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Havens a promissory note (Virginia Beach property note) for the
remaining $128,000 of the $300,000 purchase price set forth in
that contract. The Virginia Beach property note provided in
pertinent part:
Delaware Corporation, a Virginia corporation, promises
to pay to the order of Frances B. Havens * * * the sum
of $128,000.00 due and payable upon the sale of the
* * * [Virginia Beach property].
This note bears interest at the lowest rate of
interest per annum allowed by law from time to time to
prevent the imputation of interest. * * *
At all relevant times after July 31, 1993, the Virginia Beach
property remained unsold, and Delaware Corporation did not make
any payments to Ms. Havens on the Virginia Beach note.
Pursuant to the 1993 global agreement, Delaware Corporation
and Mr. Barber entered into a contract of purchase (Mitchums
Creek contract) that purported to sell to Delaware Corporation
his interest in the Mitchums Creek property. The Mitchums Creek
contract, which was effective as of August 1, 1993, while the
litigation with respect to the Mitchums Creek property was
pending in the Middlesex Circuit Court, provided in pertinent
part:
THIS CONTRACT OF PURCHASE, entered into as of the
1st day of August, 1993, by and between OSCAR M. BARBER
(hereinafter referred to as “Seller”) and DELAWARE
CORPORATION (hereinafter referred to as “Purchaser”).
STATEMENTS:
A. The Seller agrees to sell and the Purchaser
agrees to buy the property described on Exhibit A
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