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Two parties agreed to a partnership on 5 parcels including a motel and rock quarry. One party failed to perform on "all" aspects and as a result the original owner of the property wishes to remove the new partner and find another.
It may be that some negotiating will allow for a resolution but we believe there are serious flaws in the paperwork that will allow for termination of the partnership.
One issue the owner of the 5 parcels was an LLC which was defunct at the time the new partnership was started and we're told that prevents the LLC from conveying title.
Another issue is the default on performance of making payments and keeping the property insured etc. That default is allowing the loan to go into foreclosure.
A new buyer is available but title is clouded with the defaulting partner.
Hoping you can advise us on proceeding forward the most time sensitive way and cost effective.
If possible a court order removing the documents recorded against the 5 parcels ...
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