[= voviezno = - N nt CSV oS EFTA00101481

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~ o a D r ° ¢ B... MFXTCO STATE LAND OFFTICR é ‘ COMMISSIONER OF PUBLIC LANDS NEW MEXICO STATE LAND OFFICE BUILDING P.O. BOX 1148, SANTA FE, NM 87504-1148 AGRICHTTHRAT. L.RASR LEASE NO. GM2791 THIS LOAOD, DATDD PODRVARY 22, 1993, Ic ENTERED INTO BY AND BETWEEN THE COMMISSIONER OF PUBLIC LANDS, NEW MEXICO STATE LAND OFFICE, STATE OF NEW MEXICO, HEREINAFTER CALLED "LESSOR" AND: ZORRV TRUST JEFFREY E. EPSTEIN - TRUSTEE HEREINAFTER CALLED "LESSEE(S)", WHOSE ADDRESS OF RECORD IS: 457 MADISON AVENUE NEW YORK NY 10022-0000 LESSOR AND LESSEE AGREE AND COVENANT AS FOLLOWS: 1. LEASE. POR AND IN CONSIDERATION OF AND SUBJECT TO THE RENTALS AND THE TERMS, COVENANTS, CONDITIONS, AGREEMENTS, OBLIGATIONS, AND RESERVATIONS CONTAINED IN THIS LEASE AND ALL OTHER EXISTING RIGHTS, LESSOR GRANTS AND LEASES TO LESSEE AND LESSEE TAKES FROM LESSOR THE TRACT(S) OF LAND DESCRIBED IN EXHIBIT A, ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE. 2. TERM. THE TERM OF THIS LEASE SHALL BEGIN ON FEBRUARY 22, 1993 AND SHALL EXPIRE AT MIDNIGHT SEPTEMBER 30, 1994. 3. RENT. THE ANNUAL RENTAL SHALL NOT BE LESS THAN THE MINIMUM RENTAL ESTABLISHED BY SECTION 19-7-29 NMSA 1976 AND SHALL BE PAID IN ADVANCE FOR EACH LEASE YEAR AND RECEIVED IN THE STATE T.AND OFFICE ON OR BEFORE OCTOBER 1. THE ANNUAL RENTAL FOR GRAZING LAND SHALL BE DETERMINED AS FOLLOWS: ANNUAL RENTAL = BASE VALUE X CARRYING CAPACITY X ACREAGE X ECONOMIC VARIABLE INDEX (EVI), AS DEFINED BY STATE LAND OFFICE RULE 8.022(B). IN NO EVENT SHALL THE PRODUCT OF THE APPLICATION OF TIIE EVI, FOR EACH SUCCESSIVE YEAR OF THE LEASE TERM, BE DECREASED OR INCREASED BY MORE THAN THIRTY- THREE AND ONE-THIRD PERCENT. IN THE CASE OF GRAZING RENTAL OFFERS ON OPEN ACREAGE OR PURSUANT TO COMPETITIVE BID, LESSOR MAY ACCEPT GREATER RENTAL AMOUNTS THAN THOSE DETERMINED BY THE FOREGOING FORMULA, BUT THE ANNUAL GRAZING RENTAL DUE IN ANY LEASE YEAR SHALL NOT BE LESS THAN THE FORMULA AMOUNT. ‘THE ANNUAL RENTAL FOR CULTIVATED LAND, ASSOCTATED LAND AND CONSERVATION RESERVE PROGRAM LAND SHALL BE DETERMINED BY LESSOR AND SHALL REMAIN UNCHANGED DURING THE TERM OF THE LEASE. THE TYPE OF LAND HEREBY LEASED AND THE ANNUAL RENTAL AMOUNT FOR THIS LEASE SHALL BE AS SET OUT IN EXHIBIT A HEREIN. 4. PERMITTED USE. _ LESSEE MAY USE THE LEASED PREMISES ONLY FOR SUCH OPERATIONS AND ACTIVITIES AS ARE NECESSARY TO CARRY OU! THE PURPOSES FOR WHICH THE LEASE IS GRANTED AS SPECIFIED IN EXHIBIT A, AND IN ORDER TO COMPLY WITH ALL APPLICABLE PROVISIONS OF LAW REGARDING THE CARE AND PROTECTION OF THE LEASED PREMISES. ns EFTA00101482

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10. 11. AS SECURITY FOR THE PAYMENT OF ANY RENT THAT IS OR MAY BECOME DUE AND UNPAID, LESSEE GRANTS TO LESSOR A FIRST AND PRIOR LIEN UPON ANY AND ALL IMPROVEMENTS AND CROPS ON THE LEASED PREMISES. LIEN. IMPROVEMENTS. NO IMPROVEMENTS, EXCEPT AS OTHPRWISF PROVINEN RY LAW, SHALT. RF PLACEN ON THR T.RASEN PREMISES WITHOUT THE PRIOR WRITTEN CONSENT OF THE LESSOR. ALL IMPROVEMENTS PLACED ON THE LEASED PREMISES IN VIOLATION OF THIS PARAGRAPH SHALL BE CONSIDERED AND TREATED AS UNAUTHORIZED IMPROVEMENTS IN ACCORDANCE WITH THE APPLICABLE LAWS AND RULES. ASSIGNMENT, SUBLEASE AND RELINQUISHMENT. LESSEE SHALL NOT ASSIGN OK SUBLEASE THE LEASED PREMISES OR THE IMPROVEMENTS ON SAID PREMISES WITHOUT THE PRIOR WRITTEN CONSENT OF LESSOR AND SUCH OTHER REQUIREMENTS AS PRESCRIBED BY LAW OR RULE. AS PROVIDED BY LAW AND RULE ANY LEASE, IN GOOD STANDING, MAY BE RELINQUISHED TO THE STATE. UPON RELINQUISHMENT HOWEVER, THE LESSEE SHALL NOT BE ENTITLED TO A REFUND OF RENTALS PREVIOUSLY OWING AND PAID. COLLATERAL ASSIGNMENTS. ANY AGRICULTURAL LEASE MAY BE ASSIGNED AS COLLATERAL SECURITY SUBJECT TO THE EXPRESS WRITTEN CONSENT OF THE LESSOR AND SUCH OTHER TERMS AND CONDITIONS AS PRESCRIBED BY LAW OR RULE. THE APPROVAL OF A COLLATERAL ASSIGNMENT, HOWEVER, SHAI.I. NOT PREVENT THE CANCELLATION OF THE LEASE AND TERMINATION OF THE COLLATERAL ASSIGNMENT FOR THE NONPAYMENT OF RENTALS OR OTHER VIOLATIONS OF THE LEASE TERMS. DEFAULT AND CANCELLATION THE VIOLATION BY LESSEE OF ANY OF THE TERMS, CONDITIONS, OR COVENANTS OF THIS LEASE OR THE NONPAYMENT BY LESSEE OF THE RENT DUE UNDER THIS LEASE SHALL AT THE OPTION OF THE COMMISSIONER BE CONSIDERED A DEPAULT AND SHALL CAUSE THE CANCELLATION OF THIS LRASE 30 DAYS AFTER LESSOR HAS SENT. WRITTEN NOTICE OF SUCH DEFAULT TO THE LESSEE AND TO ANY HOLDERS OF COLLATERAL ASSIGNMENTS BY REGISTERED MAIL, ADDRESSED TO THE POST OFFICE ADDRESS OF RECORD, PROVIDED, HOWEVER, IF WITHIN THE THIRTY DAYS THE LESSEE OR HOLDERS OF ANY COLLATERAL ASSIGNMENTS SHALL COMPLY WITH THE DEMAND MADE IN THE NOTICE, CANCELLATION SHALL NOT BE MADE. RENEWAL. ANY LESSEE WHO DESIRES ,TO OMCURD A NDW LBACE CHALL MAKE AND FILE AN APPLICATION WITH THR LESSOR ON OR BEFORE AUGUST 1 NEXT PRECEEDING THE EXPIRATION OF THIS LEASE. THE RIGHT OF RENEWAL SHALL BE SUBJECT TO SUCH TERMS AND CONDITIONS AS PROVIDED FOR BY LAW AND RULE. RESERVATIONS. A. LESSOR RESERVES THE RIGHT TO EXECUTE LEAES ON THE LAND GRANTED BY THIS LEASE FOR MINING PURPOSES AND FOR THE EXTRACTION OF OIL, GAS, SALT, GEOTHERMAL RESOURCES, AND OTHER MINERAL DEPOSITS THEREFROM AND THE RIGHT TO GO UPON, EXPLORE FOR, MINE, REMOVE AND SELL SAME. LESSOR FURTHER RESERVES THE RIGHT TO SEII. OR NISPOSE OF NATURAL SURFACE PRODUCTS OF SAID LANDS OTHER THAN GRAZING, AGRICULTURAL OR HORTI- CULTURAL PRODUCTS AND TO GRANT SUCH OTHER RIGHTS-OF-WAY AND EASEMENTS AS PROVIDED EFTA00101483

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EFTA00101484

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12. 13. 4. 1s. 16. dle 18. 19. _ BY LAW. @ @ B. LESSOR RESERVES THE RIGHT TO WITHDRAW PURSUANT TO RULE, UP TO 640 ACRES, BUT IN NO CASE MORE THAN HALF, OF THE LAND HELD BY THIS LEASE. COMPLIANCE WITH LAWS. LESSEE SHALL AT ITS OWN EXPENSE FULLY COMPLY WITH AND BE SUBJECY TO ALL LAWS, REGULATIONS, RULES, ORDINANCES, AND REQUIREMENTS OF LESSOR AND APPLICABLE CITY, COUNTY, STATE ANN FERNERAL. AITTHORITIES AND AGENCIES WHICH HAVE BEEN OR MAY BE ENACTED OR PROMULGATED, IN ALL MATTERS AND THINGS AFFECTING THE LEASED PREMISES AND OPERATIONS THEREON. SUCH OTHER AGENCIES SHALL NOT BE DEEMED THIRD PARTY BENEFICIARIES UNDER THIS LEASE. HOLD HARMLESS. LESSEE SHALL SAVE AND HOLD HARMLESS, INDEMNIFY AND DEFEND LESSOR AND THE STATE OF NEW MEXLCU, ANU THELK AGENT UK AGENTS, IN THEIR OFFICIAL AND INDIVIDUAL CAPACITIES, OF AND PROM ANY AND ALL LIABILITY CLAIMS, LOSSES, OR DAMAGES ARISING OUT OF OR ALLEGED TO ARISE OUT OF OR INDIRECTLY CONNECTED WITH THE OPERATIONS OF LESSEE UNDER THIS LEASE, OFF OR ON THE LEASED PREMISES OR ARISING OUT OF THE PRESENCE ON THE LEASED PREMISES OF ANY AGENT, CONTRACTOR OR SUBCONTRACTOR OF LESSEE. AMENDMENT. THIS LEASE SHALL NOT BE ALTERED, CHANGED OR AMENDED EXCEPT BY INSTRUMENT IN WRITING EXECUTED BY LESSOR AND LESSEE. WAIVER. NO WAIVER OF ANY BREACH OR DEFAULT BY LESSEE OF ANY OF THE TERMS, CONDITIONS OR COVENANTS OF THIS LEASE SHALL BE HELD TO BE A WAIVER OF ANY SUBSEQUENT BREACH. NO WAIVER SHALL BE VALID OR BINDING UNLESS THE SAME IS IN WRITING AND SIGNED BY LESSOR. DELINQUENT RENTAL. ALL RENTAL PAYMENTS RECEIVED AFTER OCTOBER 1 OF EACH YEAR SHALL BE CONSIDERED DELINQUDNT AND CHALL BE SUBJECT TO THE PAYMENT OF INTEREST AT A RATE OF ONF PRRCRWT (1%) A MONTH FOR ANY FRACTION OF A MONTH. INTEREST SHALL ACCRUE FROM THE DATE THE PAYMENT BECOMES DUE. APPLICABLE LAW. THIS LEASE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW MEXICO. SUCCESSORS IN INTEREST. ALL TERMS, CONDITIONS AND COVENANTS IN THIS LEASE SHALL EXTEND TO AND BIND THE HEIRS, ASSIGNS, AGENTS, ATTORNEYS, CONTRACTORS AND SUCCESSORS IN INTEREST OF LESSOR AND LESSEE. CARRYING CAPACITY REEVALUATION. THE LESSOR RESERVES THE RIGHT DURING THE TERM OF THIS LEASE, AND UPON THE LESSOR'S DISCRETION, TO CONDUCT CARRYING CAPACITY REEVALUATIONS AND MAKE THE NECESSARY ADJUSTMENTS TO THE LEASE AND RENTAL AS MAY BE REQUIRED. EFTA00101485

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EFTA00101486

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SEALS Do cssox AND 2.0 po lfeg € LESSEE ON THE DAY Breas ex2s0 ABOVE WRITTEN. LESSEE LESSEE ACKNOWLEDGMENTS NATURAL PERSON(S) STATE OF NEW MEXICO ) . ) COUNTY OF fernal ilo ) \ THE FOREGOING,.INSTRUMENT WAS ACKNOWLEDGED BEFORE ME THIS /S¥f DAY OF Mares , 1995, ore 16h Oe ' PARTNERSHIP STATE OF 'WEW MEXICO | ) ) COUNTY OF ) THE FOREGOING INSTRUMENT WAS ACKNOWLEDGED BEFORE ME THIS DAY OF , 19 , RY (NAME OF PERSON ACKNOWLEDGED) PARTNER(S) ON BEHALF OF , A PARTNERSHIP. MY COMMISSION EXPIRES: NOTARY PUBLIC CORPORATION STATE OF NEW MEXICO ) ) COUNTY OF ) INE FOREGOING INSTRUMENT WAS ACKNOWLEDGED DOTORD MD THIC DAY OF , 19 ° BY . ’ oF (NAME OF OFFICER) (TITLE OF OFFICER) CORPORATION, ON BEHALF (CORPORATION NAME) OF SAID CORPORATION. , MY COMMISSION EXPIRES: NOTARY PUBLIC EFTA00101487

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GM2791 SURNTVTSTON i LOTS 1,2,3,4,7,SW4NE4,S2NW4,SW4 ALL PARTIAL RELINQUISHMENT OF GM-2563 EXHIBIT A ® PRICE CC 1ST AUTHORIZED PER AA YEAR SEC -TWN- -RNG- ACREAGE USE UNIT RP CHARGE 02 12.0N 09.0E 518.97 GRAZING 12 383.75 16 12.0N 09.0E 640.00 GRAZING 12 473.24 TOTAL ACRES: 1,158.97 TOTAL CHARGE: $856.99 EFTA00101488

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RECEIVED "93 AR 16 AM 10 28 STATE LAND OFFICE SANTA FE, NLM. EFTA00101489

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UNDER COLLATERAL ASSIGNMENT EFTA00101490

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(® (~ NEW MEXICO STATE LAND OFFICE PARTIAL ASSIGNMENT OF AGRICULTURAL LEASE Pde, awa, the ion to Jeffrey E. Epstein (Trustee) ¢ un EP Madison Pit, Wa Mew York, CMY ToOzz . of Zorro Trust, a ie. York Trust Telephone as it relates to the lands described below all (my/our) right, title and interest /in State Agricultural Lease No. GM 258 and all rights to compensation for the improvements located on the leased land, for which improvements (I/We) hereby either waive payment or acknowledge receipt of payment of full improvement value. (I/we) understand and agree that any outstanding. sublease of all or a portion of the leased lands is hereby terminated. The lands covered by said lease are described as follows: Township 12 North Range 9 East section 2: . Lots 1,2,3,4,7, SWiNEk, Siw, sWk for 518.97.:acre Township 12 North Range 9 East section 16: All - 640.00 acres Total - 1,158.9/ acres THIS LEASE ASSIGNMENT SHALL NOT BE EFFECTIVE UNLESS APPROVED IN WRITING ff BY THE COMMIUESSIONER OF FUBLIC LANDS. County Spode Qe State ot Qa pto WR -|o- My Commission expires 10-15 -Vo_ ae eee ASSIGNMENT FEE - $58.08 (fifty dollars) S-36 (revised 193) os an ones ye 50.09% LO EFTA00101491

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@ e e @ “@ & e 66° 9599 L6°8ST‘T o00°T <<¥Ouua>> 101 . 66° 9593 16°SST‘T 000°r To <<¥0uya>> To ° Sa29NVHD . a9vauoV x isnt : -------+----+-----9$V3 1----------------- @ co's 00°s 00's 00's 00's 00's 66° 9585 oo" oo° 60° oo° oo° 00° L6°SST‘T ~IN3W3AONdWI- -----d¥9----- -GR1VID0SSV-- --G3LV9IYXI-- -----Aud----- (GRLVAIL1NO)- -=----GId----- --N¥139 @ 66° 9599 L6°RST‘T 10 2°¢lb 21 ONIZVYD9 00°09 liv 30°60 N earn To SZ°Se¢ 21 ONIZVYD 6°8TS bMS ‘bMNZS‘bANDMS‘2‘>‘E‘2‘T SLO1 30°60 N ASNI 398¥HO 29 --Ndd-- -----4dAl----- 39Va40V -------------($) NOISIAIGGNS------- ONY qvma . -----WO44 G91V0OTIOSNNS----- SdAL e 0000-22001 AN WYOA MAN ANNSAV NOSIGVW LS9 e i: . A BaiSMal - NIZLSd3a *3 Aazvsdae isndl oy4oz YOLVOIGNT BNOHd373L 31V 11I@ XINI nanan n-------LYEAYO------------ --------(5)3WYN ¥3010H3SV31-------- sous LJVLINUD asa e T6c2Ho :4N aSva7 £6/0T/£0 1SI1 ¥31S¥W 3SV37 ayNLINITUOY :d9Vd 321440 GNV1 31¥iS ODIXaW MAN e i © ® e e @ 9 @ e © ?S398VHO 239V34OV ad NVU-- 3d AL $1vi01 3SV31 e 0°21 91 200 Té2wo O°2T 20 100 Té<2wo ° NML 93S 04S 3SV31 Nad 000 Téc2wo 4N aN e das) =-aSV31 :$Saudqy ONIIIIG © ztzgs = O9LTT e aI UN SWVN 338531 To-0609V97 e (eg FO ZT ont EFTA00101492

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"fide. be ua CL0re % Sg wok of Vhe L Dust Uigptenas 4 abo Ned to | bi nh a € oo hug Lusk EFTA00101493

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e : | Valid a) Cut-off date. - /0 ig] EFTA00101494

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Atute of Neto Mexico OFFICE OF THE Commissioner of Public Lands Santa Fe P.O. BOX 1148 SANTA FE NEW MEXICO 87504-1148 March 11, 1993 RE: GRAZING LEASE NO. GM-2791 Dear Lessee(s): Enclosed for your execution is a copy of the above mentioned grazing lease for 1,158.97 acres due to a partial relinquishment of GM-2583. The lease needs to be executed on the enclosed signature pages before a Notary Public. Please be sure and sign your name(s) as it/they read on the face page of the lease. BOTH COPIES of the signed and notarized lease MUST BE RETURNED TO THIS OFFICE FOR THE COMMISSIONER'S APPROVAL. Once the lease is approved, a copy will be returned to you for your records. Please be advised that we need an original or certified copy of a Trust Agreement or Affidavit for Jeffrey E. Epstein, Trustee for Zorro Trust. Plese submit a $10.00 fee to record the document in our office. If mn have any questions regarding this matter, you can contact me at A New Mexico State Land Office EFTA00101495

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") @ State of New Mexico OFFICE OF THE Commissioner of Public Lands Panta Fe a MEMORANDUM March 11, 1903 TO: Grazing Lease No. GM-2583 FROM: Surface Division/JV ) - SUBJECT: Partial Relinquishment from GM-2583 to GM-2791 This lease contains 21,334.74 acres but a partial relinquishment was approved by the Commissioner on February 22, 1993 in favor of Zorro Trust for 1,158.97 acres. The land description being relinquished is as follows: GT-2791 - Zorro Trust SUBDIVISION SECTION TOWNSHIP RANGE ACRES Lots 1,2,3,4,7,SWINE?, S4NWH, SWE 02 12 North 9 East 518.97 All 16 12 North 9 East 640.00 . 1,158.97 The acreage remaining on this lease is 20,175.77. Attached is a copy of an adjusted Exhibit A. A worksheet will be prepared to amend the ledger maintenance file. EFTA00101496

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(Page 17 of 53) fhe 2h4f7a yas @ © NEW MEXICO STATE LARD OFFICE REQUEST FOR FIELD ASSIGNMENT bog DATE TO FIELD DIVISION: 3/2 5/93 __ FIELD DIVISION CONTROL NO. mMe- ee REQUESTING DIVISIONAuceace Diuisian BY? LEASE NUMBER: GM- a Ze) TYPE OF REQUEST: ¢ hee ke dist NAME OF LESSEE/APPLICANT: Zorra aust - we Mire y Fes tein - Teuske. ADDRESS 77] 3 K ew 0 DESIGNATED CONTACT’. : ADDRESS LEGAL DESCRIPTION 3 Atte 7A TTR ieee decreas ee DATE RETURNED TO REQUESTING DIVISION/BUREAU: LAND USE SPECIALIST RECOMMENDATLON: RECOMMENDATION ®pP |REQUESTING DIVISION \Mih ao 7a DO NOT APP pte, sdcommenona20N: (PLEASE STATE REASONS) ACTION TAKEN BY REQUESTING DIVISION:_ DATE RETURNED TO LAND USE SPECIALIST: G-89 REVISED 1/91 “i EFTA00101497

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a 7 7, bublirg pint fo aan ? | —_ - pre . pif a ee \ EFTA00101498

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AGRICULTURE LESSEE ORIENTATION Lease No. _(/- 279/ Field Assign. No. MJG- 606 / ssememetmamonsenmmenaemensenrmar asec OSS coe RAN RNS 1 General discussion of State Land Office and.its mission. (pamphlet) e 2 (J General discussion of agricultural lease terms and conditions. (Copy of Lease) One percent interest on unpaid balances. Carrying capacity reevaluations. a a. Term left. my b. Fluctuations in annual rental (EVI). © cc. Permitted use. (J .-4. Multiple use concept. (J e. Improvements. ( f. — Subleasing. "(J g. Renewal process. a h. Reservations. a i. i 3 go General discussion of Range Stewardship Incentive Program. . 4 caf General discussion of Rule 8. (Copy of Rule) e 5 (J ~‘Transfer/Assignment of lease to new lessee. es ( a. Withdrawals, 9. b. Conversion to cultivated land. O cc. Filing fees. 6 Letter from Commissioner to lessees. e 7. Or Hunter access. ESRI BOOSTS SOAS NSE RSNA SAAB ES ESSE SSE LESS SAS: SSCS NESS COTS SSSOESAS AS ENNYS At SENG M8 AS SEG BOER RRESRE | certify that the Land Use Specialist has git e the documents required a has instructed me on the terms and conditions of m EFTA00101499

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® @ HINKLE, COX, EATON, COFFIELD & HENSLEY MAREN Me RICHAREIGON® ATTORNEYS AT LAW FRED w SCHWENDIMAND 700 UNITED BANK PLAZA prairreryrren SOO MARQUETTE N.W.. SUITE BOO POST OFFICE BOX 10 JEFTREY 5 BAIRO* ROSWELL, NEW MEX! MACDONNELL GORDON POST OFFICE BOX 2043 co Seece cD, MARTIN PAU J RELLY, J OWA F veereme, He MARSHALL G. MARTIN OWEN Mt LOPER DOUGLAS &. LUNSFORD JOHN J HELO MIEMORAR 1 MEWNINE 1 CALDER EZPELA. 2800 CLAYDESTA CENTER EE PORT OFFICE Rox AERO MIDLAND, TEXAS 79702 AMES J WECHSLER GREGORY 5 WHEELER NANCY 5. CUSACK ANOREW J. CLOUTIER . JEFFREY | PORMACIAR! JAMES A GILLESPE (ROO TEAM BANK BULGING JEFFREY D. HEWETT GARY W LARSON tae Ramee Arr maanr | anne ASHINGTON. OC JERRY F. SHACKELFOROY JOHN RL KULSETH, Jt SPEC COUNSER UEFFREY W RELLBERG* MARGARET R MENETT ALAM J STATAOAN MBEeT L mes, aeran 9. CARTumGuee Me HNASKO USA K SeiTHr AMBER JAMES WENT SCHUSTENT MICHAEL A GROSS BRADLEY w HOWARD March 15, 1993 THOMAS O MAINES. J CHARLES A SUTTON® g GREGORY 4 ERT NORMAN D CmAgT rus! UTE BUR eevee DAW T MaRRETTES DARIEN T GmOCE® tame pow tenes vetoes SANTA FE, NEW MEXICO 87504 *MOT LICENSED IN NEW MEXICO Ms. Jenny Valdez Surface Division NM State Land Office P.O. Box 1148 Santa Fe, New Mexico 87504-1148 RE: Grazing Lease No. GM-2791 Dear Ms. Valdez: Enclosed are two original leases, numbered GM-2791, signed by John Kelly as Attorney-in-Fact for Jeffrey Epstein, Trustee for the Zorro Trust, along with two original Affidavite signed by Mr. Epstein and a certified copy of the Power of Attorney between Mr. Epstein and John Kelly. I am also enclosing a check for $10.00. Please have the leases signed and approved and return a copy to me, or our runner if possible, at your earliest convenience. hestitate to call me at Thank you. Should = have any questions, please do not Sincerely yours, HINKLE, COX, EATON, COFFIELD & HNENCLEY Paralegal Enclosures EFTA00101500

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(Page 21 of 53 RECEIVED "93 MAR 16 AN 10 28 STATE LAND OFFICE SANTA FE, N.M. EFTA00101501

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a o® ] a HINKLE, Cox, EATON, COFFIELD & HENSLEY ssa €.con — ATTORNEYS AT LAW TC sarc coen Sees emee . i eo BOO MARQUETTE ML, SUITE 600 reer erres oon Sen Cnoaee sm Aeapecs nous Jeon noswel. New MERCO 86208 eee Oo eenoe ae seme POST OFFICE BOX 2043 pe co MART RR THOMAS ALBUQUERQUE, NEW MEXICO 87103 crore ies Sesh Teron» wor owen ne vos s00 1. CALDER EZTEU, JR = GRKGORY S WHEELER CARENCE © HONLE Decoenees a x: WE BONDURANT JR UmeproTR MIDLAND, TEXAS 79708 THOMAS J McBMOE STEPHANE LANDAY ees 4 wee Lee sts ASEM OM or Comoe. MANCY & CUSACK MARGARET ® MCNETT on — JEFFREY | FORNADIAR) «GRAN T. CARTWRIGHT® we oer a aaeuer es a Cuno 8 Mommas, Es JAMES BRUCE ROBERT ¥ BETHEAT (JOREY F SACKELFORO” BRADLEY W HOWARD POST OFFICE BOX 9236 JOPP REY W HELLRERGY CHARLES & SUTTON RarErEUPUN, US AMARALO TERAS 7910! ALERT. mTTS: omen © EWART srecm Coumse. 0. ad ALAN J STATMARE THOMAS 0. MAINES JR DARREN L BROOKS ae November 3, 1993” TE COMMISSIONER OF PUBLIC LANDS P . P. O. Box 1148 Santa Fe, New Mexico 87504-1148 ATTENTION: Jenny Valdez Surface Division Re: Zorro Trust, Lease No. GM 2791 Dear Ms. Valdez: Enclosed please find Hinkle, Cox check number 2502 in the amount of $872.22 for the annual rental payment due on the above- referenced lease. I understand the lease term covered by this payment runs from October 1, 1993 to September 30, 1994. A copy of the rental notice is attached for your reference. Our client, Jeffrey Epstein, the Trustee of Zorro Trust, advises me that your notices are being delayed in reaching him. The address on your records is correct, but Mr. Epstein asks that you add his name as Trustee of Zorro Trust to the address to insure that it is properly delivered. The complete address should now be: Jeffrey E. Epstein, Trustee Zorro Trust 457 Madison Avenue New York, NY 10022 dom NJOS/F3ZAN(417 1977.224010 ‘Yep EFTA00101502

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RECEIVEU STATE 1: 15 OFFICE SAHTA Fo. tLM. EFTA00101503

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® @ HINKLE, COX, EATON, COFFIELD & HENSLEY Page 2 November 3, 1993 Please contact me if you have questions. Sincerely yours, HINKLE, COX, EATON, h. JIK:ch Enclosure ec: Cie Marinese EFTA00101504

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Nin 8 AM 10 U8 "FICE EFTA00101505

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sd tate of New Mexico @ OFFICE OF THE Conunissioner of Public Lands Sunta Fe sarare acs 3 Novemher 10, 1993 Zorro Trust c/o Jeffrey E. Epstein - Trustee 457 Madison Avenue New York, NY 10022 RE: State Grazing Lease GM-2791 Dear Lessee(s): A review of our files indicates that the annual rental on your grazing lease which was due October 1, 1993, remains unpaid at this time. An interest fee of 1% per month will be assessed for each month the payment remains outstanding. Therefore, if you return your payment in November, you will need to submit $880.86 which includes a 2% interest fee. If you return your payment in December, you will need to submit $889.50 which includes a 3% interest fee. “ . If your payment including interest has been submitted, please disregard this detter. If you do not intend to continue to lease, please notify me accordingly. If you have any questions regarding this matter, please feel free to contact me at | os Sincere / > || whe | Plat act te adllieet N.M. State Land Office afe bY fy = pe Cen Surface Resources Division Ihe- L_MNe Q lool 93 an EFTA00101506

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NEW MEXICO STATE LAND OFFICE APPLICATION FOR PERMISSION TO MAKE IMPROVEMENTS ZORRO RANCH 1, JEFFREY E. EPSTEIN of (address) P.O, BOX 567, STANLEY.NM 87056 herewith make application for the written consent of the Commissioner of Public Lands to make improvements on the lands in Lease No. @M—PSR4_, described as follows: Gm-aTq SUBDIVISION . sec. 16 qwe.l2N xce, IE acres 640 € Cancelled , If any or all proposed iuwprovesents ace co be buile under a federal cost-share program, please check which pro- gram or programs are involved and give actual cost of each item. Creat Plains Program (SCS) ( ) = ASCS ( ) = OTHER ( ) = NONE ( ) Barns, stables and corrals Well (give depth and description) Value $_ N/A . Value $_ N/A Fences (give length, i.e., miles or footage and kind) Value $_N/A Windmill : : Value $_N/A Other improvements Grass strip runway for private plane, TOTAL VALUE OF IMPROVEMENTS 36,000.00 _ Amount to be defrayed by federal cost-share program, if any... . Total economic cost expended by LESSEE .. +++ ++ eo. + + + + Value $6,000.00 JULY-.1,°.1994 { ! E. Epstein LESSEE I, » Commissioner of Public Lands, hereby give my consent to the above lessee(s) to make improvements as listed above, conditioned upon the comple- tion of construction and installation of such improvements on or before > 19 , and further conditioned upon receipt of copy.g Se ai Gdst~share agreement (when applicable) and evidence of actual costs. \\\ APPROVAL DATE es & b2': COMMISSIONER OF PUBLIC LANDS Vee (Ou plac on reverse side indicate approximate lecation of proposed improvements.) 000 SLO 4-25-74Hi11 $30.00FRPPLICATION FEE $30.00 S-09 (REVISED 8/4/88) EFTA00101507

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EFTA00101508

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(Page 29 of 53);° a = Pa @ @ Be afu/4 oo NEW MEXICO STATE LAND OFFICE VA REQUEST FOR FIELD ASSIGNMENT DATE TO Freup pivrsron:_°/le /94__ prep DIVISION CONTROL NO. REQUESTING Divisron_ SWvLQhe BY: LEASE NUMBER: Gm -— 7 Y/ TYPE OF REQUEST: LEGAL DESCRIPTION ¢ Ene 0. Me. DESIGNATED CONTACT ’ ADDRESS Same PHONE NO aN ME : LAND USE SPECIALIST RECOMMENDATION: RECOMMENDATION PROVAL: FIELD DIVISION |REQUESTING DIVISION =13- Po DO NOT AP. E RECOMMENDATION: (PLEASE STATE REASONS) G-89 REVISED 1/91 EFTA00101509

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State of Nef Mexico pay FowalL. ta.. BOVE. Commissioner of Public Lands a COMMISSIONER 310 OLD SANTAFE TRAIL P.O. BOX 1148 FAX SANTA FE, NEW MEXICO 87504-1148 MAY 18, 1994 MJG-684 TO: RAY POWELL, M.S., D.V.M., COMMISSIONER OF P PROM: LAND USE SPECIAL — SUBJECT: GM-2791. APPLICATION F IMPROVEMENTS. ZORRO TRUST. ASSIGNMENT RECEIVED MAY 11, 1994. REMARKS As per the attached correspondence, the lessee requests that the subject application for improvements be withdrawn, and so it is recommended. LEGAL DESCRIPTION Within section 16 of township 12 north, range 9 east, N.M.P.M., Santa Fe County, New Meaicu. MJG EFTA00101510

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°S*38-1994 11:59AM FROM ZORRO RANCH Tm 19275766 P.O1 Zorro Ranch P.O. Box 567 “a New Mexico 87056 FAX TRANSMISSION COVER SHEET Date: May 18, 1994 To: Marcus Garcia New Mexico State Land Office Fa: Subject: Sender: Shannon Pritchard YOU SHOULD RECEIVE 2 PAGE(S). INCLUDING THIS C IF YOU DO NOT RECEIVE ALL THE PAGES, PLEASE CALL THES Mensisile ay hataviadend watly tow oer aie ok Woe tnaivinhal ta elas in to meas aamd wasy canvas Crimi Wat Veh op pai das message bs ran che intended! reuipters, you are Mereby oxaified Ube. any diecmnina:ion, <dvcibudon or copying of ws extaumanieation s erica promibieed, wy you have seetived his communication in error, please notify us irunediately by telephone, to acrange fer its tetarn. Thank you. EFTA00101511

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(Page 32 0@S-$8-1994 11:59AM FROM ZORRO RANCH 18275766 P.G, - ZORRO RANCH May 12, 1994 Mr. Marcus Garcia New Mexico State Land Office Tield Division - P.O. Box 3148 Santa Fe, New Mexico 87504-1148 RE: ZORRO RANCH Dear Mr. Garcia, This letter is to Inform you and your office that Zorro Ranch is no longer pursuing the permitting proccss for the construction of a grass landing suip on New Mcaiow state land. Picasc stop all permitting action on this file. luk / Mis /dtt Si pt a Jeffrey Epstein Vv ; ete LY ANE ETI CORA P.O. Box 567, Stanley, New Mexico 87056 ee - EFTA00101512

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NEW MEXICO STATE LAND OFFICE REQUEST FOR FIELD ASSIGNMENT DATE TO FIELD DIVISION: 5 le q FIELD DIVISION CONTROL NO. REQUESTING DIVISION SwifQ(g BY: LEASE NUMBER: (9 /N)-979/ TYPE OF REQUEST: Emprowmen NAME OF LESSEE/APPLICANT: fore us appress_ C/o Jeffrey E. / a . Mew Yor Y /Q DESIGNATED CONTACT S ADDRESS ame PHONE PHONE NO. i LEGAL DESCRIPTION SECTION: TRE. RGE. ‘IN E Canta Fe. > onlay. ae R705. _ DATE RETURNED TO REQUESTING DIVISION/BUREAU: LAND USE SPECIALIST RECOMMENDATION: RECOMMENDATION APPROVAL: FIELD DIVISION |REQUESTING DIVISION DO NOT APPROVE RECOMMENDATION: (PLEASE STATE REASONS) ACTION TAKEN BY REQUESTING DIVISION: DATE RETURNED TO LAND USE SPECIALIST: G-89 REVISED 1/91 EFTA00101513

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(Page 324 of 53) Commissioner Ad Rblic Lands ee es . 7 Madson Ave. . zoare Ra; a heute Wy 160 Reference Agricultural Lease No. GM-2791 p Ox ‘ Improvement Application Stanley, NM 87056 SSS ae y . Attn: Jeffrey E, Epstein Date May 23, 1994 SUBJECT: THE ATTACHED DOCUMENT IS FOR YOUR COMPLIANCE WITH THE REQUIREMENTS -+-------- INDICATED WITH CHECK MARKS -_______. 1. fT Please sign enclosed copy(ies) on referenced Lease(s) before a Notary Public and return.in order to complete the Lease(s). 2. £7 Enclosed referenced assignment(s) transferred by and approved by Commissioner 3. [7 Assignment(s) will not be accepted due to: /— 7 erasures in descriptiun, fu Strikeover(s) in description, f 7] Executed on improper forms, [incomplete description, iT Acknowledgement is incomplete. Please re issuc a ncw asoignment. 4. /_/ Please furnish this office with $500.00 Single Damage Bond or $2,500.00 Blanket Damage Bond, as required by Statute so Lease can be approved. 5. / / Lands applied for are under Purchase Contract. You must obtain written consent from . Your application will be held in abeyance awaiting this consent. 6. LT Approved copy(ies) of your eT (is/are) enclosed for your files. 7. XXXK Other: _AS per your letter dated May 12, 1994, the improvement application has been cancelled. If you have any questions regarding this matter, please contact me at — ’ MME G<223n¢ Section urtace€ Resources Division Sas nda Se EnInEEEnEInnNSInEIINIEIIENINIEIEENSEEEEEEEEI G-76 (February 15, 1984) EFTA00101514

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OF PUBLIC LANDS, NEW MEXICO STATE LAND OFFICE, STATE OF NEW "LESSOR", AND: ZORRO TRUST HEREINAFTER CALLED "LESSEE(S)", WHOSE ADDRESS OF RECORD IS - = s NEW MEXICO STATE LAND OFFICE COMMISSIONER OF PUBLIC LANDS NEW MEXICO STATE LAND OFFICE BUILDING P.O. BOX 1148, SANTA FE, NM 87504-1148 AGRICULTURAL LEASE LEASE NO. GM2Z791 THTS TRASK, NATPN NCTARFR 1, 1994, TS EWTRREN TNTO RY ANN RETWREN THR COMMTSSTONER BXICO, HEREINAFTER CALLED C/O JEFFREY E. EPSTEIN 457 MADISON AVE NEW YORK NY 10022-0000 LESSOR AND LESSEE AGREE AND COVENANT AS FOLLOWS: 1. LEASE. FOR AND IN CONSIDERATION OF AND SUBJECT TO THE RENTALS AND THE TERMS, COVENANTS, CONDITIONS, AGREEMENTS, OBLIGATIONS, AND RESERVATIONS CONTAINED IN THIS LEASE.AND ALL OTHER EXISTING RIGHTS, LESSOR GRANTS AND LEASES TO LESSEE AND LESSEE TAKES FROM LESSOR THE TRACT(S) OF LAND DESCRIBED IN EXHIBIT A, ATTACHED HERETO AND INCORPORATED HEREIN BY REFERENCE. TERM. THE TERM OF THIS LEASE SHALL BEGIN ON OCTOBER 1, 1994 AND SHALI. EXPIRE AT MIDNIGHT SEPTEMBER 30, 1999. RENT. THE ANNUAL RENTAL SHALL NOT RE LESS THAN THR MTNTMIIM RENTAT. RSTARI.TSHEN RY SECTION 19-7-29 NMSA 1978 AND SHALL BE PAID IN ADVANCE FOR EACH LEASE YEAR AND RECEIVED IN THE STATE LAND OFFICE ON OR BEFORE OCTOBER 1. THE ANNUAL RENTAL FOR GRAZING LAND SHALL BE DETERMINED AS FOLLOWS: ANNUAL RENTAL = BASE VALUE X CARRYING CAPACITY X ACREAGE X ECONOMIC VARIABLE INDEX (EVI), AS DEFINED BY STATE LAND OFFICE RULE 8.022(B). IN NO EVENT SHALL THE PRODUCT OF THE APPLICATION OF THE EVI, FOR EACH SUCCESSIVE YEAR lor THE LEASE TERM, BE DECREASED OR INCREASED BY MORE THAN THIRTY- THREE AND ONE-THIRD PERCENT. IN THE CASE OF GRAZING RENTAL OFFERS ON OPEN ACREAGE OR PURSUANT TO COMPETITIVE BID, LESSOR MAY ACCEPT GREATER RENTAL AMOUNTS THAN THOSE DETERMINED BY THE FOREGOING FORMULA, BUT THE ANNUAL GRAZING RENTAL DUE IN ANY LEASE YEAR SHALL NOT BE LESS THAN THE FORMULA AMOUNT. THE ANNUAL RENTAL FOR CULTIVATED LAND, ASSOCIATED LAND AND CONSERVATION RESERVE PROGRAM LAND SHALL BE DETERMINED BY LESSOR AND SHALL REMAIN UNCHANGED DURING THE TERM OF THE LEASE. THE TYPE OF LAND HEREBY LEASED AND THE ANNUAL RENTAL AMOUNT FOR THIS LEASE SHALL BE AS SET OUT IN EXHIBIT A HEREIN. PERMITTED USE. LESSEE MAY USE THE LEASED PREMISES ONLY FOR OUCH OPDRATIONS AND ACTIVITIES AS ARE NECESSARY TO CARRY OUT THE PURPOSES FOR WHICH THE LEASE IS GRANTED AS SPECIFIED IN EXHIBIT A, AND IN ORDER TO COMPLY WITH ALL APPLICABLE PROVISIONS OF LAW REGARDING THE 000 SLO 7/14/948134 $916. 31F4 000 SLO 7/14/94#135 $50.00F4 Qe aN EFTA00101515

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m EFTA00101516

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(Page 37 of 53) CARE AND PROTECTION OF THE LEASED PREMISES. 5. LIEN. AS SECURITY FOR THE PAYMENT OF ANY RENT THAT IS OR MAY BECOME DUE AND UNPAID, LESSEE GRANTS TO LESSOR A FIRST AND PRIOR LIEN UPON ANY AND ALL IMPROVEMENTS AND CROPS ON THE LEASED PREMISES. 6. IMPROVEMENTS. NO IMPROVEMENTS, EXCEPT AS OTHERWISE PROVIDED BY LAW, SHALL BE PLACED ON THE LEASED PREMISES WITHOUT THE PRIOR WRITTEN CONSENT OF THE LESSOR. ALL IMPROVEMENTS PLACED ON THE LEASED PREMISES IN VIOLATION OF THIS PARAGRAPH SHALL BE CONSIDERED AND TREATED AS UNAUTHORIZED IMPROVEMENTS IN ACCORDANCE WITH THE APPLICADLE LAWS AND RULES. 7. ASSIGNMENT, SUBLEASE AND RELINQUISHMENT. LESSEE SHALL NOT ASSIGN OR SUBLEASE TIE LEASED PREMISES OR THE IMPROVEMENTS ON SAID PREMISES WITHOUT THE PRIOR WRITTEN CONSENT OF LESSOR AND SUCH OTHER REQUIREMENTS ‘AS PRESCRIBED BY LAW OR RULE. AS PROVIDED BY LAW AND RULE ANY LEASE, IN GOOD STANDING, MAY BE RELINQUISHED TO THE STATE. UPON RELINQUISHMENT HOWEVER, THE LESSEE SHALL NOT BE ENTITLED TO A REFUND OF RENTALS PREVIOUSLY OWING AND PAID. 8. COLLATERAL ASSIGNMENTS. ANY AGRICULTURAL LEASE MAY BE ASSIGNED AS COLLATERAL SECURITY SUBJECT TO THE EXPRESS WRITTDN CONCDNT OF THE LEScOR AND SUCH OTHER TERMS AND CONDITIONS AS PRESCRIBED BY LAW OR RULE. THE APPROVAL OF A COLLATERAL ASSIGNMENT, HOWEVER, SHALL NOT PREVENT THE CANCELLATION OF THE LEASE AND TERMINATION OF THE COLLATERAL ASSIGNMENT FOR THE NONPAYMENT OF RENTALS OR OTHER VIOLATIONS OF THE LEASE TERMS. 9. DEFAULT AND CANCELLATION. THE VIOLATION BY LESSEE OF ANY OF THE TERMS, CONDITIONS, OR COVENANTS OF THIS LEASE OR THE NONPAYMENT BY LESSEE OF THE RENT DUE UNDER THIS LEASE SHALL AT THE OPTION OF THE COMMISSIONER BE CONSIDERED A DEFAULT AND SHALL CAUSE THR CANCELLATION OF THIS LEASE 30 DAYS AFTER LESSOR HAS SENT WRITTEN NOTICE OF SUCH DEFAULT TO THE LESSEE AND TO ANY HOLDERS OF COLLATERAL ASSIGNMENTS BY REGISTERED MAIL, ADDRESSED TO THE POST OFFICE ADDRESS OF RECORD, PROVIDED, HOWEVER, IF WITHIN THE THIRTY DAYS THE LESSEE OR HOLDERS OF ANY COLLATERAL ASSIGNMENTS SHALL COMPLY WITH THE DEMAND MADE IN THE NOTTCR, CANCELIATTON SHALI. NOT RE MADE. 10. RENEWAL. ANY LESSEE WHO DESIRES TO SECURE A NEW LEASE SHALL MAKER AND FIILR AN APPLICATION WITH THE LESSOR ON OR BEFORE AUGUST 1 NEXT PRECEEDING THE EXPIRATION OF THIS LEASE. THE RIGHT OF RENEWAL SHALL BE SUBJECT TO SUCH TERMS AND CONDITIONS AS PROVIDED FOR BY LAW AND RULE. 11. RESERVATIONS. A. LESSOR RESERVES THE RIGHT TO EXECUTE LEAES ON THE LAND GRANTED BY THIS LEASE FOR MINING PURPOSES AND FOR THE EXTRACTION OF OIL, GAS, SALT, GEOTHERMAL RESOURCES, AND OTHER MINERAL DEPOSITS THEREFROM AND THE RIGHT TO GO UPON, EXPLORE FOR, MINE, REMOVE AND SELL SAME. LESSOR FURTHER RESERVES THE RIGHT TO SELL OR DISPOSE OF NATURAL SURFACE PRODUCTS OF SAID LANDS OTHER THAN GRAZING, AGRICULTURAL OR HORTI- EFTA00101517

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mm EFTA00101518

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(Page 39 of 53) CULTURAL PRODUCTS AND TO GRANT SUCH OTHER RIGHTS-OF-WAY AND EASEMENTS AS PROVIDED BY LAW. B. LESSOR RESERVES THE RIGHT TO WITHDRAW PURSUANT TO RULE, UP TO 640 ACRES, BUT IN NO CASE MORE THAN HALF, OF THE LAND HELD BY THIS LEASE. 12. COMPLIANCE WITH LAWS. LESSEE SHALL AT ITS OWN EXPENSE FULLY COMPLY WITH AND BE SUBJECT TO ALL LAWS, RRGULATIONS, RULERS, ORDINANCES, AND REQUIREMENTS OF LESSOR AND APPLICABLE CITY. COUNTY, STATE AND FEDERAL AUTHORITIES AND AGENCIES WHICH HAVE BEEN OR MAY BE ENACTED OR PROMULGATED, IN ALL MATTERS AND THINGS AFFECTING THE LEASED PREMISES AND OPERATIONS THEREON. SUCH OTHER AGENCIES SHALL NOT BE DEEMED THIRD PARTY DENEPICIARIDS UNDDR THIO LDASD. 13. HOLD HARMLESS. LESSEE SHALL SAVE AND HOLD HARMLESS, INDEMNIFY AND DEFEND LESSOR AND THE STATE OF NEW MEXICO, AND THEIR AGENT OR AGENTS, IN THEIR OFFICIAL AND INDIVIDUAL CAPACITIES, OF AND FROM ANY AND ALL LIABILITY CLAIMS, LOSSES, OR DAMAGES ARISING OUT OF OR ALLEGED TO ARISE OUT OF OR INDIRECTLY CONNECTED WITH THE OPERATIONS OF LESSEE UNDER THIS LEASE, OFF OR ON THE LEASED PREMISES OR ARISING OUT OF THE PRESENCE ON THE LEASED PREMISES OF ANY AGENT, CONTRACTOR OR SUBCONTRACTOR OF LESSEE. 14. AMENDMENT. THIS LEASE SHALL NOT BE ALTERED, CHANGED OR AMENDED EXCEPT BY INSTRUMENT IN WRITING EXECUTED BY LESSOR AND LESSEE. 15. WAIVER. NO WAIVER OF ANY BREACH OR DEFAULT BY LESSEE OF ANY OF THE TERMS, CONDITIONS OR COVENANTS OF THIS LEASE SIIALL DE MELD TO DD A WAIVDR OF ANY OUDODQUDNT BREACH. NO WAIVER SHALL. RE VALID OR BINDING UNLESS THE SAME IS IN WRITING AND SIGNED BY LESSOR. 16. DELINQUENT RENTAL. ALL RENTAL PAYMENTS RECEIVED APTER OCTOBER 1 OF EACH YEAR SHALL BE CONSIDERED DELINQUENT AND SHALL BE SUBJECT TO THE PAYMENT OF INTEREST AT A RATE OF ONE PERCENT (1%) A MONTH FOR ANY FRACTION OF A MONTH. INTEREST SHALL ACCRUE FROM THE DATE THE PAYMENT BECOMES DUE. 17. APPLICABLE LAW. THIS LEASE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW MEXICO. 18. SUCCESSORS IN INTEREST. ALL TERMS, CONDITIONS AND COVENANTS IN THIS LEASE SHALL EXTEND TO AND BIND THE HEIRS, ASSIGNS, AGENTS, ATTORNEYS, CONTRACTORS AND SUCCESSORS IN INTEREST OF LESSOR AND LESSEE. 19. CARRYING CAPACITY REEVALUATION. THE LESSOR RESERVES THE RIGHT DURING THE TERM OF THIS LEASE, AND UPON THE LESSOR'S DISCRETION, ‘'0 CONDUCT CARRYING CAPACITY REEVALUATIONS AND MAKE THE NECESSARY ADJUSTMDNTOS TO TID LEACE AND RENTAL AS MAY BE REQUIRED- EFTA00101519

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EFTA00101520

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(Page 41 of 53) WITNESS THE HANDS AN LS OF LESS AND LESSEE ON THE DAY AND YEAR FIRST ABOVE WRITTEN. LESSEE . SEFFREN “COSTEIM TRUSTEE LESSEE ACKNOWLEDGMENTS NATURAL PERSON(S) STATE OF NEW MEXICO ) ) COUNTY OF ) THE FOREGOING INSTRUMENT WAS ACKNOWLEDGED BEFURE ME THIS UAY UF 71g ’ RY (NAME OF PERSON ACKNOWLEDGED) MY COMMISSION EXPIRES: NOTARY PUBLIC PARTNERSHIP STATE OF NEW MEXICO ) COUNTY OF 7 THE FOREGOING INSTRUMENT WAS ACKNOWLEDGED BEFORE ME THIS DAY OF ,i9_, BY (NAME OF PERSON ACKNOWLEDGED) PARTNER(S) ON BEHALF OF , A PARTNERSHIP. MY COMMISSION BAPIRES; NOTARY PUBLIC STATE OF NEW MEXICO ) tRUST ) COUNTY OF ) THE FOREGOING INSTRUMENT WAS ACKNOWLEDGED BEFORE ME THIS Ss DAY OF Jo , iJ, py __feffing foe ig (TITLE OF OFFICER) be Trt A TRUST __ GORPORABION, ON BEHALF to NAME) J reefs. OF SAID CORPORATION!” TRUST MY COMMISSION EXPIRES: EFTA00101521

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EFTA00101522

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NEW MEXICO STATE LAND OFFICE APPRAISEMENT OF GRAZING AND AGRICULTURAL LANDS COMMISSIONER OF PUBLIC LANDS NEW MEXICO STATE LAND OFFICE BUILDING PO BOX 1148, SANTA FE, NEW MEXICO 67504-1148 LESSEE: SECTION 10 OF THE NEW MEXICO ENABLING ACT SPECIFICALLY REQUIRES THAT ALL STATE LAND TO BE LEASED DD APPRAIOUD AT ITC TRUD VALUE. CTATE LAW, UNDER SECTION 19-7-1 NMSA 1978, FURTHER PRESCRIBES THAT SUCH APPRAISEMENT BE SECURED BY THE LESSEE WHEN ACQUIRING A LEASE AND THAT SUCH APPRAISEMENT BE COMPLETED BY A DISINTERESTED PERSON. THE INSTRUCTIONS FOR THE COMPLETION OF THIS FORM ARE SET OUT BELOW. APPRAISEMENT INSTRUCTIONS: THIS INFORMATION MUST BE COMPILETEN RY A NISINTERESTED PERSON AND BASED ON THAT INDIVIDUAL'S INFORMATION AND BELIEF. THE LAND MUST BE APPRAISED AS VACANT, I.E. WITHOUT IMPROVEMENTS, FOR BOTH SALE AND LEASE PURPOSES. IT MUST ALSO BE SIGNED BEFORE A NOTARY PUBLIC. I, HI StA AE ne , DO SOLEMNLY SWEAR (OR AFFIRM), UNDER THE PENALTIES OF PERJURY, THAT AFTER HAVING PERSONALLY INSPECTED THE TRACT OF LAND(S) CONTAINED IN LEASE NO. GNM 274) AND DESCRIBED IN EXHIBIT A OF SAID LEASE, THAT MY OPINION OF THE APPRAISED CASH VALUE UF SAME (WITHOUT IMPROVEMENTS) IS $ 300 ~O0c PER ACRE, IF SOLD, AND ¢_ 400-08 _ PER ACRE, FOR LEASE PUR D CRRTIFY THAT I AM NOT INTERESTED IN SAID LAND FOR LEASING OR SALE THEREOF. SIGNED NY city/svars JQ‘ : M ADDRESS 457 MMW sav (0022 SURSCRIRED AND SWORN TO BEFORE ME THIS _ 1° DAY OF MY COMMISSION EXPIRES: EFTA00101523

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e 44 EFTA00101524

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GM2791 SUBDIVISION LOTS 1,2,3,4,7,SW4NE4,S2NW4,SW4 ALL RENEWAL LEASE EXHIBIT A PRICE CC R 1sT AA 3 YEAR RP P CHARGE AUTHORIZED PER SEC -TWN- -RNG- ACREAGE USE UNTT 02 12.0N 09.0E 518.97 GRAZING 16 12.0N 09.0E 640.00 GRAZING TOTAT. ACRES: 1,158.97 TOTAL CHARGE: 12 12 410.31 506.00 $916.31 EFTA00101525

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EFTA00101526

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P.0. BOX 1148 . FE, NEW MEXICO 87504-1148 | . Zorro Trust Reference Agricultural Lease No. GM-2791 c/o Jeffrey E. Epstein 45/ Madison Ave. + New York, NY 10022 . Date July 15, 1994 SUBJECT: THE ATTACHED DOCUMENT IS FOR YOUR COMPLIANCE WITH THE REQUIREMENTS INDICATED WITH CHECK MARKS. 1. / / Please sign enclosed copy(ies) on referenced Lease(s) before a Notary Public and return in order to complete the Lease(s). 2. / / Enclosed referenced assigument(s) transferred by and approved hy Commissioner Cs cr) 3. / / Assignment(s) will not be accepted due to: fT Erasures in description, /_/ Strikeover(s) in description, / / Executed on improper forms, [—Tincomplete description. / / Acknowledgement is incomplete. Please re-issue a new assignment. 4. [] Please furnish this office with $500.00 Single Damage Bond or $2,500.00 Blanket Damage Bond, as required by Statute so Lease can be approved. 5. /_ / Lands applied for are under Purchase Contract. You must obtain written ‘ consent from . Your application will be held in abeyance awaiting this consent. 6. / / Approved copy(ies) of your (is/are) enclosed for your files. 7. Lyx Other: Be advised that your renewal package was received incomplete. ___The enclosed "Appraisement" form needs to be completed, please follow the __as soon as possible. If you have any questions regarding this matter, please contact mo at | ti‘ és — Post-it* Fax Note Sincerely, | | Od G-76 (February 15, 1984) EFTA00101527

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7h LEASE NO: ¢y¥-7791 MISCELLANEOUS INSTRUMENT PAGE UNDER COLLATERAL ASSIGNMENT UNDER COLLATERAL ASSIGNMENT | TO: DATE FILED: NO. DATE FILED NO. DATE RELEASED: 0 SCCCs«éATE. RELEASED: UNDER COLLATERAL ASSIGNMENT UNDER COLLATERAL ASSIGNMENT TO: TU: DATE FILED: NO. DATE FILED: NO. DATE RELEASED: RELEASED: MISCELLANEOUS INSTRUMENT: Power-of—Attorney, John J. Kelly; Affidavit,Jeffrey E. FILE NO: Epstein, Trustee for Zorro Trust. MISCELLANEOUS INSTRUMENT: FILE NO: MISCELLANEOUS INSTRUMENT: FILE NO: EFTA00101528

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~y TOAFI MOT. SOY IVD |

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} See | tag om) = = i ; . ~ = ; i‘ of (Page EFTA00101530

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(Page 51 ® ® STATE OF NEW MEXICO COMMISSIONER OF PUBLIC LANDS Ray Powell, M.S., D.V.M. GM 2791 ZORRO TRUST C/O JEFFREY E. EPSTEIN 457 MADISON AVE NEW YORK, NY 10022 ; April 26, 1999 Dear Lessee(s): Please be aware that the above referenced Agricultural Lease is due to expire on September 30, 1999. The renewal contracts will be sent to you on July 1, 1999 for your execution. Therefore, now is the time to notify our office of any address changes or other corrections needed prior to the renewal of your Agricultural Lease. The name(s) listed above are the name(s) as they are given on your contract. Each individual listed above will be required to sign the contract unless a proper Power-of-Attorney is filed with this office. Please take a few minutes to review your Agricultural Lease with regards to the lease ownership, address, or description of acreage. Any information you can provide us with now relative to any changes or corrections needed to your lease will assist us in preparing your renewal contract. If any changes of ownership are needed; it is recommended that you cuntact Jenny Valdez as svvn as possible at the address below or by calling ae order to receive the necessary forms for the lease transaction. Please be aware that processing any lease transfer between the dates of June 1, 1999 and September 1, 1999 may jeopardize the opportunity to match any rental offer submitted by a competing applicant, If you have any questions regarding your lease renewal or need further assistance, please contact Fernando Roybal at ci Sinveicly, Dennis Garcia, Director Surface Resources Division N.M. State Land Office, P. O. Box 1148, Santa Fe, NM 87504-1148 EFTA00101531

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SCNT OF Id =A? HNCNSIEOD H3G703 S33SS27 NI G37I4 38 OL NOA ANVHL LSMUL O8HOZ Ag Qld ES/QO/LL G3SS32I0¥d F140 5 "ON HOLVE LdZ3]24 40 LNZKBLYLS SINSWWOO eens dete a des ais iseee aaa eget _ be22ue pOSZ8 - OOIXSIN MAN ‘34 WINVS = aril xOa 0 4 Me 4O YANOISSINNOD 3HL JO 301440 idia903uy EFTA00101532

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SONV1 ONN8Nd JO YANOISSINWOO 830704 S35SS37 NI O30ITd 38 OL NOA ANVHL LSN¥L ONO? AG Qld bé6/9L/20 GASS3390¥d Fiva f "ON HOLYS igI222¥ 40 LnawaLyas SLNSIWWOD | esl bé Po] PO] pS POpepepigdoyzeov & ONTZ¥YS| =| bb L2WO v0S/8 * OOIX3W M3N ‘34 WINVS « 8YL1 X08 ‘O'd & SBT OINd JO HINOISSINNOD 3HL 40 301440 idlaz93uY (es FO €g5 abeg) EFTA00101533