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to have the 5,354 acres owned by the limited partnership divided
into two separate parcels--the North Property (containing 2,033
acres) and the South Property (containing 3,321 acres). Both
parcels contained pecan orchards and timber.
The termination agreement (wherein Walter and Betty are
referred to as Forbes and Rayburn, respectively, and the QTIP
trustee is referred to as the Trustee) states in part:
WHEREAS, Rayburn and Forbes each has had a 29
percent interest and the Trustee a 42 percent interest
in * * * [the limited partnership];
WHEREAS, the principal if not sole, asset of * * *
[the limited partnership] is that real property,
(excluding improvements, crops, trees, profits and
items other than the land itself) lying in Macon and
Houston Counties, (the “Realty”) which has been rented
by * * * [the limited partnership];
* * * * * * *
WHEREAS, pursuant to the termination of Malatchie
Land, a portion of the Realty (the “South End”) is being
distributed to Rayburn and the Trustee, Rayburn to have a
58% interest and the Trustee to continue with its 42%
interest and the Trustee to continue with its 42% interest
in the South End, and the other portion of the Realty
(the “North End”) is being distributed to Forbes and the
Trustee, Forbes to have a 58% interest and the Trustee to
continue with its 42% interest in the North End;
* * * * * * *
WHEREAS, after * * * purchase * * * [of certain
previously specified assets, the general partnership],
except for a few limited items, will be the owner of
virtually all the buildings and other improvements on
the Realty, together with nearly all the personal
property, fixtures, timber, crops, trees, fruits,
profits and other items upon the Realty, (the
“Improvements and Personalty”);
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Last modified: May 25, 2011