HomeMy WebLinkAbout1583 . ~
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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 Trustee
to act nor to see to the appllcation of any money or property
paid or delivered to the Trustee.
(f) To receive the proceeds of all leases and sales ±
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of the land and to app~y the net proceeds to the payment of `
said mortgaRes until such indebtedness is paid in full; and
ttiereafter to distribute 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.
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(h) To give notice to each of the Owners and to the Attorney- ;
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in Fact of all claims, demands and suits which may be asserted or
filed against Trustee, and the giving of such notice shall relieve
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Trustee from all further obligation in regard to the content of
the notice given; provided, however, that Trustee in his discretion,
i may elect to answer or defend such claim, demand or suit at the
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~ direction of Attorney-in-Fact and upon s»eh conditions as may be `
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F 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 '
be ma~e the sub~ect of an action for damages against the trustee ~
by an~ of the owners or thP trustee.'
~ (i) In his eapacity as Trustee, 0. G._Mc4lhorter shall
have only the powers and duties specifically granted by this Land
Trust document in the same manner as though the Trustee were a
~ nationaZ 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 to time determine in its
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~ discretion the amount of an assessment which shall be made against
~ Owners in order to provide funds for the payment of charges against
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, -5-~~_~~: _ ~'oox308 Pac~ 5~
~ _ n-,~K312 P~~F1581
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