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

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 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.

Land Trust Agreement Template Page 4