The Southwestern Historical Quarterly, Volume 31, July 1927 - April, 1928 Page: 249
390 p. ; 23 cm.View a full description of this periodical.
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A History of the J A Ranch
then the property shall be sold to such other person as will pay
said amount, and the proceeds, after paying all debts of the firm
and all demands of each member of the firm against it, shall be
divided two-thirds to Cornelia Adair and one-third to Charles
Goodnight.
Eighth: It is agreed that the partnership hereby created, shall
be dissolved upon the sale of the property thereof as hereinbefore
provided, and may also be dissolved at the option of either partner,
by giving notice ill writing to the other, of an intention to dissolve,
for at least twelve months prior to the date fixed for such dissolu-
tion; the giving of such notice shall not effect the rights of either
partner and the sale provided for in the seventh clause of this con-
tract made at any time before the date fixed for said dissolution.
Ninth: It is further understood and agreed by and between the
parties hereto: that at the expiration of this agreement, or the
dissolution of this partnership, the value of all the personal assets
of said firm of Adair and Goodnight shall be ascertained, by three
arbitrators selected in the manner provided in the sixth clause of
this agreement, and the said Cornelia Adair shall have the first
right of purchase of said personal assets so ascertained and deter-
mined, but in case she shall elect not to purchase said personal
assets at the value so ascertained and determined, then the said
Goodnight shall have the right to purchase the same at such ap-
praisement; and if neither of the said parties shall desire to pur-
chase, then the said personal property shall be partitioned and
divided by three disinterested and competent persons to be selected
one by each partner, and they to select the third; said division to
be two-thirds to the said Cornelia Adair and one-third to the said
Goodnight; if it shall be found that any of said personal property
cannot be equitably divided, the same shall be sold by the said
Goodnight on the best possible terms possible, and the proceeds
divided between the said partners in the proportion aforesaid.
Tenth: It is further agreed and understood: that upon the
expiration of this agreement, or upon the dissolution of this part-
nership, three arbitrators selected in the manner hereinbefore
described, shall appraise the value of all real estate which may
then be owned by the parties hereto constituting the Palo Duro
Ranch, and upon the payment of one-third of the appraised value
of said real estate to the said Goodnight by the said Cornelia
Adair, the said Goodnight will convey to the said Cornelia Adair,
all of his interest in the said real estate by good and sufficient
deed; but if the said Cornelia Adair shall not wish to purchase the
interest of the said Goodnight in the said real estate upon the
basis and at the value aforesaid, then said arbitrators shall parti-
tion and divide the said real estate into three parts as nearly equal
in value as possible in view of the grazing facilities furnished by
each; and the said Cornelia Adair shall have the first right to249
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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/m1/267/: accessed April 23, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Texas State Historical Association.