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having acquired said property for the purpose of a sale, if and when a
sale can be consununatc-.i, to realize a single long-tcrm capital gain; ..mJ
WHEREAS, the said GEORGE A. SUlON, as Trustec, nOW desires to
executed a fonnal Declaration of Trust acknowledging that he is holding
title to said property in trust upon the terms and cunditions hereinafter
set forth;
NOW THI:-:REFORE, in consideration of the sum of One ($1.00) Dollar,
and other good and vaiuable consideration in hand paid by the parties here~l
ed-ch to the other, simultaneously with the execution and delivery of these
presents, the receipt whereof is hereby acknowledged, the parties hereto
cove~ant and agree, each with the other, as follows:
1.
GiORGE A. SIMON, individually and as Trustee, hereby acknow-
ledges that he holds title to the property first hereinabove described, ill
trust for the following party, or parties, and in the following proportionls)
of oM1ership thereof, to-wit:
WALTER HART, vwning an undivided 41 2/3% interest and that the
said GEORGE A. SIMON will not encumber, dispose of or convey any portion
of said property so held by him in trust, as aforesaid, excepting as
hereinafter provided.
2.
THE BENEFICIARY(ies) UNDER THIS TRUST covenant(s) and 'aLrec(s)
each with the other, as follows:
(a) That whenever the beneficiary(ies) owning an majority of i~tercst)
as distinguished from a majority in number, in the trust property,
agree(s) in writing to sell said property, or any part thereof, and
so advise(s) the Trustee in writing, of the price and terms upon which
said property shall be sold, then the Trustee shall be obligated
to ~ell and convey said property for the
price and upon the terms set J
Trustee by said benefiCiarY(ie_1
forth in the written notice given to the
and
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