Property Trust Deed

PROPERTY TRUST DEED

THIS PROPERTY TRUST DEED (this Deed) is made effective as of Effective Date: by and between Grantor Name: , Grantor Address: and Trustee Name: , Trustee Address: .

RECITALS

WHEREAS, Grantor is the lawful owner of certain real property and improvements located at Property Address: (the Property), and intends to convey the Property to Trustee to be held, administered and distributed pursuant to the terms of this Deed; and

WHEREAS, Grantor desires to create a trust for the benefit of the Beneficiaries described herein, to be known as the Trust Name: , and to convey the Property to Trustee to be held in trust under the terms set forth below; and

WHEREAS, Trustee has consented to act and accept the duties, powers and obligations set forth in this instrument.

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. CONVEYANCE OF TRUST PROPERTY

1.1 Grant. Grantor hereby conveys, grants, bargains, assigns and transfers to Trustee, in trust, all of Grantor’s right, title and interest in and to the real property and improvements located at the Property Address identified above and legally described as:

1.2 Trust Property. The term Trust Property shall include the real property described above, any proceeds thereof, all rents, issues and profits, and any other assets which Grantor hereafter transfers to Trustee for the benefit of the beneficiaries of the Trust.

2. TRUST PURPOSE AND TERM

2.1 Purpose. The Trust is established to hold, manage, conserve and distribute the Trust Property for the benefit of the beneficiaries in accordance with the terms of this Deed. Trustee shall administer the Trust in a manner consistent with the purposes stated herein.

2.2 Term. The Trust shall continue until termination as provided in Section 7 or by operation of law upon final distribution of all Trust Property to the beneficiaries.

3. BENEFICIARIES

3.1 Designation. The beneficiaries of the Trust (Beneficiaries) shall be: Primary Beneficiary(ies):

3.2 Contingent Beneficiaries. Contingent beneficiaries, if any, shall be:

4. TRUSTEE POWERS

4.1 Powers. Subject to the terms of this Deed and applicable law, Trustee shall have all powers necessary to manage, protect and preserve the Trust Property, including without limitation the power to:

1. acquire, lease, operate, repair, alter, improve and sell all or any part of the Trust Property;
2. execute, modify, cancel, or subordinate mortgages, deeds of trust, releases and other instruments affecting title;
3. borrow money and encumber Trust Property as security for loans, provided such borrowing is reasonably necessary for administration or preservation of the Trust;
4. enter into contracts and engage agents, managers, attorneys and accountants and pay their reasonable compensation and expenses;
5. collect rents, income and other sums due and to enforce claims in favor of the Trust.

4.2 Exercise of Discretion. Trustee shall exercise such powers in good faith, reasonably and in the best interests of the beneficiaries, and may delegate duties as permitted by law provided Trustee remains ultimately responsible for such delegation.

5. TRUSTEE DUTIES; COMPENSATION

5.1 Duties. Trustee shall keep accurate records of all receipts, disbursements and transactions with respect to the Trust Property and shall render an accounting to the beneficiaries upon reasonable request. Trustee shall avoid self-dealing and shall disclose any conflicts of interest.

5.2 Compensation and Expenses. Trustee shall be entitled to reasonable compensation and reimbursement of all reasonable out-of-pocket expenses incurred in connection with the administration of the Trust. Compensation:

6. ADMINISTRATION AND DISTRIBUTION

6.1 Administration. Trustee shall manage the Trust Property for the benefit of the beneficiaries and may make distributions of income or principal in the Trustee’s discretion in accordance with the purposes of the Trust and any distribution standards set forth by Grantor.

6.2 Termination and Final Distribution. Upon termination of the Trust, Trustee shall pay or transfer the remaining Trust Property to the beneficiaries in the proportions specified in the Trust or, if none are specified, equally among the then-living primary beneficiaries after payment of debts, expenses and taxes.

7. SUCCESSION OF TRUSTEE

7.1 Resignation and Removal. Trustee may resign at any time by delivering written notice to Grantor and the beneficiaries. Grantor (or if Grantor is deceased, a majority of the then-living beneficiaries) may remove Trustee for cause upon written notice and appoint a successor Trustee designated by written instrument.

7.2 Successor Trustee. A successor Trustee shall have all powers and duties of the original Trustee and shall succeed to title to the Trust Property without conveyance by prior Trustee.

8. REPRESENTATIONS AND WARRANTIES

8.1 Grantor’s Representations. Grantor represents and warrants that Grantor is the lawful owner of the Property, has full right and authority to convey the Trust Property free and clear of all liens and encumbrances except as expressly disclosed to Trustee in writing and that Grantor will indemnify Trustee for any claim arising from a breach of such warranty.

9. RECORDATION

9.1 Recording. Trustee is authorized to record this Deed, and any amendments, assignments or instruments necessary to effectuate the terms hereof, in the appropriate land records. Grantor shall execute such further instruments and do such acts as may reasonably be required to effectuate the conveyance to Trustee and to protect title to the Trust Property.

10. NOTICES

10.1 Method and Addresses. All notices, demands, consents and other communications required or permitted under this Deed shall be in writing and shall be delivered personally, by nationally recognized overnight courier, or mailed by certified mail, return receipt requested, to the parties at their addresses set forth below or at such other address as a party may specify by written notice to the other parties.

11. AMENDMENTS; WAIVER

11.1 Amendment. This Deed may be amended only by a written instrument signed by Grantor and Trustee. No oral modification shall be effective.

11.2 Waiver. No failure or delay by any party in exercising any right under this Deed shall operate as a waiver of that right unless made in writing and signed by the party waiving such right.

12. GOVERNING LAW

This Deed shall be governed by and construed in accordance with the laws of the State of: , without regard to its conflict of laws principles.

13. ENTIRE AGREEMENT

This Deed constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings and negotiations, whether written or oral.

14. SEVERABILITY

If any provision of this Deed is held to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

15. MISCELLANEOUS

15.1 Successors and Assigns. This Deed shall be binding upon and inure to the benefit of the parties and their respective successors, heirs and permitted assigns.

15.2 Counterparts and Electronic Execution. This Deed may be executed in counterparts, each of which shall be deemed an original, and facsimile or electronic signatures shall be deemed original for all purposes.

IN WITNESS WHEREOF, Grantor and Trustee have executed this Property Trust Deed as of the date first written above.

Sign Now