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

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 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.

Land Trust Agreement Template Page 3