HomeMy WebLinkAbout1095 IX
1. This Trust shall continue for a period of twenty five (25) years
from~ie date first above written,~unless the Trustees shall unanimously
determine to. terminate at an earlier date. The Trustees may at their
discretion. because of threatening depreciation in values or other good .
and sufficient reason necessary to protect or conserve the Trust assets, t"
liquidate the assets, distribute the proceeds thereof and close the Trust
at any earlier date, determined by them. The Trust funds or property then
in Trust shall be distributed proportionately, and in a pro rate manner to
the beneficiaries holding shares of Beneficial Interest based on the
percentage their shares of Beneficial Interest bear to the total number of
shares of Beneficial Interest then issued and legally in the hands of such
beneficiaries.
2. In the event this Trust Indenture has been recorded with the
Registrar of Deeds in the County of the situs of the Trust, the Trustees
shall file with the said Registrar of Deeds a notice that the Trust shall
terminate and cease and thereupon the Trustees shall automatically be dis-
charged hereunder, provided however their administration and distribution
has been accomplished in accordance with the terms and provisions of this
Trust Indenture. If any beneficiary hereunder shall object to the manner
in which the Trustees have administered or distributed the Trust Corpus,
in the event of the termination of this Agreement, such dispute shall be
submitted to a court of equity for review and correction of any tort or
error.
~ The Trustees at the expiration of this Agreement, if they so de-
sire and believe the said Trust should not be terminated and closed, may
renew this Agreement for a like or shorter period. A resolution of said
renewal shall be entered into the minutes of the Board of Trustees and in
the event this Trust Indenture has been recorded in the office of the
Registrar of Reeds, in the County of the situs of the Trust, the Trustees
shall file with said Registrar of Deeds such notice of renewal at least
~ 120 days pr-ior to the Trust expiration. Public notice of such renewal
shall also be made in the County newspaper approved to carry legal notices
and having general distribution in the County in which the situs of the Trust
exists, at least 60 days prior to the expiration date hereof.
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The expressed intent of the Grantor, herein, is to create a Trust
(Estate) f_or the benefit of the beneficiaries by conveying certain property
to be held by the Trustees, IN TRUST, and in joint tenancy in fee simple,
and not as tenants in common, for the duration hereof and to provide for a
prudent and economical administration by natural persons of legal age acting
' in a fiduciary capacity. The Trust shall begin at once and not to be deferred
until after the death of the Grantor, settlors, creators or makers, as occurs
when such Trust Estates are created by Last 'dill and Testament. It is the
wish of the Grantor herein that the Trustees act solely within their Con-
j stitutional Rights as based upon their rights under Common Law and immun-
ities vouchsafed to citizens of the United States of America, especially in
the Bill of nights. The sole administration of this Trust shall rest with
the Trustees according to the terms and conditions of this Indenture and
only upon occasions arising shall it be ameanable to judicial regulation
under the paternalism and protection of the Court. Should it become
necessary for the Court to protect the administration of the Trust, the
Court is to be guided by the purpose and intent of the Grantor. as set.
forth herein. Citations applicable and various rulings pertaining to
Trust Estates and Constitutional Rights of contract and collective bar-
gaining, (except co-partnership relationships, which is not applicable),
may be found in case law which is applicable. Nothing herein shall be
construed as an intent to evade or contrevene any Federal or State Law
now to delegate to the Trustees any special powers belonging exclusively
i to franchise or incorporations.
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3Lc~ 306 ~a~E 1094
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