HomeMy WebLinkAbout1421 these additional amounts from being added to the indebtedness.
In addition, Plaintiffs contend that the old bills were previously
satisfied and that the Defendants are estopped by judgment in a
previous foreclosure suit between the parties on an agreement
for deed dated October 10, 1960.
In 1960, Plaintiffs were the owners of three separate
parcels of real estate in St. Lucie County, Florida, located in
Magnolia Park Subdivision, Lincoln Park No. 2 Subdivision, and
Parmalee•s Subdivision. This property was encumbered by three
mortgages at First Federal at Fort Pierce. In October, 1960,
Plaintiffs became delinquent on these mortgages and entered into
an agreement for deed with the Defendant, D.A.D., Inc. on three
parcels of real estate. D.A.D., Inc. agreed to assume the balance
due on the three mortgages and agreed to reconvey the three parcels
of property to Plaintiffs, for the balance due under the mortgages
at First Federal plus approximately $1,000.
In 1964, D.A.D., Inc. foreclosed on the agreement for
deed dated October 10, 1960. Originally, the foreclosure suit
covered all three parcels of real estate, but the final judgment
of foreclosure ordered the sale against the Lincoln Park Subdi-
vision property only. At the foreclosure sale, this property was
i
sold to D.A.D., Inc.
~ In October, 1965, D.A.D., Inc. borrowed $7,000 on the
Magnolia Park property from Citizens Federal Savings and Loan
Association. D.A.D., Inc. received the proceeds from this loan,
~ but Plaintiffs paid off the debt to Citizens Federal until May
x
18, 1968, when the unpaid balance was $6,201.78. By quit-claim
deed, Plaintiffs conveyed the Magnolia Park property to D.A.D., Inc.
(P-1) This deed recited that it was given to satisfy the previous
agreement for deed dated October 10,.1960. Simultaneously on the
.
same date, an agreement for deed was executed on the Magnolia Park
property between D.A.D., Inc. and Plaintiffs, which provided that
Plaintiffs promised to pay $10,000 to Defendants in monthlq pay-
meets of $103.00. Approximately two months later, Defendants
constructed a new roof and made other improvements on the Magnolia
Park property. There was no written contract between the parties
-2-
3
t~~~
-