Estate of John Kenly, Deceased, Betty B. Kenly, Personal Representative - Page 10

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                        solely for the purpose of clearly showing of                                      
                        record that the undersigned has and claims no                                     
                        interest in and to said property.                                                 
                  NOW THEREFORE, in consideration of the premises, the                                    
                  undersigned does hereby disclaim, remise, release and                                   
                  quitclaim unto the spouse and to the heirs and assigns                                  
                  of said spouse forever, all right, title, interest,                                     
                  claim and demand which the undersigned might appear to                                  
                  have in and to the above described property.                                            
                               *     *   *    *     *               *     *                               
                  NOTE:  The parties are cautioned that by completing and                                 
                  executing this document, legal rights, duties and                                       
                  obligations are created.  By signing, the parties                                       
                  acknowledge that they have been advised to seek and                                     
                  obtain independent legal counsel to all matters                                         
                  contained in the within document prior to signing same                                  
                  and that said parties have obtained advice or choose to                                 
                  proceed without same.                                                                   
                  In 1987, Zona Kenly and decedent executed a new lease                                   
            agreement with Tanimura & Antle, leasing the Bard property from                               
            January 1, 1988, to June 30, 1991, for a total rent of $907,525.                              
            According to the lease agreement, the lessors were “JOHN KENLY                                
            and ZONA KENLY, c/o Windmill Ranch, Box 33 Sandy Route, Kingman,                              
            Arizona 86401, dealing with their sole and separate property.”                                
            Decedent’s Acquisition of Zona’s Interest in Bard Property                                    
                  Decedent and Zona Kenly were partners in the Windmill Ranch                             
            Partnership (the partnership).  The partnership managed the Bard                              
            property and the Windmill Ranch.  In November 1990, decedent and                              
            Zona Kenly received a proposal to purchase the Bard property and                              
            the Windmill Ranch.  Zona Kenly did not want to receive cash but,                             
            instead, wanted to receive a substitute property.  As a result,                               
            on December 20, 1990, by a document titled “Memorandum Agreement                              

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Last modified: May 25, 2011