agree to pay all
costs (including attorneys’ fees whether incurred in
connection with collection, trail [sic], appeal or
otherwise) of collection against the Guarantors under
this Guaranty. The liability of Guarantors hereunder
is binding upon Guarantors and Guarantors’ successors
and assigns.
Petitioner and Dr. Gant signed the guaranty.
In August 1988, Mr. Miles, as trustee, sold approximately 10
acres of East Lake Vista for $80,000. Petitioner, for Mr. Miles,
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