HomeMy WebLinkAbout2173 TN!S INSTRt1i~fE.?tT N'AS PREPA~EO BY ~
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THIS TRUST AGREEME~T made December 17, ~ lg gg ~
between H. C. McDERMID, JR. and :VIARY JO McDERiVIID, his wife, herein- i'
after called the "Grantor", and FIRST ~TATIONAL BANK OF FORT PIERCE,
FLORIDA, with mailing address of P. O. Box 629, Fort Pierce, ~'lorida, t~
hereinafter called the "Trustee". ~ :
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1. TRUST PROPERTY - The Grantor hereby assigns, transfers and '
sets over to the Trustee the sum of $10. 00, and by warranty deed executed ~
and delivered simultaneous herewith, the Grantor does convey to the Trustee i'
~ an undivided one-fourth interest in and to the real property in St. Lucie County, ~
Florida, being the premises situate at 702 1Torth 7tn Street, Fort Pierce, ;
Florida, the receipt of which property is hereby acknowledged by the Trustee, . j
upon the fol2owing express terms and conditions and with the powers and i
limitations hereinafter conferred and set forth. ~
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2. DISPOSITIVE PROVISIONS - The Trustee shall hold, manage, invest
and reinvest the trust estate and shall collect and receive the iriterest, income .
and profits therefrom for the sole benefit of : HOWA RD CAL VI?V McDERiVIID, II, '
son of the Grantor , upon the following terms:
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(a) The Trustee may distribute to, or expend for Yhe sole benefit of, !
, the named beneficiary, until such beneficiary at ~,ins the age of twenty-one {21) ~
years, so much of the principal and the current~accumulated income theref: om,
at such time or times and in such amounts and manner as the Trustee, in its ~ j
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
beneficia-r.y ma~c be accu~nulated.
(b) When the named beneficiary attains the age of twenty-one {2I) years,
this trust shall terminate, and the entire trust estate as it shall then exist, ; s
both principal and income, sha21 be paid and distributed to said beneficiary,
free and discharged of all trust.
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- (c) iVotv4rithstanding the provisions of Sub-Paragraph (b) of this Paragraph,
if, upon attaining tne 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 1'
said beneficiary attains the age of thirty (30) years. In such event, the trust
income earned after the named beneficiary attains the age of twenty-one (21) -
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r:^:^,~••, ;y, .,~„rtAr-ann~~~7 At` 1'YIAT'B frequent i r
years snau be paid iu bd~~ I~IC~~GI~V~M~,
installments, and when said beneficiary attains the age of thirty (30) years, 1~
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this trust shall terminate, and the entire trust estate as it shall then exist, i:
both principal and income, shall be paid and distributed to said beneficiary free f
and discharged of all trust. ~
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(d) If the named beneficiary should die before attaining the age of ~
twenty-one (21) years (or the age of thirty (30) years if this trust is extended !
pursuant to provisions of Sub-Paragraph (c) of this Paragraph), this trust 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 sr,ares, "
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