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~ (1) !b take and bald auoh real estate, seourities and properties, whi
said real estate, •souritie• and properties, shall be held by the hereia
deaigaa fed Trustee or his suoosssor in Hts name as trustee, for Phillip C.
_ Gates.
{j (8) ?o oolleot, reoa~?sr and reosivs, all the inoome and dividends upon
{ the said real estate, securities and properties.
~1 {3) 1b pwy all reasonable, legal and valid taxes, oharges, oonstis-
sions and other expenses of the trust.
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j (4) To di atributs and pay out ninety (90~) per osntum of the annual
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net income received by the trust in the following canner:
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(a) To pay to n?y grandchild, Phillip C. Gates, at auoh tiros or times
as the Trustee deear• proper but at least ssai-annually, a sum or suss
sufficient to provide for his education, welfare and maintenance, the deter-
j' urination of the amount of auoh payments to be in the absolute discretion o!
C. Bernard Gates, Trustee, provided however, that said sum shall not exceed
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+ the amount oP twc thousand five hundred 02,500.00) dollars annually to said
Phillip. C, Gates.
(b) To accumulate the balance of said ninety (90~) per Dent of the net
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income until~Deaember ~l, 1944. Provided however, that this provision shall
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be directory only and said Trustee shall have the power in his uncontrolled
discretion to accumulate the whole of said balance of income or distribute
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apart or the whole of such balance of inaose. It said Trustee shall deter-
mine to accwomulate said balance of income as here referred to, such income
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shall acquire the status of principal under this trust and be distributed
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under paragraph numbered five (b) hereinafter amore specifically set forth.
If the said Trustee shall deternrtne to distribute, rather thin accumulate
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such balance of income, said balance of incose shall be distributed as pro-
~ vided in the immediately succeeding paragraph denosismted (a).
(o} fitter payment of or provision Por all the foregoing items, to pay
the residue of the annual net income, one halt (1/2) to the benefit of ~qy
daughter, ~bbel Gates Criokard during her natnnal life, and one half (1/2)
I to the benefit of my sea, C. Bernard Gates, during hL natural life, pay~-
~ manta to be nm?de at such time or times as the trustee deems proper but at
least semilamiually.
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{d) To pay, troy and after the death of my said daughter, Mabel Gates
Crickard {C. Bernard Gates survivi
ng) one halt (1/2) of the annual net inooss
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