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* * * [Rayonier] and * * * [Rayonier] has agreed to
purchase from * * * [petitioner] certain timber growing
on property of * * * [petitioner]; and
WHEREAS, * * * [Rayonier] has agreed to cooperate
with * * * [petitioner] in the effectuation of a tax
free exchange, pursuant to Section 1031 of the Internal
Revenue Code; and
WHEREAS, certain property will be designated by
* * * [petitioner] to be acquired for the purpose of an
exchange within one hundred eighty (180) days of the
sale of the timber by * * * [petitioner] to * * *
[Rayonier] and an escrow agent will be designated by
* * * [petitioner] to receive and hold the monies from
the sale as allowed by Section 1031 of the Internal
Revenue Code; and
NOW, THEREFORE, for and in consideration of the
mutual benefits and detriments to the Parties, IT IS
AGREED AS FOLLOWS:
1.
The Parties hereto agree that the sell [sic] of
the timber by * * * [petitioner] to * * * [Rayonier] is
expressly conditioned upon reasonable cooperation and a
tax free exchange qualifying under Section 1031 of the
Internal Revenue Code, and all Parties to this
Agreement agree to cooperate to the extent set forth
herein. The acquisition by * * * [Rayonier] of the
timber and the acquisition by * * * [petitioner] of the
property to be designated are intended to be mutually
interdependent transactions for the purpose of
qualifying under Section 1031 of the Internal Revenue
Code.
2.
* * * [Rayonier] shall upon the closing of the
sale of the timber transaction between * * * [Rayonier]
and * * * [petitioner] pay the total purchase price due
for said timber to Francis M. Lewis, Escrow Agent, and
not to * * * [petitioner].
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Last modified: May 25, 2011