HomeMy WebLinkAbout1289 JOINT LIVING TRUST AGREEl~ENT
ARTICL~ VIII: ?RUSTBB PONSRS ~ND DISCRBTYON5
Each Trustee shall have the follo~ing powers, and any others
granted by laa, to be exercised in the Trustee's dlscretion as in
the best interests of the Beneficiaries:
A. To retain any property or undivided interest in property
recelved fro~ Grantors' ~etatea or from any other source,
fncluding residentia2 property, regardless of any lack of
d~versification, risk, or nonproductiveness;
B. To invest and reinvest in any property or undivided
interest in property wherever located, includinq bonds, secured
and u~secured notes, stocks of corporations regardless of class,
real property or any interest in real property, and interests in
Trusts, including co~~on Trust fundB, Hithout being limited by
any statute or rule concerning investments by a trustee.
C. To sell any Trust property, for ca$h ~r credit, at public
or private sale; to exchange Trust Property for other property;
to grant options to purchaBe or acquire Trust Property; and to
determine pr~ces and terms of such sales, exchanges, or options;
D. To operate, maintain, repair, alter, improve or re~ove
any improvedent on real property; to ~ake leases or subleases for
any duration, thouqh ter~s extend beyond ter~ination of Trust; to
subdivide real property; to qrant ease~ents; ta give consents and ~
make contracts relating ta real property or its use; to release
or dedicate any interest in real property; to have a right to re-
side on the property, in the name of the trust, for their life-
time;
E. To borrow money, from the banking department of a Trustee
~r fr~~ others, ~n~ ta ~or~yage ~r pledge any Trust property;
To e~ploy and compensate attorneys, auditors, proxies,
depositories, and agents, with or without discretionary po~ers;
to retain Trust Property in bearer form or in name of Trustee or
nominee, with or without disclosure of fiduciary relationship;
G. To determine manner of ascertaining income and principal,
; and to allocat~ or apportion receipts and disbursements between
income and principal;
~ N. To take action with respect to conserving or realizinq on
~ the value of Trust Property and, With respect to any foreclosure,
reorganization, or other chanqe affecting Trust property, to pay,
collect, contest, co~prosise, or abandon any de~and of or against
~ the Trust Property, aherever situated, and to execute con~racts,
; notes, conveyances, and other instru~ents, including instruments
` containing provisions excludinq personal liability;
I. To receive additional property from any source and add it
to and comminqle it with the Trust Estate;
J. To enter into any transaction authorized by this Article
~ with any trustee, exe~utor, or administrator of other trusts or
estates in which any Beneficiary of this trust has any interest
~ even though such trustee or representative is also Trustee under
~ this trust; and to enter into any transaction to purchase
= property or make loans on notes secured by property comprising
~ any portion of the Trust Property and Lo retain or dispose of
any such property Nith the same freedom as if it were a part of
~ the original Property of this Trust;
~ K. To continue exercising any poWer or discretion granted by
: Lhis declaration for a reasonable period after ter~ination of the
Trust, but only so lonq as no law relating to perpetuities would
be violat~d;
L. To allocate different kinds or disproportionate shares of
properties a~ong Beneficiaries and to determin~ the value of such
property so allocated;
H. To establish out of income and to credi~ to principal any
reasonable reserves for depreciation of tangible properties;
N. To retain any business interest, as shareholder, security
R holder, creditor, partner, propriet~r or otherwise, even though
such may constitute all or a larqe portion of Trust Property, and
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