- 18 -
under the second signature he was stated to be signing the note
as attorney-in-fact for RCR #6's limited partners.
In connection with the above RCR #6 "Full Recourse
Promissory Note", Mr. Hoyt further signed the names of 17 RCR #6
limited partners to another document dated December 31, 1986,
entitled "Certificate Of Assumption Of Personal Liability". This
certificate stated that each of the undersigned limited partners
thereby agreed to be fully personally liable for all amounts owed
under RCR #6's note.
RCR #4 and RCR #6 each entered into a sharecrop agreement
with Barnes Ranches, pursuant to which Barnes Ranches was to
provide all management and was to pay all expenses with respect
to a partnership's breeding flock over a 15-year term. Barnes
Ranches further was obligated to replace any partnership ewe that
could no longer adequately serve as a breeding ewe with another
ewe of equal or better quality to those that partnership had
originally purchased. Also, it guaranteed that there would be an
annual 5-percent net increase in the size of a partnership's
breeding flock. In exchange for its services under the sharecrop
agreement, Barnes Ranches was to receive all lambs produced by a
partnership's breeding sheep, as well as any culls.
The sharecrop agreement further recognized that any
registration papers on a partnership's breeding sheep would be
taken out in the Barnes family's name. However, the sharecrop
Page: Previous 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 NextLast modified: May 25, 2011