DECLARATION OF NOMINEE TRUST
The undersigned, ___________________ of __________
County, State of _____________ (the "Trustee" hereunder),
hereby declares that any and all property and interest in
property that may be transferred to him as Trustee hereunder
("the Trust Estate"), shall be held in trust, for the sole
benefit of the beneficiaries for the time being hereunder, upon
the terms herein set forth. The term "Trustee" wherever used
herein shall mean the Trustee or Trustees named herein and such
person or persons who hereafter are serving as Trustee or
Trustees hereunder, and the rights, powers, authority and
privileges granted hereunder to the Trustee shall be exercised by
such person or persons subject to the provisions hereof.
1. BENEFICIARIES: The term "Beneficiaries" wherever
used herein shall mean the beneficiary or beneficiaries listed in
the Schedule of Beneficial Interests this day executed and filed
with the Trustee, or in the revised Schedule of Beneficial
Interests, if any, from time to time executed and filed with the
Trustee. The Trustee shall not be affected by any assignment or
transfer of any beneficial interest until receipt by the Trustee
of notice that such assignment or transfer has in fact been made
and a revised Schedule of Beneficial Interests shall have been
duly executed and filed with the Trustee. Any Trustee may
without impropriety become a beneficiary hereunder and exercise
all rights of a beneficiary with the same effect as though he
were not a Trustee.
2. DUTIES OF TRUSTEE: The Trustee shall hold the
principal of this Trust for the benefit of the beneficiaries, and
shall immediately pay over any income received to the
beneficiaries in proportion to their respective interests.
3. POWERS OF THE TRUSTEE: The Trustee shall have no
power to deal in or with the Trust Estate except as directed by
the beneficiaries. When, as, if and to the extent specifically
directed by the beneficiaries, any one of the Trustees shall have
the power to:
(a) Buy or otherwise acquire, to hold, to exchange or
partition, to sell at public or private sale, and to mortgage,
pledge or otherwise encumber or dispose of all or any part of the
Trust Estate; and to execute any and all deeds, promissory notes,
mortgages and other instruments necessary or appropriate
therefore;
(b) To lease and sublease all or any part of the Trust
Estate for such term(s) and on such terms as the Trustee deems
advisable;
(c) Contest or compromise any claims in favor of or
against or in any way relating to the Trust Estate.
Any and all instruments executed pursuant to such
directions may create obligations extending over any periods of
time including periods beyond any possible termination date of
the Trust. Notwithstanding any provisions contained herein, no
Trustee shall be required to take any action which will, in the
opinion of such Trustee, involve him in any personal liability
unless first indemnified to his satisfaction. Any person dealing
with the Trustee shall be fully protected in accordance with the
provisions of Paragraph 7 hereof.
4. TERMINATION: The Trust may be terminated any time by
any one or more of the beneficiaries by notice in writing to the
Trustee, but such termination shall only be effective when a
certificate thereof signed and acknowledged by a Trustee
hereunder shall be recorded with _________ County
_________(State) Registry of Deeds (hereinafter the "Registry"
see also Paragraph 9 hereof); and the Trust shall terminate in
any event twenty (20) years from the date hereof. In case of any
such termination, the Trustee shall transfer and convey the
specific assets constituting the Trust Estate, subject to any
leases, mortgages, contracts or other encumbrances on the Trust
Estate, to the then beneficiaries as tenants in common in
proportion to their respective interests hereunder.
5. RESIGNATION AND APPOINTMENT OF SUCCESSOR TRUSTEES:
Any Trustee hereunder may resign by written instrument signed and
acknowledged by such Trustee and recorded with the Registry.
Succeeding or additional Trustees may be appointed or any Trustee
may be removed by an instrument or instruments in writing signed
by all the beneficiaries, provided in each case that such
instrument or instruments, or a certificate signed by any Trustee
naming the Trustee or Trustees appointed or removed, and in the
case of any appointment, the acceptance in writing by the Trustee
or Trustees appointed, shall be recorded with the Registry. Upon
the appointment of any succeeding or additional Trustee, the
title to the Trust Estate shall thereupon and without the
necessity of any conveyance be vested in said succeeding or
additional Trustee jointly with the remaining Trustee or
Trustees, if any. Each succeeding and additional Trustee shall
have the rights, powers, authority and privileges as if named as
an original Trustee hereunder. No Trustee shall be required to
furnish bond.
6. AMENDMENT: This Declaration of Trust may be amended
from time to time by an instrument in writing signed by all the
beneficiaries and acknowledged by one or more of the
beneficiaries, provided in each case that the instrument of
amendment, or a certificate by any Trustee setting forth the
terms of such amendment, shall be recorded with the Registry
prior to the amendment being effective as to any party who does
not have actual notice thereof.
7. TRUSTEE LIABILITY; RELIANCE OF PURCHASERS AND OTHERS:
No Trustee hereunder shall be liable for any error of judgment or
for any loss arising out of any act or omission in good faith,
but shall be responsible only for his/her own willful breach of
trust. No license of court shall be requisite to the validity of
any transaction entered into by the Trustee. No purchaser,
transferee, pledgee, mortgagee or other lender shall be under any
obligation to see to the application of the purchase money or of
any money or property loaned or delivered to any Trustee or to
see that the terms and conditions of this Trust have been
complied with. Every agreement, lease, deed, mortgage, note, or
other instrument or document executed or action taken by any one
Trustee appearing as a Trustee hereunder from the records of the
Registry, shall be conclusive evidence in favor of every person
relying thereon or claiming thereunder that at the time of the
delivery thereof or of the taking of such action this Trust was
in full force and effect, that the execution and delivery thereof
or taking of such action was duly authorized, empowered and
directed by the beneficiaries, and that such instrument or
document or action is valid, binding and legally enforceable.
Any person dealing with the Trust Estate or the Trustee may
always rely without inquiry on the certificate signed by any
Trustee appearing as a Trustee hereunder from the records of the
Registry as to whom is the Trustee or whom are the Trustees or
the beneficiaries hereunder, or as to the authority of the
Trustee to act, or as to the existence or non-existence of any
fact or facts which constitute conditions precedent to acts by
the Trustee or which are in any other manner germane to the
affairs of the Trust.
8. NO PERSONAL LIABILITY: No Trustee or beneficiary of
this Trust shall be held personally or individually liable for
any of the obligations incurred or entered into on behalf of the
Trust and each person who deals with the Trustee shall look
solely to the Trust Estate for satisfaction of any claims which
such person may have against the Trust.
9. RECORDATION: The term "Registry" as used herein
shall mean the _______________ County _________________(State)
Registry of Deeds; provided that if this Declaration of Trust is
recorded or filed for registration in any other public office
within or without the ____________(State), any person dealing
with portions or all of the Trust Estate as to which documents or
instruments are recorded or filed for registration in such other
public office in order to constitute notice to persons not
parties thereto may rely on the state of the record with respect
to this Trust in such other public office, and with respect to
such portions or all of the Trust Estate the term "Registry" as
used herein shall also mean such other public office.
10. MISCELLANEOUS: Whenever applicable, the use of the
singular number herein shall include the plural and the use of
the plural shall include the singular number. The use of the
masculine gender shall also include the feminine, wherever
applicable. All paragraph titles are supplied for convenience of
reference only and shall not govern the meaning or interpretation
of this Declaration of Nominee Trust.
WITNESS the execution hereof under seal at _____________
by the undersigned this ____ day of ____________, 19__.
_______________________________
Trustee
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STATE OF ____________________
Then personally appeared the above-named
_______________________ and acknowledged the foregoing instrument
to be his free act and deed, before me,
________________________________
Notary Public
My Commission Expires:
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ACCEPTANCE OF APPOINTMENT AS TRUSTEE
I, ________________, hereby accept appointment as
Trustee of the ________________ Trust and hereby agree to
exercise faithfully any and all rights, powers, authority and
privileges granted thereunder.
Signed this _______day of _______________, 19__.
____________________________
Witnessed by:
___________________________
Form 611
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