Glenn A. Mortensen - Page 10

                                       - 10 -                                         
          The third document, titled “Instructions to Hoyt and Sons Ranches           
          -- Acknowledgement of Appointment of Power of Attorney”,                    
          provided:                                                                   
               (1)  I have given Walter J. Hoyt III the irrevocable                   
               authority to sign my name to a Certificate of Assumption of            
               Primary Liability Form as part of a transfer on a full                 
               recourse Promissory Note in the amount of $75,000.00, that             
               will become part of a transfer of debt agreement between me,           
               the Partnership known as Shorthorn Genetic Engineering 1986            
               Ltd., and HOYT & SONS RANCHES, said note having been                   
               delivered to HOYT & SONS RANCHES to pay for breeding cattle            
               purchased from HOYT & SONS RANCHES, an Oregon Partnership,             
               in Burns, Oregon, which are to be held as breeding cattle by           
               the above named Partnership.  This authorizes Mr. Hoyt to              
               sign my name on the notes that were made for the purchase of           
               Registered Durham Breeding cattle from HOYT & SONS RANCHES,            
               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.                                
          The final document was titled “Subscription Agreement --                    
          Shorthorn Genetic Engineering 1986 Ltd. -- Series ‘C’ Units”.               
          This document expressed petitioner’s intent to make a capital               
          contribution to and become a limited partner of SGE 86 by                   
          purchasing units valued at $75,000.  Included with this document            
          was a “Power of Attorney” form, which provided in relevant part:            
                    The UNDERSIGNED hereby constitutes and appoints Walter            
               J. Hoyt III his/her true and lawful attorney with power and            





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Last modified: May 25, 2011