HomeMy WebLinkAbout0916 16. T~KMINATION AND UISSOLUTION. This trust shall .
terminate and be dissolved 2Q years from the date hereof or upon
disposition of all the trust property in accordance with the
terms of this agreement~ or in accordance wit~i paragraph 19
hereof, whichever shall occur sooner. If any property remains in
tt~e hands of the Trustee at the time of dissolution, the property
shall be conveyed to the resgective inco~e beneficiaries in
accordance with their prorata shares.
17. DEATH OF TRUSTEE OR BENEFIGIARY. In the event of
the cieath of a benefi.ciary~, such benefiCiary's interest in the
t~-ust m:~y pass to his heirs or devisees, subj ect, however. to all
c,r ~l«~ ~er:~~s of Lhis a~;ree~z~ent.
ir~ che event that the ~rustee should die, resign, be
~nc~pacitated, or otherwise unable to act, AR'fHUR V. FAULL shall
beco;~~e successor Trustee and succeed to all the duties and powers
of ~he orig~nal Trustee.
18. R~MOVAL OF TRU~TEE. The beneficiari~s shall have
t'r.~ p~wer to, by a vote of 75% of the beneficiaries' interest of
ti?c trust, re~:ove the i'rustee or Successor Trustee and to appoinC
an r~lte--nate Trus4ee. Neither the death.~ resignation, or re~oval
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o~ a Ti-ustee shall in any way effe~t the beneficial it~L~rest of
~i,e ":Yust~e hereuncier.
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~ 19 . r`~PROVAL OF SALES AND DEVELOPI~NT PLANS . ?~otwitN-
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` stancizng the power or the Trustee otherwise granted by this }
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~ agreerient, the following _enumerated_acts b~? the_T~
st~ tee ~ha13 ~
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require the approval of both a maj ority_s•f the beneficial. _
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~ interests of the Crust and a majorir~~~f _beneficial interests of ~
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_ a. :dortgage or. other encumbrance of the trust ~
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_ pro~e.rty . 3
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f b. Sale of any or all of the trust property.
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