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respectively free and clear of liens and encumbrances
other than liens for current taxes, easements and
restrictions of record.[5]
In sum, following the division of the subject property into
the North Property and South Property:
(a) Walter agreed to relinquish any interest in the South
Property to and in favor of Betty;
(b) Betty agreed to relinquish any interest in the North
Property to and in favor of Walter;
(c) All parties agreed that the QTIP trustee would
continue to have a 42-percent undivided interest in both the
South Property and the North Property; and
(d) Walter and Betty agreed to give each other mutual
rights of first refusal over the South Property and the North
Property for a period of twenty-one (21) years beginning
October 7, 1988.
By quitclaim deed recorded October 13, 1988, the limited
partnership conveyed to Betty, as to an undivided 58-percent
interest, and to the QTIP trustee, as to an undivided 42-percent
interest, all of its “right, title, and interest in and to” the
5 Although this paragraph of the termination agreement
appears to indicate that the North Property and South Property
were conveyed to Betty and Walter, respectively, other provisions
of the termination agreement indicate the reverse. The parties
have stipulated that the South Property was conveyed to Betty and
the North Property was conveyed to Walter, with the qualified
terminable interest property (QTIP) trust retaining a 42-percent
undivided interest in each property.
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