Question: 2. In the following example, which party pays the boot and how much is the boot? First Party Second Party Granters Valuation $85,000 $65,000 Less

2. In the following example, which party pays the boot and how much is the boot?

First Party Second Party
Granters Valuation $85,000 $65,000
Less Encumbrances $15,000 $0

Explain why

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