HomeMy WebLinkAbout0912 her~unaer ~ind furth~r ~greed to be bound by all the terms and
conditions of this agreement.
9. OBLIGATIONS OF BENEFICIARIES. It shall be the
obligation of the respective beneficiaries hereunder to pay to
the 1'rustee. in proportion to the beneficial inLerest set forth
abov~, such amouits as tti~ Trustee shall from time to time
require to pay the obligations of the trust incurred pursuant to~
his powers set forth hereunder, provided that the Trusree shall,
prior to u~aking dernand for contribution £rom the beneficiaries
pursuant to .the terms of this paragraph, first apply any avail-
able trust funds in his posses~:ion ro the s~tisfication of the
c~bligatians _ In the event t:hat: ar?v requcsL for contributions
becomes necessary pursuant t-o the terrns of this paragraph, the
"~'rustee shall infarm the respective beneficiaries in.writing of
the respective a~.ounts required and the beneficiaries shall pay
said amounts wirhin 30 d~.ys of said notice. Each beneficiary ~
iiereuncier agrees that.the Trustee shall, on behalf of the other
beneficiaries herezo, have and hold a beneficial interest as to
~ach or the beneficial shares as coliateral for the payment of
! *~he obligations of the beneficiaries. In the event of default by
~
any b~neficiary in the payr;~ent, when du~, t-e the Trustee of any
~
re~~~esteu contribution, the Trustee may, wi~hout notice or
t
~ cier.:and, ofter the entire beneficial interest held by the defaultin~
; benericiary, or any part thereof, for sale first to the remaining
x
~
~ beneiiciaries not in default hereunder, an a prorata basis, and
5
~
~ in th~ event the entire beneficial interest is not sold, then by
r
k
= private sale to any other person whom the Trustee considers to be
3
F
$
= financially qualified to become a beneficiary hereunder. The
~
5
- proc:eecis of the sdle of a detaultin~ beneficiary's interest
~
' :~ereunder shall be applied first to any reas~nable expense
_ incurred by the Trustee incident to such sale, including such
atta~neys f~:es that the Trustee may incur, and next to the
t
~
~
~ ,
~ - 4 - Bo~K 297 Pa~E ~9 -
~
~
_ ,
e
~
~ , . . . . . . -
~"C~'µ ~
~ ~ ~
~.~"~"v'~~Y~.~ '"s . .M . , . . ? _z . .~r ~