HomeMy WebLinkAbout2166 THIS INSTRUMfNT WAS PREPAREp gY
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Decemb er 17 69 ~
THIS TRUST AGREEIIiE~TT made , 19 , ~
between H. C. McDERMID, JR. and M.ARY JO 14cDER:VIID, his wife, r.erein- ~
after called the "Grantor", and FIRST NATI02~AL BAl\K OF FORT PIERCE,
FLORIDA, with mailing address of P, p. Box 629, ~'ort Pierce, Florida, ~
hereinafter called the "Trustee".~ ~
1. TRUST PROPERTY - The Grantor hereby assigns, transfers and i
sets over to the Trustee the sum of $10. 00, ana by warranty deed executed '
and delivered simultaneous herewith, the Grantor does convey to the Trustee . ~
~ an undivided one-fourth interest in and to the real property in St. Lucie County,
Florida, being the premises situate at 702 lorth 7th Street, Fort Pierce,
Florida, the receipt of which property is hereby acknowledged by the Trustee, .
upon the following express terms and conditions and with the powers and
2imitations hereinafter conferred and set forth.
2. DISPOSITIVE PROVISIOI~TS - The Trustee shall hold, manage, invest
and reinvest the trust estate and shall collect and receive tne interest, income . i t
an~: profits therefrom for the sole benefit of STELLA BRICE McDERMID,
daughter of the Grantor , upon the foilowing terms:
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(a) The Trustee may distribute to, or expend for the sole benefit of,
the named beneficiar until such beneficia at ains the a e of twent i
Y, ry g y-one {21) ;
' years, so much of the principal and the currentraccumulated income therefrom, ~
at such time or times and in such amounts and manner as the Trustee, in its
sole discretion, shall determine. Any amounts of income which the Trustee ~
shall determine not to distribute to or expend for the benefit of the named 1
beneficiary may be accumu2ated. ;
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(b) When the named beneficiary attains the age of twenty-one (21) years,
this trust shall terminate, and the entire trust estate as it shall then exist, <<
both principal and income, shall be paid and distributed to said beneficiary,
free and discharged of all trust.
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(c) Notwithstanding the provisions of Sub-Paragraph (b) of this Paragraoh,
if, upon attaining the age of twenty-one (21) years, the named beneficiary shall in
writing request the Trustee to do so, the Trustee shall continue this trust until
said beneficiary attains the age of thirty (30) years. ;n such event, the trust
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years shall be paid to said beneficiary in quarter-annual or more frequent ~
installments, and when said beneficiary attains tr,e age of thirty (30) years,
this trust shall terminate, and the entire trust estate as it shall then exist, ~
both principal and income, shall be paid and distributed to said beneficiary ~ree ;
and discharged of all trust. ~
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(d) If the named beneficiary should die before attaining the age of ~
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twenty-one (21) years (or the age of thirty (30) years if this trust is extenden
pursuar.t to provisions of Sub- Paragraph (c~ of f.his Paragraph), this t: ust shall
terminate, and the entire trust estate as it shall then exist, both principal and
income, shall be paid over and distributed to such persons, in such shares,
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