Estate of Augusta Porter Forbes - Page 13




                                       - 13 -                                         
               respectively free and clear of liens and encumbrances                  
               other than liens for current taxes, easements and                      
               restrictions of record.[5]                                             
               In sum, following the division of the subject property into            
          the North Property and South Property:                                      
               (a) Walter agreed to relinquish any interest in the South              
          Property to and in favor of Betty;                                          
               (b) Betty agreed to relinquish any interest in the North               
          Property to and in favor of Walter;                                         
               (c) All parties agreed that the QTIP trustee would                     
          continue to have a 42-percent undivided interest in both the                
          South Property and the North Property; and                                  
               (d) Walter and Betty agreed to give each other mutual                  
          rights of first refusal over the South Property and the North               
          Property for a period of twenty-one (21) years beginning                    
          October 7, 1988.                                                            
               By quitclaim deed recorded October 13, 1988, the limited               
          partnership conveyed to Betty, as to an undivided 58-percent                
          interest, and to the QTIP trustee, as to an undivided 42-percent            
          interest, all of its “right, title, and interest in and to” the             


               5 Although this paragraph of the termination agreement                 
          appears to indicate that the North Property and South Property              
          were conveyed to Betty and Walter, respectively, other provisions           
          of the termination agreement indicate the reverse.  The parties             
          have stipulated that the South Property was conveyed to Betty and           
          the North Property was conveyed to Walter, with the qualified               
          terminable interest property (QTIP) trust retaining a 42-percent            
          undivided interest in each property.                                        





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