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IN THE CIRCUIT COURT OF THE NINETEENTH
JUDICIAL CIRCUIT OF FLORIDA, IN AND
FOR ST. LUCIS COUNTY. CIVIL ACTION.
- CASE NO.: 77-336-CA
FEDERAL DEPOSIT INSURANCE )
CORPORATION, )
Plaintiff , )
vs. )
FORT PIERCE CONSTRUCTION )
CORPORATION, et al., )
Defendants. )
- FINAL JUDGMENT IN FAVOR OF DEFENDANTS
THIS CAUSE came on to be heard for final hearing on the
application by the Plaintiff for a deficiency judgment against the
Defendant, FORT PIERCE CONSTRUCTION CORPORATION, as a maker and prin-
cipal obligor of the promissory note and mortgage in the original
principal amount of $1,482,000.00 and against the Defendant, DONALD
J. HEELER, a/k/a D. J. HEELER, and HELMUT SIEWERT, as guarantors of
said note, mortgage and construction loan agreement. The court received
the evidence and testimony of all of the parties and has considered the
~ argument of counsel. It appears to the court that the FEDERAL DEPOSIT
INSURANCE CORPORATION properly did seek a deficiency judgment in order
~ to protect the depositors, creditors and stockholders of the American
City Bank and Trust Company, N.A. and that if a deficiency judgment
were awarded it would be in the amount of $95,000.00. However, the
court finds that the FEDERAL DEPOSIT INSURANCE CORPORATION impaired
the collateral that had been pledged in connection with the loan in
question by not joining in the Declaration of Condominium as requested
u and refusing to execute the partial releases of mortgage so that various
condominium units could be sold and that the Plaintiff did•not discharge
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its duty to mitigate the damages involved. In addition to the foregoing,
~ the court finds that the Plaintiff was guilty of other inequitable acts
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