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9. Citrus County Property
FINDINGS OF FACT
On September 7, 1977, petitioner through Ms. Allen, as
trustee, purchased real property in Citrus County, Florida, which
we refer to as the “Citrus County Property”, for $1,837.54. On
August 10, 1981, petitioner through Ms. Allen, as trustee,
transferred the Citrus County Property to Mr. Miles, as trustee.
Petitioner was the sole beneficiary of this property.
On July 2, 1982, Combank, the predecessors in interest of
Freedom Savings & Loan Association of Tampa, Inc. (Freedom), lent
$120,000 to Cramer, Hoffman & Haber, P.A. On July 2, 1982,
petitioner guaranteed the $120,000 promissory note and pledged
the Citrus County Property (sometimes referred to as property) as
collateral. In 1983, Freedom filed a mortgage foreclosure action
in the Circuit Court of Citrus County, Florida, Case No. 83-917-
CA (the foreclosure case) to foreclose its mortgage interest in
the property. On March 26, 1984, the parties in the foreclosure
case, including petitioner as guarantor, filed a Joint Motion and
Stipulation for Rendition of Final Judgment wherein they asked
the court to render a final judgment of foreclosure regarding the
property pursuant to certain conditions. Those conditions
included Freedom’s forbearance of its right to foreclose in
consideration for petitioner’s unconditional promise to perform
the terms of his guaranty and to make payments on the amounts due
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