Land Trust Agreement Template (Page 2 of 11) in pdf

POWERS AND DUTIES OF TRUSTEE. The Trustee shall have all of the powers

allowed to him by the provisions of the state law governing this Trust (see Paragraph 18).

The Trustee shall specifically have the power to make and execute contracts for the lease

or sale of the Trust Property, mortgages secured by the Trust Property, option agreements for the sale

or lease of the Trust Property and to otherwise dispose of the Trust Property as the Trustee shall be

directed by the majority in interest of the Beneficiaries. In addition, the Trustee shall have the power to

perform any act that the majority in interest direct the Trustee to perform. The Trustee shall exercise his

powers only upon the written direction of a majority in interest of the Beneficiaries.

The Trustee shall have the duty to maintain an accurate record of the Beneficiaries of this Trust,

which record shall include the name and address of the Beneficiaries and their respective interests in the

Trust and be designated as Schedule "C". The Trustee shall only have such other duties as required in

writing by a majority in interest of the Beneficiaries.

The Trustee shall not have the power to bind the Beneficiaries personally to any debt or

obligation without the express written consent of the Beneficiaries.

COMPENSATION OF TRUSTEE. The Trustee shall be compensated for his

actions as Trustee according to the Schedule of Compensation set forth in Schedule "D" attached hereto

and made a part hereof. The Trustee shall be promptly reimbursed by the Beneficiaries for expenses

incurred by the Trustee in the administration of the Trust. The Trustee shall have a lien on the Trust

Property for any unpaid compensation or un-reimbursed expenses.

The Trustee shall not be obligated to advance any money on account of this Trust. The Trustee

shall not be obligated to commence any legal action or to defend against any legal action unless the

Trustee, in his sole discretion, is satisfied with the security provided by the Beneficiaries for the payment

of the Trustee's costs and expenses in connection with the litigation.

If the Trustee shall pay or incur any liability to pay any money on account of this Trust, or incur

any liability to pay any money on account of being made a party to any litigation as a result of holding

title to the Trust Property or otherwise in connection with this Trust, without regard to the cause of

action asserted or complaint filed, the Beneficiaries, jointly and severally, agree that on demand they will

pay to the Trustee all such payments or liabilities, his expenses incurred in connection therewith,

including reasonable attorneys' fees, and any other sums advanced by the Trustee on behalf of the Trust

for any reason whatsoever. These amounts, if not immediately paid to the Trustee, shall bear interest at

the rate of ten (10%) percent per annum until paid in full. These amounts and any compensation due to

the Trustee, until paid in full to the Trustee, shall constitute a lien on the Trust Property. Further, as long

as these amounts or any compensation due to the Trustee remain unpaid, the Trustee shall not have any

obligation to take any action with regard to the Trust Property.

LIABILITY OF TRUSTEE. The Trustee shall not be personally liable for any

obligation of the Trust. No Beneficiaries shall be able to bind the Trustee nor contract on his behalf

without the Trustee's express written consent. The Trustee and any successor Trustee

Land Trust Agreement Template Page 2