- 43 - for NCPL participation in the direct ownership of the RiverCliff Farm property. (6) Further, possible tax questions have been raised by the IRS concerning Ronald’s position in the subject property and settlement of his divorce and relations to his former spouse’s (former) equity position in the RiverCliff Farm property. (7) We the undersigned therefore intended to proceed with necessary documentation to resolve the above issues and convert title as most suitable, including but not limited to the following points: (a) NCPL will purchase Ronald’s former spouse, Kumiko’s (former) equity position, by directly paying off her remaining obligation. NCPL will consider the sum total of any and all interest and principal payments on the divorce settlement amount as a purchase or swap for equity in the RiverCliff Farm property. (b) NCPL will also purchase a portion of Ronald’s equity in the RiverCliff Farm property, by paying the balance due on Lillian Talmage’s trust settlement, and likewise consider any and all interest and principal payments in this regard as a purchase or swap of equity for payment. (c) Ronald shall simultaneous to this, transfer title ownership in the RiverCliff property, to NCPL, to be duly recorded accordingly. (d) Ronald shall engage necessary Counsel to effect these matters properly, legally and tax efficiently (e) NCPL shall carry costs of such advisory, proceedings and recordations, and shall make direct remittance to appropriate parties as needed. (f) Following advice from Counsel, Ronald and NCPL shall arrive at a suitable number or portion to designate Ronald’s remaining equity in the Rivercliff Farm property. Such position can thereupon be formalized by appropriate arrangements such as a “Limited Partner” position and/or a contractual arrangement as advised by Counsel.Page: Previous 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 NextLast modified: March 27, 2008