Ronald B. and Annette C. Talmage - Page 10




                                       - 10 -                                         
               On December 23, 1998, petitioner signed an employment                  
          contract5 with NCPL by which petitioner was to receive $7,000 a             
          month in compensation, his and his family’s health, auto, and               
          life insurance premiums, and bonuses.  The contract also provided           
          for the possibility of loans from NCPL to petitioner in order for           
          petitioner to purchase a home.                                              
               Petitioner entered into a purported loan agreement with NCPL           
          dated January 25, 1999, to borrow funds for the development of              
          the Rivercliff property, the terms of which were:                           
               Between:                                                               
               New Century Properties Limited of 1520 Prince’s                        
               Building, 10 Charter Road, Hong Kong (“Lender”),                       
               and:                                                                   
               Ronald B. Talmage & Kumiko W. Talmage of 1-31-5 Sakura                 
               Shin-machi, Setagaya-ku, Tokyo, Japan (collectively the                
               “Borrower”)                                                            
               Whereas:                                                               
               Ronald B. Talmage is under the employ of New Century                   
               Properties Limited                                                     
               and,                                                                   
               Borrower (husband and wife) together own a certain                     
               property in the United States, located at 35701 NE                     
               Chamberlain Road, Corbett, Oregon 97019 (“The                          
               Property”)                                                             
               and,                                                                   
               Borrower is desirous of borrowing a sum of money for                   
               the construction of various improvements to The                        
               Property,                                                              
               and                                                                    
               Lender is willing to lend Borrower a sum of money to                   
               facilitate the same,                                                   

               5The Court’s use of the words “employment contract”,                   
          “employee”, “employer”,  “loan agreement”, “loan”, and similar              
          terms is for convenience only and does not indicate the Court’s             
          agreement that such words reflect the substance of what                     
          transpired.                                                                 





Page:  Previous  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  Next 

Last modified: March 27, 2008