HomeMy WebLinkAbout0914 a. All inco~ne received from the re-sale or
otherwise from property described as Parcel B shall be distributed
by the Trustee as follows:
JAMES H. PRUITT REAL ESTATE, INC. 35.90%
COY A. CLARK 45.00";
TONY BARGE 10.00°l0
MIKE PRUITT 4.557e
ARTHUR V. FAULL ~i . 5 S%
b. In the event that any development costs are
incurred for the specifi~ benefit of the Parcel B property other
than the cost~s of developin~ roads and oCher general development
costs beneficial to botti Parcel B and C, said development costs
shall he paid h_y the Trustee out of the income received ~rom the -
rc~sul~: oi Parcel B prupcriy ~rior to distribution af proceeds.
c. The Trustee shall not in any way encumber tne
Parcel B p:operty without the written approval of a majority of
inceres~ of the beneficiaries set forth in sub-paragraph a.
d. Tne Trustee will, upon der.iand of a majority of .
~ interc~st of the beneficiaries of Parcel B described in sub-
para_;raph a, convey sa~d pr~perty, or any por~ion thereof
re~ainit~;; unsold, to said be;~ericiaries by ~ood and sufficient
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tdarr3n`y Deed, free anci c1Ear of all encumbrances other than ~
thosc existing at the time the property was acquired and any ~
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; za~.:ov~d in accordance with sub-~aragrapr c hereof. ~ ~
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; e. Ir. the event that the beneficiaries of Parcel {
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' B e~:~r~isz~ their rights as set forth in sub-paragraph d hereof,
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~ said bene:iciaries agree ttiat they will grant to the lrustee an ;
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~ e~se..<ent providing access to the Parcel C property and across the . :
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} Yarccl B property providing access to Glenham Drive to the Parcel ~
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' 13. tiGF~E?~NT A5 TO ADDITZONAL SO FEET. The parties ~
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s~ecifically acknowledge that the Parcel A property is encumbered ;
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by a road.right-of=way easement extending 10~ feet fro~ the ~
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~center line of Yalm ~iay Road and that immediately subsequent to ;
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s U R 297 P~E 91~ ~
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