Agreement and declaration of trust template
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AGREEMENT AND DECLARATION OF TRUST
THIS AGREEMENT AND DECLARATION OF TRUST Is made and entered into this
_______________day of _______________________________, 20 _______, by and between
_______________________________________________, as Grantors and Beneficiaries, (hereinafter referred
to as the "Beneficiaries", whether one or more, which designation shall include all successors in interest of any
Beneficiary), and _______________________________________________________________, whose address
is____________________________________________________________, hereinafter referred to as the
"Trustee", which designation shall include all successor trustees).
IT IS MUTUALLY AGREED AS FOLLOWS:
1. Trust Property. The Beneficiaries are about to convey or cause to be conveyed to the Trustee by deed,
absolute in form, the property described in the attached Exhibit "A", which said property shall be held
by the Trustee, in trust, for the following uses and purposes, under the terms of this Agreement and shall
be hereinafter referred to as the "Trust Property".
2. Consideration. No consideration was paid by Trustee for such conveyance. The conveyance will be
accepted and will be held by Trustee subject to all existing encumbrances, easements, restrictions or
other clouds or claims against the title thereto, whether the same are of record or otherwise. The
property will be held on the trusts, terms and conditions, and for the purposes hereinafter set forth, until
the whole of the trust estate is conveyed, free of this trust, as hereinafter provided.
3. Beneficiaries. The persons named in the attached Exhibit "B" are the Beneficiaries of this Trust, and as
such, shall be entitled to all of the earnings, avails and proceeds of the Trust Property according to their
interests set opposite their respective names.
4. Interests. The interests of the Beneficiaries shall consist solely of the following rights respecting the
Trust Property:
a. The right to direct the Trustee to convey or otherwise deal with the title to the Trust
Property as hereinafter set out.
b. The right to manage and control the Trust Property.
c. The right to receive the proceeds and avails from the rental, sale, mortgage, or other
disposition of the Trust Property.
The foregoing rights shall be deemed to be personal property and may be assigned and otherwise
transferred as such. No Beneficiary shall have any legal or equitable right, title or interest, as realty, in
or to any real estate held in trust under this Agreement, or the right to require partition of that real estate,
but shall have only the rights, as personally, set out above, and the death of a Beneficiary shall not
terminate this Trust or in any manner affect the powers of the Trustee.
5. Powers of Trustee.
a. With the consent of the Beneficiary, the Trustee shall have authority to issue notes or
bonds and to secure the payment of the same by mortgaging the whole or any part of the Trust
Property; to borrow money, giving notes therefore signed by him in his capacity as Trustee; to
invest such part of the capital and the profits therefrom and the proceeds of the sale of bonds and
notes in such real estate, equities in real estate, and mortgages in real estate in the United States of
America, as he may deem advisable.
b. With the consent of the Beneficiary, the Trustee shall have the authority to hold the legal
title to all of the Trust Property, and shall have the exclusive management and control of the
property as if he were the absolute owner thereof, and the Trustee is hereby given full power to do
all things and perform all acts which in his judgment are necessary and proper for the protection of
the Trust Property and for the interest of the Beneficiaries in the property of the Trust, subject to the
restrictions, terms, and conditions herein set forth.
c. Without prejudice to the general powers conferred on the Trustee hereunder, it is hereby
declared that the Trustee shall have the following powers, with the consent of the Beneficiaries:
(1) To purchase any real property for the Trust at such times and on such
terms as may seem advisable; to assume mortgages upon the property.
(2) To sell at public auction or private sale, to barter, to exchange, or to
dispose of otherwise, any part, or the whole of the Trust Property which may, from time to
time form part of the Trust estate, subject to such restrictions and for such consideration for
cash and for credit, and generally upon such terms and conditions as may seem judicious, to
secure payment upon any loan or loans of the Trust, by mortgage with or without power of
sale, and to include such provisions, terms, and conditions as may seem desirable.
(3) To rent or lease the whole or any part of the Trust Property for long or
short terms, but not for terms exceeding the term of the Trust then remaining.
(4) To repair, alter, tear down, add to, or erect any building or buildings upon
land belonging to the Trust; to fill, grade, drain, improve, and otherwise develop any land
belonging to the Trust; to carry on, operate, or manage any building, apartment house, or hotel
belonging to the Trust.
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Agreement and declaration of trust template
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Agreement and declaration of trust template
DOC: 163.4 KB | PDF: 111.7 KB (6 pages)
( 4.4, 13 votes )
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