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DRUID ASSOCIATES, LTD. v. NATIONAL INCOME REALTY TRUST

A93A1583.

210 Ga. App. 684 (1993)

436 S.E.2d 721

DRUID ASSOCIATES, LTD. et al. v. NATIONAL INCOME REALTY TRUST.

Court of Appeals of Georgia.

Reconsideration Denied October 28, 1993.

Attorney(s) appearing for the Case

Schreeder, Wheeler & Flint, John A. Christy, Debra A. Wilson, for appellants.

Venema, Towery, Thompson & Chambliss, Howard M. Delashmit, Holt, Ney, Zatcoff & Wasserman, Stephen C. Greenberg, Jay F. Castle, for appellee.

JOHNSON, Judge.

National Income Realty Trust (NIRT) (formerly Consolidated Capital Income Trust [CCIT]) sold property located at 963 Ponce de Leon Avenue, Atlanta, to Druid Associates, Ltd. in October 1984. NIRT financed the loan amount of $1.5 million, taking back a deed to secure the debt.

On January 1, 1989, Druid leased the property to Atlanta Cooperative Enterprises, Ltd. (ACE). ACE defaulted on payments to Druid for part of April 1989 and the months...

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