HomeMy WebLinkAbout0911 6. UISPOSITION OF PARCF.LS A, B, AND C. Simultaneously
with the closin~ of thE~ Contract for_Sale and Purchase designated
as Exhibit "A", thc Trustee shall convey Parcel A by ~ood and
sufficient Warranr_y Uc~ed to TREASURE COAST WEINER KING #~1. LTD..
free ~~tid clear o£ a21 encumbrances, subject only to zoning
restrictians and pr~hibitions imposed by governmenta~ au~hority,
restrictions. of record as of January 11~ 1977, existing public
utility anci road casements and real property taxes for 1977 and
::ubsequent years. 2itle tu Parcels A and C shall be retained by
rhe 1'rtisttt: pursuat~t tc~ the terms of this agreement.
i. ItiI'I'Zr~L I;L•'~~EF'ICIAL IN'fEREST5. The initial .
uci~E~i.iciari~~ of thi~ trust and their resp~ctive t~eneficial
intc,r~sts unuer Lt~i~, ~rust shall be as foZlaws:
~ R~1t~CI! I SE INV~;ST~iENT ASSOCZATES b8 . 00°/
COY A. CLARK . 14.40~0
J~jES H. YKUITT itEAL ESTATE , IPiC . 11. 60%
TUN1' I3ARGE 3.20~~
MI~.E PRUITT , 1.40°!a
AR'I'HUR V. FAULL 1. 40°!0
~3. TRAIISFI~:RS OF BE2~EFICIAL Ii~TERESTS. The beneficiaries
s~~all t.ave t}le ri.~;r~t from ti~ae to tinie during th~ term of this
tr;:st to seil all or part of their respective beneficial interests
, in tnis trus~ to such other persons that u,ay desire to p~rchase
; sucti iclttrc~st, provided, however, ~hat no transfer of any
s ~~eczei:.cial in~erest, in wnole or in part, shall be valid or
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P c:?rorceable unl~ss or ui~til the remaining bene£iciaries hereunder
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~ h~,ve first b~~er? ,,iven the right to I~urchase their prospective
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~ prorara shares ~f ~he_ beneficial interest being offered for sale
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or cc~.ltr~cted ror by third parties, 4:het~ier or not such third
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~ ;>artics arc~ aZreac~y named as beneficiaries or Trustee hereunder~
z c~r~ th~ sar:e t~~ri.,s ~lna condi~ions as of~c:reci to such third parties.
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~ f~~urtl~ennor:e, nc~ ~~~le or hyp~thecation of a ber.eficial interest ~
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~ hereunder, or ~ny ~art thereof, shall be concluded uritii the~ :
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_ trans£erc~e c~r assi~nce of such interesC has agreed in wr-iting to `
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assur.:e, prorat~, his obliga~i~ns and duties as a beneficiary ~
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