Estate of Lea K. Hillgren, Deceased, Mark Hillgren, Executor - Page 8

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               1.  Purchase of the University Property                                
               The University property was a multitenant industrial park              
          located in Tempe, Arizona.  In December 1985, the University                
          property was acquired by Hillgren and decedent from the Huettner            
          Limited Partnership (Huettner).  Hillgren signed the purchase               
          agreement as the “buyer” of the property.  The University                   
          property was purchased for $3,831,800 with cash of $319,194.78,             
          assumption of the existing mortgage of $1,518,432.05 (Safeco                
          loan), and assumption of a second mortgage previously carried by            
          Huettner of $1,966,567.95 (Huettner loan).  The loans on the                
          property were nonrecourse.                                                  
               Under the warranty deed for the property, Sea Shell and                
          Seaward each held title to 50 percent of the property.  On                  
          December 23, 1985, a promissory note for the Huettner loan made             
          Sea Shell and Seaward jointly and severally liable on the debt.             
          Hillgren signed the promissory note as president and secretary of           
          Seaward and as vice president of Sea Shell.  On July 1, 1986,               
          Seaward executed a quitclaim deed where it relinquished its                 
          interest in the University property to Sea Shell.  The quitclaim            
          deed on the University property was not recorded until May 23,              
               2.  Financing of the University Property                               
               The BLA recited that Hillgren had assisted decedent in her             
          acquisition of the University property by lending her $485,000.             

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