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TNIS IhSTRUMENT WAS PREFAP.ED BY ~
FRANK FEE • Fl^ST FEDE R
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fORT PIERCE~ ELO~tOA . ~8,~,2x~
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THIS TRUST AGREEiViL~T made December 17 , 19 69 , !
between H. C. McDERMID, JR. and ;ViARY JO ;VLcDERIIlID, his wife, herein- ~
after called the "Grantor", and ~'IRST NATIONAL BA~'K OF FORT PIERCE, ;
FLOE~IDA, with mailing address of P. ~O. Box 629, Fort Pierce, Florida,
here.inafter called the "Trustee".~ ~ :
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1. TRUST PROPERTY - The Grantor hereby assigns, transfers and
sets over to the Trustee the ~um of ~10. 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 real property in St. Lucie County, '
Florida, being the premises situate at 702 ~Iorth ?th Street, Fort Pierce, ~
Florida, the receipt of which property is hereby acknowledged by the Trus~ee, . ~
upon the following express terms and conditions and with the powers and
limitations hereinafter conferred and set forth. i
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2. DISPOSITIVE PROVISIOI~~S - 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 TURNER A1~DREW McDERMID,
son of the Grantor , upon ~he following terms:
(a) The Trustee may distribute to, or expend for the sole benefit oi, ~
the named beneficiary, until such beneficiary attains the age of twenty-one (21)
years, so much of the principal and the current9accumulated income therefrom, ;
at such time or times and in such amounts and manner as the Trustee, in its
sole discretion, shall determirie. Any amounts of income which the Trustee
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~ shall determine not to distribute to or expend for the benefit of the named
beneficiary may be accumulated. ; ~
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(b) When the named beneficiary attains the age of twenty-one (21) years, i°,
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, i;
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{c) Notwithstanding the provisions of Sub-Paragraph (b) of this Paragraph,
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 (3Q) years. In such event, the trust !
income earned after the named beneficiary attains the age of twenty-one (21) ?
~ . years shall 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 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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(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 shares,
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