Land Trust Agreement Template
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11LAND TRUST AGREEMENT
THIS LAND TRUST AGREEMENT is made this ____ day of ________________ 20___,
by and between
___________________________________________________, Grantor and Beneficiary,
(hereinafter referred to as the "Beneficiaries", whether one or more), and
_______________________________, TRUSTEE of the ______________________
LAND TRUST (hereinafter referred to as the "Trustee", which designation shall include all
successor trustees).
WHEREAS, the Beneficiaries are about to convey or cause to be conveyed certain real
property to the Trustee, and
WHEREAS, the Trustee has agreed to accept such conveyance and hold the real property
in trust under the terms and conditions set forth below.
NOW, THEREFORE, the parties, intending to be legally bound hereby, agree as follows:
1.
TITLE.
The trust created by this instrument shall be known as THE
_______________________________ LAND TRUST.
2.
OBJECTS AND PURPOSES OF TRUST. The purpose of this trust is for the
Trustee to take and hold title to the property conveyed to the Trustee and to preserve the same
until its sale or other disposition.
The Trustee shall not undertake any activity which is not strictly necessary to attainment
of the foregoing objects and purposes, nor shall the Trustee transact business within the meaning
of applicable state law, or any other law, nor shall this Land Trust Agreement be deemed to be, or
create or evidence the existence of a corporation, de facto or de jure, or a Massachusetts Trust, or
any other type of business trust, or an association in the nature of a corporation, or a co-
partnership or joint venture by or between the Trustee and the Beneficiaries.
3.
TRUST PROPERTY. The Beneficiaries are about to convey or cause to be
conveyed to the Trustee in trust certain real property as described more particularly in Schedule
"A" attached hereto and made a part hereof. This property, together with any property later
added to the trust, shall be designated as the "Trust Property". The Trustee will hold the Trust
Property according to the terms and conditions of this Land Trust Agreement for the purposes,
terms and conditions contained herein until such time as all of the Trust Property has been sold or
otherwise conveyed, or until this trust has been terminated. The Trustee shall maintain a list of
the Trust Property, which shall be designated as Schedule "B" under this Agreement.
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