HomeMy WebLinkAbout1678 a dissolution or termination tliereof or of the Trust. In the case
of death of any one of the beneficiarie~, the Trust sha11 continue
to exist and to transact business and to be manage~ by the Trustees.
T1~e Executor or Administrator of any deceased beneficiary shall act
as sa~d party's personal representative and shall immediately suc-
ceed to said party's interest in the Trust and sha11 stand in his
place and stead with respect to said deceased beneficiary's share
in the profits or losses in the Trust during the remainder oE the
term of the Trust. ~
2. No party hereto shall assign, transfer or encumber
any interest hereunder or any beneficial interest in the land trust
~c~-~l-~l i c}~ot~ ~inr7~r f-'n~ i-nrm~ t1~i c nrr~ri~n»~- iirit~ ~ ~-rf+ t r}~ er~es~'(tin
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of the Trust, except as provided hereinbelow. An individual bene-
ficiary shall have the right to withdraw or retire from th~ venture
upon the following terms and conditions: . . f
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(a) Any person desiring to withdraw or retire
as a beneficiary shall first offer his share therein
to the remaining beneficiaries as a group. In the
event that the group as a whole shall purchase said I
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beneficiary's interest at a price mutually agreed ~
a
E upon by all parties, the interest of each beneficiary ~
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~ thereof shall be increased according to his pro ra~a
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~ interest in the~Trust a~ set forth above.
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~ (b) In the event that the group as a whole
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~ shall not elect to puxchase any such individual's
.
interest, said withdrawing beneficiary may then offer ~
his interest to any other beneficiary.
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i~ . (c) In the event that any beneficiary shall ~
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_ - desire to sell his interest in the TY`ust to any person
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