- 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 Next
Last modified: March 27, 2008