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million. This offer included an initial escrow deposit of
$25,000, another $25,000 deposit after 120 days, and the balance
of the purchase price to be paid in cash 150 days after the
opening of the escrow.
Landfolio’s LOI was communicated to Ms. Hawley, but the
parties dispute whether Mr. Hallett communicated the second
proposal to Ms. Hawley.
On March 7, 1997, GVD, Inc., a commercial real estate
development company owned by Gerald Dicker, entered into a
purchase agreement with the trustees to purchase the Victorville
property for $8.4 million. The purchase agreement provided for a
36-month escrow, with an initial deposit of $25,000, increased by
$12,500 every 6 months for 2 years. The closing of the
transaction was subject to various contingencies, which allowed
GVD, Inc., to cancel the agreement at any point during the 36-
month escrow period. In December 1997, 10 months after opening
the escrow, GVD, Inc., canceled the sale pursuant to the terms of
the contract.
On May 4, 1998, the trustees signed a partnership agreement
for Bear Valley Partners with Western Signature Properties, Inc.,
a company of which Mr. Dicker was president (referred to
hereinafter as WSP). WSP was the general partner, with the
trustees (in their capacity as trustees of the trust) as the sole
limited partner. The partnership was formed to serve as a joint
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