Land Trust Agreement Template Page 6
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11this Land Trust could possibly occur after the end of such permitted time period, then, upon the
occurrence of the foregoing, the Trustee is directed to immediately terminate the Trust and to distribute
the Trust Property to the Beneficiaries as their respective interests may appear at the time of the
termination of the Trust. As much as possible, the Trustee will maintain the Trust Property intact and
not liquidate it, but, rather, distribute the Trust Property in kind.
22.
TERMINATION. This Trust may be terminated thirty (30) days or more after the
date upon which the Beneficiaries agree in writing to said termination.
The Beneficiaries shall
immediately give the Trustee written notice of the effective date of termination. The Trustee shall
execute any and all documents necessary to effectuate the transfer of the Trust Property to the
Beneficiaries as their interest may appear.
23.
NOTICE. Any notice that is given in connection with this Land Trust Agreement shall
be given (a) to the Beneficiaries at the address set forth in Schedule "C" as shall be changed from time
to time upon notice to the Trustee from the Beneficiaries; and (b) to the Trustee at such address as he
may hereafter specify. The notice shall be deemed to be validly given if personally delivered or mailed
to a person by first class mail, postage prepaid, at the above specified address.
IN WITNESS WHEREOF, we have executed this Land Trust Agreement on the day and year
first above written.
BENEFICIARIES:
____________________________________
____________________________________
TRUSTEE:
____________________________________
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