HomeMy WebLinkAbout0512 ~ 79 194
may be executed upon the written directions of the attorney-in-
fact (only) as aforesaid. There shall be no duty upon ariy person
dealing with the Trustee to ascertain the power of the Trt~stee
to act nor to see to the application of any money or property
paid or delivered to t~he Trustee.
(f} To receive the proceeds of all leases and sales
of the land and to app~y the net proceeds to the payment of
said mortgat~e~until.such indebtednsss is paid in full; and
ttiereafter to distr'ibu'te all net proceeds of the land pro-rata
to owners according to their respective undivided.interests in
the lands, such distributions to be at convenient intervals but
not less frequently than annually. ~
(g) To make sales of the interests of defaulting Owners
in the manner hereinafter provided.
(h). To give notice to each of the Owners and to the Attorney-
in Fact of all claims, demands and suits which may be asserted or
fi~ed against Trustee, and the gi~ving of such notice shall relieve
Trustee from all-further obligation in regard to the content of
the notice given; provided, however, that Trustee in his-discretion,
; may elect to answer or defend such claim, demand or suit at the •
; direction of Attorney-in-Fact and upon s»ch conditions as ma.y be
~ required by Trustee. Any failure of the Trustee to give any
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~ notice as required by any paragraph of this agreement shall not
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~ be made the sub~ect of an action for damages against the ~rustee ~
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£ - by an~ of the owners or the trustee. ' ~
~ (i) In his eapacity as Trustee, O. G. McWhorter shall
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~ have only the powers and duties specifically.granted by this Land
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~ Trust document in the same manner as though the Trustee were a
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~ nationzl bank acting pursuant to its trust powers as a fiduciary.
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- 8. Assessments Against Owners.
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~ (a) Trustee shall from time ~o time determine in its
~ discretion the amount of an assessment which shall be made against
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~ Owners in order to provide funds for the payment of charges against #
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~ - -5- 600K~p PAGE 5
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