Trust Agreementt-General Form Template (Page 2 of 3) in pdf

9. Disclosure of names of beneficiaries. In the event of service of process on trustee at any time in the future,

trustee may in its discretion disclose to the other parties to the proceeding the names and addresses of the

beneficiary or beneficiaries.

10. Resignation of trustee. Trustee may resign at any time by sending a notice of its intention to do so by

registered mail to each of the beneficiaries here at his or her address last known to trustee. This resignation shall

become effective ten days after the mailing of the notices. In the event of this resignation, a successor or successors

may be appointed by the person or persons then entitled to direct trustee in the disposition of the trust property, and

trustee shall then convey the trust property to the successor or successors in trust. If no successor in trust is named

within ten days after the mailing of the notices, trustee may convey the trust property to the beneficiaries in

accordance with their respective interests here, or trustee may, at its option, file a bill for appropriate relief in any

court of competent jurisdiction. Notwithstanding this resignation, trustee shall continue to have a first lien on the

trust property for its costs, expenses, and attorneys' fees, and for its reasonable compensation. Every successor or

successors in trust shall become fully vested with all the estate, properties, rights, powers, trusts, duties and

obligations of its, his, her, or their predecessor.

11. Duties of trustee. Trustee assumes and agrees to perform the following active and affirmative duties under this

agreement:

(a). Execution of instruments. When and as directed to do so in writing by the following named person or

persons: _________, trustee shall execute the instruments necessary to protect and conserve the trust property;

to sell, contract to sell, and grant options to purchase the property and any right, title, or interest on any terms; to

exchange the property or any part for any other real or personal property on any terms; to convey the property by

deed or other conveyance to any grantee, with or without consideration; to mortgage, execute principal and

interest notes, pledge or otherwise encumber the property or any part; to lease, contract to lease, grant options to

lease and renew, extend, amend and otherwise modify leases on the property or any part, for any period of time,

for any rental and on any other terms and conditions; and to release, convey or assign any other right, title or

interest whatsoever in the property or any part. All trust deeds, mortgages, and notes executed by trustee shall

contain provisions exempting and exonerating the beneficiaries under this trust from all personal obligation and

liability whatsoever by reason of their execution and from any and all personal obligation or liability for the

repayment of the borrowed money evidenced and secured by them. Trustee shall not be required to inquire into

the authenticity, necessity, or propriety of any written direction delivered to it pursuant to this paragraph or

otherwise here.

All trust deeds, mortgages and notes executed by trustee may contain provisions exempting and exonerating

trustee from all personal obligation and liability whatsoever by reason of their execution, and shall contain

provisions exempting and exonerating the beneficiary under this trust from all personal obligation and liability

whatsoever by reason of their execution and from any and all personal obligation or liability for repayment of the

borrowed money evidenced and secured by them.

(b). Sale of trust property and distribution of trust proceeds. If any property remains in trust here twenty years

from the date here, trustee shall sell the same at public sale after a reasonable public advertisement and

reasonable notice of the sale to the beneficiaries and, after deducting its reasonable fees and expenses, trustee

shall divide the proceeds of this sale among the beneficiaries as their interests may then appear without any

direction or consent whatsoever, or shall transfer, set over, convey, and deliver to all the then beneficiaries of this

trust their respective undivided interest in any nondivisible assets, or shall transfer, set over, and deliver all of the

assets of the trust to the beneficiaries in their respective proportionate interests at any time that the assets of the

trust consist solely of cash.

12. Beneficiaries to manage and operate trust property. The beneficiaries shall, in their own right, have full and

exclusive control over the management and operation of the trust property and control of the sale, rental, or other

disposition. Each beneficiary, or his or her agent, shall collect and otherwise handle his or her share of the rents and

avails and the proceeds of any sale or other disposition. Trustee shall have no duty respecting the payment of taxes,

insurance premiums, or other costs or charges against or concerning the trust property.

13. Compensation of trustee. The beneficiaries shall pay trustee as its compensation the following:

(a). $_____ for accepting this trust, taking title to the trust property, and first annual fee.

(b). $_____ per year or any portion of it, for holding title to the trust property, so long as any property

remains in trust here, commencing _________[date].

Trust Agreementt-General Form Template Page 2

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