Land Trust Agreement Template (Page 5 of 11) in pdf

Beneficiaries will reimburse the Trustee for the insurance as set forth above in Paragraph 5.

No Beneficiary shall have the right to bind or otherwise contract for any other Beneficiary

except as provided for elsewhere under this Agreement.

14.

ASSIGNMENT OF BENEFICIAL INTERESTS. The Beneficiaries have the right

to assign any part or all of their interests under this Trust. No assignment shall be valid or affect the

interest of a Beneficiary hereunder until the original of the assignment shall be delivered to the Trustee

and the Trustee's acceptance acknowledged thereon. The Trustee shall revise and update Schedule "C"

as necessary. Any assignment of the right to direct the Trustee by a person who is not a Beneficiary

hereunder shall not be valid unless all the Beneficiaries consent in writing to said assignment.

15.

DISCLOSURE OF BENEFICIARIES. The Trustee and the Beneficiaries shall not

disclose the identity of any Beneficiary without the written consent of said Beneficiary except as may be

required by law or at the direction of an order of court issued by a court of competent jurisdiction. Any

party who discloses the identity of a Beneficiary shall be personally liable for any and all losses and

damages incurred by that Beneficiary as a result of the disclosure.

16.

RECORDING OF AGREEMENT. This Land Trust Agreement shall not be placed

of record in any jurisdiction. If this agreement is placed of record, then it shall not be notice of any

interest which may affect the title or the powers of the Trustee.

17.

ENTIRE AGREEMENT.

This Land Trust Agreement contains the entire

understanding between the parties hereto and may be amended, revoked or terminated only by written

agreement signed by the Trustee and all of the Beneficiaries at the time of the amendment, revocation or

termination.

18.

GOVERNING LAW. This Agreement shall be governed by, construed and enforced

in accordance with the laws of the State of _____________. In the event that litigation shall arise

between parties to this Agreement, then it is agreed that the losing parties shall reimburse the prevailing

parties for all of those parties’ reasonable attorneys’ fees, costs and expenses in addition to any other

relief to which the prevailing parties may be entitled.

19.

BINDING EFFECT. This Agreement shall be binding upon and inure to the benefit of

the Trustee, any successor trustee, the Beneficiaries, and the Beneficiaries' successors, heirs, executors,

administrators and assigns.

20.

ANNUAL STATEMENTS.

The Trustee shall be required to furnish annual

statements to the Beneficiaries of the income and expenses of the Trust for each calendar year. The

statements shall be provided to the Beneficiaries no later than March 1st of the following year.

21.

PERPETUITIES. If any portion of the Trust Property is in any manner or time period

capable of being held in this Land Trust for longer period of time than is permitted under the laws of the

state law governing this Land Trust Agreement (See Paragraph 18), or the vesting of any interest under

Land Trust Agreement Template Page 5

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