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and no other purpose. I understand I will owe this amount
directly to HOYT & SONS RANCHES, and not to my partnership.
* * * * * * *
(4) My goal is that the value of my share of the cattle
owned by the Partnership, in which you have a secured party
interest, must never fall below the amount for which I am
personally liable. If the value of my cattle does fall
below the amount of my loan, and you become aware of that,
you must so notify me within thirty days in order that I may
make a damage claim to W.J. Hoyt Sons Management Company for
possible default on the Share-Crop Operating Agreement,
and/or the cattle fertility warranties.
Also on January 17, 1987, Mr. Hansen signed a document titled
“Instructions to the Managing General Partner and and [sic]
Acknowledgement of Certain Agreements”. The provisions of this
document are similar to those in the above-described documents,
and they include a grant of authority to Mr. Hoyt to sign a “full
recourse Promissory Note” in the amount $175,000 with respect to
a partnership known as Durham Genetic Engineering 1986-4 Ltd. On
March 15, 1989, Ms. Hansen signed a “Bull Reservation Form”,
purporting to reserve two bulls for petitioners to contribute to
the partnership Timeshare Breeding Service, J.V., in exchange for
a payment of $2,000. Finally, on or around February 22, 1990,
both petitioners signed a “Promissory Note” and “Security
Agreement”, in which petitioners agreed to pay “Timeshare
Breeding Service Joint Venture 89" the amount of $3,500, plus
interest of 10 percent. The note provided for 10 payments of
$350 to be made monthly.
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