- 11 - 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”);Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011