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HomeMy WebLinkAbout2180 . ~ T't!?S ~p~cTn t!~~.~ t~ r L, ,T S f ~~PA,4E~ 6Y ~ r:'+';:i F r:. - Flis$T Ff.Dr1+A1 f~iG~i. ' ' j t :'l. fIERC't, EIChtDA ~ . . 1$~~2 , ~ i 'i . ~rt~~~~e ~c~t~~~~~~~ ~ ~ I` THIS TRUST AGREEiVIEl~'T made ~Gember 17, ~ 19 69 ~ ~ betweer. H. C. McDERMID, JR, and 1/IARY JO McDERRIIID, his wife, herein- ~ i after called the "Grantor-", and FIRST 1`TATIONAL BANK OF ~'ORT PIERCE, ; FLORIDA, with mailing address of p. O. Box 629, Fort Pierce, F2orida, { hereinaftQr called the "Trustee".~ } 1. TRUST PROPERTY - The Grantor hereby assigns, transfers and i sets over to the Trustee the sum of 510. 00, and by warranty deed executed and delivered simultaneous herewith, the Grantor does convey to the Trustee ~ an undivided one-fourth interest in and to the rea2 property in St. Lucie County, . ~lorida, being the premises situate at ?02 \Torth 7th Street, Fort Pierce, Floridar the receipt of which property is hereby ack~nowledged by the Trustee, . upon the following express terms and conditions and with the powers and _ ' limitations hereinafter conferred and set forth. - ~ ~ 2. DISPOSITIVE PROVISIOnS - The Trustee shall hold, manage, invest and reinvest the trust estate and shall collect and receive the interest, income . and profits therefrom for the sole benefit of MARY BETH McDERMID, daughter of the Grantor , upon the following terms: ; : (a) The Trustee may distribute to, or expend for the so2e benefit of, ~ the named beneficiary, until such beneficiary a~ins the age of twenty-one (21) ' , years, so much of the principal and the current accumulated 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 beneficiary may be accurnulated. . . (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. ~ (c) ~withstanding the provisions of Sub-Paragraph (b) of this Paragra~h, ~ if, upon attaining the age of twenty-one (21) years, the named beneficiary shall in ~ writing re~quest the Trustee to do so, the Trustee shall continue this trust until ~ said beneficiary attains the age of thirty (30) years. In such event, the trust ~ income earned after the named beneficiary attains fihe age of twenty-one (21} , ~ Par~ sha~l be paid to said beneficiary in quarter-annual or more frequent ~ installments, and when said beneficiary attains the age of thirty (30} years, ~ this trust shall terminate, and the entire trust estate as it shal.l then exist, both principal and income, shall be paid and distributed to said beneficiary free ~ and discharged of all trust. ~ , ; ~ (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 exter,ded 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 shares, BOOK~81 PAGE2~8~ . - - - ~ r_ . - ~ - ~ _ . .