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timber. As described in more detail below, on November 29, 1994,
petitioner entered into a series of agreements with Rayonier,
Inc. (Rayonier), whereby for a term of 2 years he granted
Rayonier exclusive rights to cut and remove mature timber on some
95 acres of his Laurens County land (the 95 acres), in
consideration of $517,076. Pursuant to the agreements, most of
the funds were held by an escrow agent and applied toward the
purchase of three parcels of land as designated by petitioner.
More particularly, the “TIMBER CONTRACT” between petitioner
and Rayonier, executed November 29, 1994, provides that in
consideration of $517,076, petitioner grants Rayonier “the
exclusive license and right to cut all merchantable pine and
hardwood timber suitable for poles, sawtimber, or pulpwood, which
are located within the timber sale boundaries of * * * [the 95
acres] now growing and hereafter to grow during the term hereof
upon the land in Laurens County.” The timber contract states:
The term of this contract shall be for a period
commencing with the date hereof and ending on November
29, 1996 (24 months). In the event * * * [Rayonier]
has not completed the cutting and removing of said
bargained timber at the expiration of the above stated
term because of abnormal circumstances such as weather
conditions, * * * [petitioner] [agrees] to extend the
term of this contract for a period of time necessary to
complete the harvesting of timber but in no event shall
the extension exceed Six (6) months.
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