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In December 1986, one of Hillgren’s entities, Seaward Properties,
Limited, dissolved, and its assets were distributed to Seaward
Partners, a California general partnership owned 89 percent by
Hillgren and 11 percent by Carl C. Hillgren. (“Seaward” will be
used to refer to Seaward Partners and its predecessor and related
entities that were essentially controlled by Hillgren.) From
1987 through 1997, Hillgren held a general partnership interest
in two partnerships, LKHP and Seaward. Seaward also held general
partnership interests in three other partnerships. At the date
of decedent’s death, Hillgren had executed several certificates
of partnership.
Business Loan Agreement
Around April 1994, decedent and Hillgren entered into the
BLA, which was drafted by their attorney, Jeffrey Walsworth
(Walsworth). The BLA described a series of events occurring
between decedent, doing business as Sea Shell and referred to as
the “debtor”, and Hillgren, doing business as Seaward and
referred to as the “lender”. The BLA was signed by decedent and
Hillgren, but was undated. The term of the BLA was for 29 years.
The BLA was never recorded.
Several properties were the subject of the BLA. The BLA
discussed “Properties” (Orange County properties) as described in
exhibit “A” and the “University Industrial Park” (University
property) as described in exhibit “B”. The Orange County
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Last modified: May 25, 2011