Land Trust Agreement Template (Page 4 of 11) in pdf

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.

11.

DEALINGS WITH TRUSTEE. No party dealing with the Trustee, in relation to the

Trust Property in any manner whatsoever, including, but not limited to, a party to whom the Trust

Property or any part of it or any interest in it shall be conveyed, contracted to be sold, leased or

mortgaged, by the Trustee, shall be obliged to see to the application of any purchase money, rent or

money borrowed or otherwise advanced on the property; to see that the terms of this Trust Agreement

have been complied with; to inquire into the authority, necessity or expediency of any act of the Trustee;

or be privileged to inquire into any of the terms of this Trust Agreement. Every deed, mortgage, lease

or other instrument executed by the Trustee in relation to the Trust Property shall be conclusive

evidence in favor of every person claiming any right, title or interest under the Trust that at the time of its

delivery the Trust created under this Agreement was in full force and effect; and that the instrument was

executed in accordance with the terms and conditions of this Agreement and all its amendments, if any,

and is binding upon the Beneficiaries under it; that the Trustee was duly authorized and empowered to

execute and deliver every such instrument; if a conveyance has been made to a successor or

successors-in-trust, that the successor or successors have been appointed properly and are vested fully

with all the title, estate, rights, powers, duties and obligations of its, his or their predecessor in Trust.

12.

BENEFICIARIES. The Beneficiaries are the persons or legal entities identified, along

with their respective interests, on Schedule "C" which is attached hereto and made a part

hereof.

The Beneficiaries are entitled to all of the profits, earnings, avails and proceeds of the

Trust Property.

13.

INTEREST OF BENEFICIARIES. The interests of the Beneficiaries shall consist

solely of (a) the right to lease, manage and control the Trust Property; (b) the right to direct the Trustee

with regard to the disposition of the title to the Trust Property; and (c) the right to receive the profits,

earnings, avails and proceeds from the rental, sale mortgage or other disposition of the Trust Property.

The foregoing rights of the Beneficiaries are hereby declared to be personal property and may

be assigned or otherwise transferred as such. The death of any Beneficiary shall not affect the existence

of the Trust nor in any way diminish or alter the powers of the Trustee. No Beneficiary shall have any

right, title or interest, whether legal or equitable, in the real property which is held as Trust Property.

No Beneficiary shall have the right to require partition of the Trust Property.

The Beneficiaries shall not use the name of the Trustee for advertising or other publicity

purposes without first obtaining the written consent of the Trustee.

The Beneficiaries shall be required to carry liability insurance in such forms and in such amounts

as the Trustee, in his sole discretion, shall deem necessary to insure the Trust Property and the Trustee.

If the Beneficiaries fail to obtain or maintain the required insurance policies, then the Trustee shall have

the right, in his sole discretion, to advance the money necessary to pay for said insurance policies. The

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