HomeMy WebLinkAbout0586 "YOU1~K~ TRUST" Agreement 7,~.~°~ ~
4. Ths aeid Truatee ie hereby. nominated, authorized
and de8lgnated the meneger o= ell and every the atoresafd ~
property, end he 18 hereby empoKered to rem~ain in ire.e,
complete aad abBOlute possession end control o! all and
every the a~foreeaid premises: `~~ring their rlatural lives, ~
except ae herein provided, to wit: ~ ~
5. In~the event the said TruBtee shall be incapacitated,
for any reason whataoever, and cannot well, truly end effici-
ently a~anage the aforesaid p~operty, the fact oY such incapacitq
sh~ll be detenained conclu~ively if a me~ority of heirs and
-diatributees so decid~~~auane; then in the event said heira here-
_ inefter set iorth sha~.l have the right to appoint a successor -
- truetee to aucceed him and a ma,~ori~y of said heirs must concur
in such ap~ointment and suah appoiritee shall have all powera,
privilegea end beneYita-as his predecessor. :
6. It is Y'urther provided that the said Trustee shall ~
incur no indebtedness or emcumbrance wherein the~aforesaid -
- property shall be bound in a sum greater then Two Thousand -
- Dollars f~2;000.~00}, except upon the ~unanimou$ consent o~ t,he
,
' aforesaid heirs.
7. A ma~orlty of said Trustors, may instruct and authorize
the Trustee a~ and for any time during the_period that he is
in a~tive management as aforesaid, to convey, aell, assign, _
~ endorse, mortgage, release, exchange, liquidate, set~le, inveat
~and reinvest, compromise, lease and otherwise deal in the aPore--
, -said ~state, provided, however, the unani.mous consent of the
~ aforesaid~heirs is given in writing, duly acknowYedged. All and
every the purchasera, mortgagorB,~aasignees,"parties assuming ~
~ end meking partial end/or complete payment on account of princi-
pal and interest of mor,tgages held by the Trustee and partiea
making payments oY dividends on account of atock, interest end
principal on account of unsecured notes and pay~ent of any _
other moneys to t,he Trustee are hereby relieved and released ~
from any and all duty and obligation to look to the application
af such moneqs so paid in. ~
~ ~ ~ - ~0~262 585 _
~ _ - _ .