Estate of Pattie Welder Edwards - Page 4

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               Prior to decedent’s date of death, decedent executed written           
          lease agreements to lease her undivided 50-percent interest in              
          the Cotulla Ranch to Carson and her husband (the Carsons).  On              
          March 1, 1985, decedent, Edwards, and Carson, as co-owners,                 
          leased the Cotulla Ranch to the Carsons and Fred M. Rhodes for a            
          duration of 1 year, with four 1-year options to renew.  On                  
          March 1, 1986, the Cotulla Ranch was leased to the Carsons for a            
          duration of 1 year, with four 1-year options to renew.  On                  
          August 24, 1994, decedent executed a lease (the existing lease)             
          on the Cotulla Ranch with the Carsons that had an effective date            
          of March 1, 1993, and provided for a duration of 2 years with               
          three 1-year options to renew.  The existing lease was effective            
          on decedent’s date of death and would have ended on February 28,            
          1998.  The existing lease provided for ranching lease payments in           
          the amount of $60 per year per bull or cow, or cow and calf unit,           
          pastured on the land, with a minimum total payment of $20,000.              
          The terms also prohibited amendment, modification, or alteration            
          unless written and signed by the party against whom enforcement             
          would be sought.                                                            
               After the death of decedent, Edwards and Carson, as                    
          coexecutors, executed on behalf of decedent’s estate a                      
          “Memorandum of Lease Agreement” (postdeath lease) on the Sinton             
          Ranch that states:                                                          
                    WHEREAS, in reliance upon the representations and                 
               promises of Ms. Edwards, and with her specific                         

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Last modified: May 25, 2011