HomeMy WebLinkAboutScan_1095
. .
,134
tV
,.,s~
(~ ,) 6\jJ j'-' .
..-1'.
VERO REAL ESTATE TRUST
01
A. W. HILL AUD WIIB
DBCLARATION 01 TRUST
KNOW ALL UB BY THESE PRJS3ENTS, that we, JOHN LEROY HUTCHISON, A. W.
YOUBG aDd A. Y. Hill, all of the City o~ Vera, St. Luoie Oounty. Stat. of Plorida. the
Grantees named in a oertain deed from A. H. Hill and Katie B. Hill, his ~1fe, also ot
II
the City ot Vero, St. Luoie Oounty, State at llorida. dated tbis day, by wh10h deed
there is oonveyed to ua oertain lots, pieoes of paroels ot land and buildings situated,
in St. Luoie Ooun~y, State of llorida. hereby deolare and agree that we ;till. and our
heirA. and Sa3oessors shall, hold said granted premises and all other funds, money and .
property a' any t1~ transferred't..o and r eoeived by us as Trustees hereunder, for the
purposes, with the powers am subjeot to the prOVisions hereof, for the beneti t of the
oestui que trusts (who dhall be tru.t benefioiaries only, without partnership, assooiate
or any other relation Whatever inter seRe), and upon the trusts followIng, viz:
1. In trlB t to oonvert the SBJ118 into money and distribute the net
prooeeds thereof among the J'Grsons at the time of such oonversion holding and owning
benefioial interests therein, ~s evidenoed by the receipt oertifioates issued by the
Trustees as hereinafter provided; it being, however. expressly understood and agreed
that the Trustees may. in their unoobtrolled disoretion, defer or postpone suoh oonver-
sion ahd distribution, exoept that the same shall not be postponed beyond the end of
~
twenty years from the date of these :presents as hereinafter provided. During such' post-
ponement. and until such conversion, the interests of the cestui que trusts shall be
!]
l
~
oonsidered tor purposee ot transmission and otherwise as personal property.
2. In trust pending fine! oonve~sion and diatribut10n of the property,
to manage und control the same, the Trustees having for such purposes and fo!" all purposes
of sale, lease, mortgage, exchange, improvement and development, and any and all arrange-
ments. contracts and dispositions of the trust property, or any part thereof, all and as
tull disoretionaX'y powers and wtbo:ri ty as the~WOuld have if they were themselves the sole
and absolute benefioial owners thereof in tee simple.
3. In trust to collect and receive all rents and income from the property,
and semi-annually or oftener at their oonvenienoe, to diatribute such portion thereof as
they may, in their discretion, dtermine to be fairly distributable net inco~e, to and among
the several oestui que trusts aooordi08 to their respeotive fraotional interests, the Trust-
aes in this connection having full authority from tlme to time to use any funds on hand,
whether received as oorpus ar income far purposes of any repair, improvement, protection
or development of the property held hereunder, or the aoquisition of other property as the
!rust.ees may determlne to be.wise and expediant, for the protectlon and developm&'1t of the
trust property as a whole pending its conversion and distzibution. the determinations
ot the Trustees made in good fai th aR to all qua8tions as between "oorpus" 'and "inoome"
shall be final.
4. The 88id At- M. Hill and Katie B. Hill. his wite, having determined
to wind up their atfaira and respeotive interests in aM to the said property in the saiA
de_ed therein desoribed, without waiting for final oash sale ot their real e.tate, this trust
18 deolaud 1. tavor 8114 fat the benefit ot the said grantor. iD 8" d deed desoribed. aooord-
lng to their re.peotivo fr~DOtlon81 interests 88 determined and agreed upon by them, to Whom
!.)
j
; the bU8tees shall iS8118 proper negotiable oertif1oat88 ot benefioial interest; whioh said
oertifioates, and all others Wbioh may be hereafter i.sued in exohsDge or 8ubstitutioD
- ;
:\.> r J; ~.>~?\1'f;:~~.
.~. IT
. _ " : ':', '~,C:: ':'-/:~~_ ,_',
'.'. " -.-: ," -', '::,.: .;-t,~:~.:~,.:.
. t -,,".~~. _ - . ! ....