- 13 - 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.Page: Previous 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Next
Last modified: May 25, 2011