Opinion ID: 2585937
Heading Depth: 4
Heading Rank: 1

Heading: Kinn and Singletary's acquisition of the property

Text: The property at issue consists of an automobile dealership, Valley Motors, Inc., and two underlying parcels of land. According to Kinn, he and Singletary purchased the two lots, as well as eighty percent of the dealership's stock, with an option to purchase the remaining twenty percent from Richard Hagen in June 1995. In a third-party claim against Hagen, Kinn and Singletary assert that Hagen represented that there were no violations of environmental laws or regulations, nor any liability for environmental damages and that the modifications made to the building and other structures, and the oil recovery tank located on and sold as part of the Property, were built and installed in compliance with all applicable codes, laws and regulations. The septic systems, oil-water separator, and underground oil recovery tank were allegedly installed by Hagen. For the next five years, Kinn and Singletary owned the property as tenants in common and were shareholders in Valley Motors, Inc. Kinn claims that he did not personally have any knowledge regarding the condition of the property.