Land Trust Agreement Template (Page 3 of 11) in pdf

shall not be required to give a bond. Each Trustee is liable only for his own actions and then only as a

result of his own gross negligence or bad faith.

REMOVAL OF TRUSTEE. The Beneficiaries shall have the power to remove the

Trustee from his office and appoint a successor to succeed him.

RESIGNATION AND SUCCESSOR. The Trustee may resign by giving written

notice to the Beneficiaries of his intention to resign.

The Beneficiaries shall have the power to elect a successor trustee. If the Beneficiaries have not

elected a successor trustee within thirty (30) days of the date of the notice from the Trustee of his

resignation, then the Trustee shall have the right to convey the Trust Property to the Beneficiaries in the

same proportion as their interests in the Trust may appear at the time of said conveyance.

If the office of the Trustee shall become vacant for any reason, then the Beneficiaries shall

proceed to elect a successor trustee. Said election shall occur within thirty (30) days of the occurrence

of the vacancy. Upon election, the new Trustee shall cause to be prepared a certificate of his election

containing a notice of election and his acceptance thereof in a form acceptable for recording in the office

of the register of deeds of all of the counties in which the Trust Property is located. The certificate of

election shall be filed in the office of the register of deeds of all of the counties in which the Trust

Property is located.

A successor Trustee shall have all of the rights, duties and powers of the original Trustee as if

the successor Trustee was the original Trustee.

The removal, resignation or death of the Trustee shall not affect the lien of the Trustee upon the

Trust Property for compensation or expenses owed to the Trustee.

INCOME TAX RETURNS. The Trustee shall not be responsible for the preparation

and/or filing of any tax returns, which may be due for the reporting of income and expenses of the Trust,

although he will sign such returns upon request. The Beneficiaries shall each individually report receipt

of their respective share of the profits, earnings, avails and proceeds.

10.

INDEMNIFICATION OF THE TRUSTEE. The Beneficiaries agree to indemnify,

hold harmless and defend the Trustee from any and all liability incurred in his capacity as Trustee. 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

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