The Southwestern Historical Quarterly, Volume 31, July 1927 - April, 1928 Page: 239
390 p. ; 23 cm.View a full description of this periodical.
Extracted Text
The following text was automatically extracted from the image on this page using optical character recognition software:
A History of the J A Ranch
shall be chosen by the two chosen by the parties and the decision
and award of any two of the three arbitrators shall be binding
and final between the parties to this agreement and shall be carried
out and performed by them.
It is further understood and agreed by and between the parties
hereto that at the expiration of this agreement the value of all the
personal assets of the said firm of Adair and Goodnight shall be
ascertained by three arbitrators selected in the manner provided
by the last paragraph and the said Adair shall have the first
right to purchase said personal assets at the value ascertained and
determined in the manner aforesaid, and in the event the said
Adair shall elect not to purchase the said personal assets at the
value appraised as aforesaid, then the said G,oodnight shall have
the right to purchase the same at such appraised value; and if
neither the said Adair nor the said Goodnight shall elect to pur-
chase said personal assets, at their appraised value, then the said
personal property shall be partitioned and divided by three dis-
interested and competent persons, one selected by each of said
parties, they selected to choose the third; said division to be two-
thirds to said Adair and one-third to said Goodnight, and if it
shall be found that any part of said personal property cannot be
equitably divided, the same shall be sold by said Goodnight on the
best possible terms and the proceeds thereof divided as aforesaid.
It is further agreed and understood by and between the parties
hereto that at the expiration of this agreement, three arbitrators,
selected in the manner hereinbefore prescribed, shall appraise the
value of all the real estate which may then be owned by the parties
hereto and constituting the Palo Duro Ranch, and that upon pay-
ment of one-third of the appraised value of said real estate by the
said Adair to the said Goodnight, he, the said Goodnight by a
good and sufficient deed will convey to the said Adair, all of his
interests in said real estate; and if the said Adair shall not prefer
to purchase the one-third interest in said real estate upon the
basis and at the value to be appraised in the manner aforesaid
then and in that event the said appraisers shall partition and
divide said real estate into three parts as nearly equal in value as
possible having reference to the grazing facilities furnished by
each, and the said Adair shall have the first right to select any
one of said parts, and the said Goodnight shall have the right to
select either of the remaining two parts for himself, and the third
and last of said parts shall be taken by the said Adair; provided
that said land shall be so divided and partitioned that all of each
third shall be contiguous and so that the lands alloted to each
shall be adjoining each other.
And the said Adair shall thereupon convey to the said Good-
night all his, the said Adair's interest in and to the part selected
by the said Goodnight and the said Goodnight shall thereupon23'9
Upcoming Pages
Here’s what’s next.
Search Inside
This issue can be searched. Note: Results may vary based on the legibility of text within the document.
Tools / Downloads
Get a copy of this page or view the extracted text.
Citing and Sharing
Basic information for referencing this web page. We also provide extended guidance on usage rights, references, copying or embedding.
Reference the current page of this Periodical.
Texas State Historical Association. The Southwestern Historical Quarterly, Volume 31, July 1927 - April, 1928, periodical, 1928; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth101088/m1/257/: accessed April 24, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Texas State Historical Association.