Fill and Sign the 20 by and between the Lessor Hereinafter Landlord and the Form

Qualified Personal Residence Trust This Trust Agreement, hereinafter called the Agreement, dated __________________ (date), between ________________________ (Name of Donor) of _____________________________________________ (street address, city, county, state, zip code), hereinafter called the Donor, and ________________________ (Name of Trustee 1) and ________________________ (Name of Trustee 2), both of _____________________________________________ (street address, city, county, state, zip code), referred to herein as the Trustees. The Donor, in consideration of the agreements and undertakings made by the Trustees and other valuable consideration, does now assign, transfer, and set over to the Trustees and their successors the residence listed in Schedule A, which is attached and incorporated by this reference. The Trustees are authorized to and agree that they will receive and hold such property and such additional property as may be transferred or assigned to the Trustees by any person or organization, to become a part of any trust fund or funds created under this Agreement, and all investments and reinvestments of the same and income from the same, for the following uses and trusts: I. Right of Donor to use Residence. A. Until the first to occur of (i) ________________________ (date), (ii) the death of the Donor, or (iii) a Disqualifying Event as defined in Paragraph B of Section II (the Initial Term), the Donor shall have the right to occupy and use the residence described in Schedule A, and the Donor may rent the residence during any portion of the period that it is not occupied by the Donor and collect and retain rents for the same. The Trustees shall pay to the Donor all of the income of the Trust annually or at more frequent intervals. B. During the Initial Term the Trustees shall expend such funds as the Donor requests on maintenance of the house, including mortgage payments, real-estate taxes, and improvements. C. If the Initial Term ends because of the death of the Donor, all assets of the Trust shall be paid to the Estate of the Donor. D. If the Initial Term ends because of the expiration of the period of time specified in Paragraph A of this Section I, any cash held in the Trust for payment of the expenses of the Trust shall be paid to the Donor and the residence shall b
(the donor may not use any funds until after a vacancy shall have occurred.) immediately upon such vacancy, the following shall occur: (1) the trustees may lease the remainder of the residence to such person or persons as they shall determine. (2) during the initial term the trustees may not sell the residence, but are authorized to lease the property. 2. Interest and income. (a) after the first to occur of schedule a, there shall be interest from the date fixed for interest to a date three months after, or whichever comes first. If the interest is not received before that time, it shall be considered to have been earned on that day. (b) the interest shall accrue daily at the rate of (i) 1% per annum on the first of every five days or fraction thereof, (ii) 2% per annum on the second of every ten days or fraction thereof, and (iii) 3% per annum on the third of each year or fraction thereof, beginning on the day of the next interest payment. The amount payable upon any particular day shall be as stated above. (c) no interest shall accrue to the benefit of the trustees if they were, at the time they agreed to make the initial agreement to make the initial agreement, creditors to another person and there were no written agreement with such other person for the repayment of such interest within a reasonable period. (d) the trustees may sell the residence at their discretion, but may not sell it for more than 30 days after they have received the interest payment due upon the sale. (e) any interest not received shall be returned as promptly as practicable by the trustees to the donor. 4. Reversion of estate without election. (a) (i) before selling the residence, the trustees shall notify the donor, if known, that they have disposed of the residence in accordance with this section. (ii) if the donor is unknown immediately after the time when the notice is sent out, the trustee shall inform the donor at the time of the sale. Failure of such notification shall not invalidate the agreement. (b) the donor may reacquire the residence, subject to any term of any agreement or covenant made under this agreement. (c) the provisions of subparagraph (4)(a)(i) shall apply to requirements of or reacquisition of the residence by the donor. 5. Termination for value. (a) for any period when the residence is not being rented by the donor, the