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"t'IiIS 1'12US'r AC~R1~:I.~II•:N'1' tl~ade and entc~•ed into this ~~!~=-clay of~ , ~
1 J72, at Y~ungstown, Uhio, lictwcen thc follo~ving Partics and upon thc follo~ ng terms: ~
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1. [':\R'CII~:S. GRACE i.. l~ R11NKi.I~T of I'oun~sto~vn, Ohio, herein calted 13eneficiary";
<~~~cl 1~'ltl:l~ A, i31:SItA1tA, of Youngsto~vn, Ohio, herein called ~~Trustee." ~
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? PURPOSE. F3eneficiary desires to participate in the deveto~ment of a Shopping Center
c»i property in the nor•th~vest corner of and appr~ti~liatcly 225 feet noi•th of the intersection ;
of U. S. Iiigli~vay # 1 and Riomar Di-ive in Port St. I.UC1C, 1~ lorida, said property con- `
= isting of a~iproxii~iately tett (10) acres. 'rriistee iici•eby agrees to assist and advise ;
E3etieficiary in effecting said develop~neiit. (The CIt'VC10~)1llCtlt, pi'operty and Shopping
Center are herein called "Property").
'1'KUSTN:E'S POWERS. 'rrustee shall have full po~ti•er and authority:
A. To purchase and develop said Property as Trustee in his absolute
ciiscretion deeins most appropriate so as to generate rental income
from the Proncrty;
i3, 'lo lease all or any part of ~aid I'roE~ei-ty for such rcr.t or rents
and such period or ~eriods of time irrespective of the duration
of this Trust acid upon such terms and conditions as Trustee in
his absolute discretion may deem best; ;
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C. To hold, ma~iage, maintain, preserve and control said Property,
collect and receive any rents and income thereof, pay all ta~:es
~ thereon, and all expenses, costs, charges, claims, demands and
s liabilities incurred or arising in connection there~vith;
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E D. To erect and construct such building or buildings and other structures
and to make such other impr~vements on and to said Property and to
~ place and l:eep said Property in useabte and rentable condition and to
~ repair or re~lace the i~iipro~-ements thec•eon as Trustee in his abso-
~ lute discretion dee~»s advisa'nle and in connection tllere~~~ith to employ }
~ or contract ~c-ith such architects, accoui~tants, brokers, builders, con- ~
~ tractors, engineers, lawyers and othei• ad~-isers and to enter into such =
~ contracts and effect any other arrangements as Trustee may deem i
~ . necessary or com~enient.
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~ E. To comply ~vith any la~v, ordinances, order, regulations or other ~
requirement ~f any public authority and to take out and maintain such `
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~~asualty, property damage, ~~ublic liability and other insurance in
~ 5uch a~nounts and «ith such limits as Trustee in his ciiscretion eems
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~ aclvisable; -
~ F. To borrow rnoney from any p~~rson, firm or corporation upon such terms
~ and conditions as Trustee may in his discretion deem advisable for the .
purpose of doing or carrying out any of the po~vers, authorities and pur-
therefore, ~vith or ~c~ithout ~
poses hereto, to give plain or collateral notes,
~~o~ver of attorney to confess judgment, and to s~cure the payment of such
loan or loans by a IIIOI•tgage oi- mortgages on any part or all cf the Property.
The decision of Trustee as to the necessity for and the amount of suc
loan or loans and the purpose or purposes there~f shatl be final, binding
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CpRp.
~~ederal S vM~s Coan Ass'n ot larg0 ~
p_ p. E3~x 1960 C1 ~ AMER~fA~a~~E Q~• i
. ~,argv. Florida 33540 . ~QQX~.rsrV ~ 1~1 n• (~~~A '
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