Estate of Pattie Welder Edwards - Page 3

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               mixed, and wheresoever situated, including all property                
               which I may acquire after the execution of this Will,                  
               to my children, O.D. EDWARDS, JR. and PATRICIA CARSON                  
               EDWARDS [sic], in equal shares, per stirpes.                           
               On the date of decedent’s death, decedent owned 8,728.75               
          acres of land located in San Patricio, Texas (the Sinton Ranch)             
          and an undivided 50-percent interest in 11,751 acres of land                
          located in La Salle County, Texas (the Cotulla Ranch).  Edwards             
          and Carson each owned an undivided 25-percent interest in the               
          Cotulla Ranch.                                                              
               Prior to decedent’s death, decedent executed written lease             
          agreements to lease the Sinton Ranch to Edwards.  On May 16,                
          1985, decedent, individually and as trustee, leased the Sinton              
          Ranch to Edwards for a duration of 1 year, with four 1-year                 
          renewal options.  On October 19, 1989, decedent executed a lease            
          (the existing lease) on the Sinton Ranch with Edwards for a                 
          duration of 1 year, with five 1-year options to renew.  The                 
          existing lease was effective on decedent’s date of death and                
          would have expired on October 31, 1995.  The existing lease                 
          provided for ranching lease payments in the amount of $65 per               
          year per bull or cow, or cow and calf unit, pastured on the land,           
          with a minimum total payment of $15,300, and a rental payment of            
          $20 per acre (3,243.06 acres) for farmland.  The terms also                 
          prohibited amendment, modification, or alteration unless written            
          and signed by the party against whom enforcement would be sought.           

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Last modified: May 25, 2011