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properties, however, were actually described in exhibit B,
whereas the University property was described in exhibit A,
because the exhibits were inadvertently switched when the BLA was
signed. The Orange County properties included properties on West
Collins Avenue (West Collins), North Main Street (North Main),
and North Enterprise Street (Enterprise) in Orange County,
California.
The BLA provided that, in exchange for the consideration
given by Hillgren, decedent encumbered the Orange County
properties as collateral for the fulfillment of decedent’s
obligations to Hillgren. Hillgren also had the sole right and
discretion to determine if and when any of the Orange County
properties should be sold for up to 29 years after the date of
the BLA. As stated in the BLA, Hillgren would also provide
$1 million, if necessary, to maintain decedent’s financial
obligations in the University property. Decedent granted to
Hillgren a 25-percent interest in “all net cash sales/refinance
proceeds” (25-percent lender interest) from the University
property. The 25-percent lender interest was defined in the BLA
as any cash proceeds available from refinancing or cash from a
sale of the property, after payment of all preexisting debts.
The BLA appointed Hillgren as decedent’s “attorney-in-fact” for
the duration of the contract. Pursuant to the BLA, decedent paid
delinquent property taxes.
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