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DECLARATION OF TRUST
THIS DECLARATION, made this 4th day of March, 1981, by the
undersigned party hereto,
W I T N E S S E T H:
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WHEREAS, RALPH PELAEZ, as 'Prustee, is the present legal
owner in fee of certain real property located in St. Lucie County,
Florida, more particularly in Exhibit "A" hereto (the "Property");
and
WHEREAS, the equitable owner of the Property is SOUTH ACRES,
N.V., a Netherlands Antilles corporation, which owns a 100$
interest in and to the Property; and
WHEREAS, for the purpose of declaring such equitable owner-
ship, this Declaration of Trust is executed herewith.
NOW, THEREFORE, in consideration of the matters hereinafter
set forth, it is declared and agreed by the undersigned as follows:
1. For convenience purposes, the title to the Property has
been taken and vested in RALPH PELAEZ, as Trustee, with the
understanding that title has been so taken by the Trustee for the
sole use and benefit of the following named beneficiary:
Beneficiar~
SOUTH ACRES, N.V., a
Netherlands Antilles
corporation
Beneficial Interest
100$
2. This Trust shall be dissolved when there is a total
distribution either in kind or substitution in kind of all the
assets to the beneficiary. It is the intent hereof that dissolution
shall take place and the Trust shall terminate on th~ liquidation
of all the assets of the Trust and not on tr,e sale of any of the
particular assets of the Trust.
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PENTNOUSE, PENINSVLA FEUERAL GUIIDi-~G.200 5. E. ~!RST STHEET, MI/+i/1, FLORtp4 33~3t • TEl 1305) 35A-9300
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