Glenn A. Mortensen - Page 11

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               authority to act in the UNDERSIGNEDS’ behalf in the                    
               execution, acknowledging, and filing of the documents as               
               follows:                                                               
                    1.  The Partnership agreements for filing, and                    
                    2.  Any documents which may be required to effect the             
               restructuring, amending, or continuation of the Partnership,           
               the admission of any substituted or added Partner, or the              
               dissolution and termination of the Partnership, provided               
               such restructuring, continuation, admission or dissolution             
               and termination are in accordance with the terms of the                
               Partnership Agreement, and                                             
                    3.  Any and all documents required to be executed by a            
               substituted, substituting or added Partner, to effectuate              
               the transfer of a Partner’s interest in the Partnership, and           
                    4.  Any other instrument, application, certificate, or            
               affidavit which may be required to be filed by the                     
               Partnership under the laws of any State or any Federal or              
               local agency or authority, and                                         
                    5.  Any promissory notes, bills-of-sale or other                  
               instruments required for the conduct of the Partnership                
               business, including a certificate of assumption of primary             
               liability form attached to promissory notes and held by the            
               lender for which the UNDERSIGNED becomes personally liable             
               directly to the lender for recourse debt of the Partnership            
               in order to pay his initial capital contribution to the                
               partnership.                                                           
          When petitioner entered into the investment, he believed that he            
          would be liable for the promissory notes, but he also believed              
          that cattle existed that could be sold to cover the debt.                   
               On December 31, 1986, Mr. Hoyt signed a “Certificate of                
          Assumption of Primary Liability” on petitioner’s behalf.  This              
          document provided that petitioner “personally assumes primary               
          liability for the prompt payment when due of any and all                    
          liability or indebtedness of the Partnership” in the amount of              






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Last modified: May 25, 2011