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succeeded Hilltop Ventures as owner of the 160 acres in Yuma,
Arizona.
As previously noted, on August 5, 1982, Hilltop Ventures, as
lessor, entered into an agricultural lease agreement, effective
October 1, 1982, with Mesa, the lessee. Pursuant to the terms of
the agreement, Hilltop Ventures leased 130 acres9 of the total
160 acres to Mesa for the purposes of carrying out the research
and development program as described therein. Because the Yuma
Mesa offering had not been completely sold, a reduction occurred
in the leased acreage from the original 160 to 130 acres. The
term of the lease was for 20 years with the basic rental of $450
per acre, per year, payable in advance.
2. Cactus Wren Jojoba, Ltd.
When the petition was filed, the principal place of business
of Cactus Wren was Dallas, Texas.
On December 31, 1983, Almand organized Cactus Wren, as a
9 The legal description of the property was attached as
exhibit A to the lease agreement. The property was described as
follows:
All that real property situated in the County of
Yuma, State of Arizona described as follows: The
Northeast Quarter (1/4) of Section Fourteen (14),
Township Ten (10) South, Range Twenty-three (23)
West, Gila and Salt River Base and Meridian, Yuma
County, Arizona, being 160 acres more or less.
A handwritten drawing reflecting the configuration of the real
estate subject to the lease accompanied the legal description.
The handwritten drawing clearly demonstrated that only 130 acres
were subject to the lease.
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