Fill and Sign the This Agreement Made and Entered into the Day of 20 Form

Revocable Trust Agreement, Page 1 REVOCABLE TRUST AGREEMENT THIS AGREEMENT made and entered into the _____ day of ______________, 20___, by and between ______________________, an adult resident of __________________, _____________County, _______________, (hereafter referred to as "Grantor") and _________________________, (hereafter referred to as "Trustees"). W I T N E S S E T H: That for the good and valuable considerations (receipt of which is hereby acknowledged), and for the purpose of establishing an Revocable Trust to provide property hereinafter designated and for the other purposes hereinafter set forth, the Grantor does hereby convey, transfer and deliver to the Trustees the property as itemized and described in Schedule "A" which is attached hereto. All of said property together with all subsequent additions thereto is to be held and administered by said Trustees as a trust, subject to the following uses, terms and conditions: ARTICLE I. The Trustees shall hold and administer the income and principle of this Trust for the benefit of the Grantor's wife, ______________and child, _____________, born _____________, and any other children of the Grantor born after the execution of this Agreement (hereinafter collectively referred to as the "children").
Article ii. As a trust, said income and principle shall be applied only for the acquisition, purchase and development of real estate of the trust as described in the attached prospectus, which will be subject to a mortgage for such property taken and held by the trustees, secured for such terms and conditions as are deemed proper for such construction. Article iii. The trust shall, for the purpose of determining the income and principle of the trust at the close of the year of delivery of this agreement, be divided into two equal parts (herein referred to as the “purchase portion" and "development portion”). The purchase portion shall, upon the first day of the year of delivery of this agreement, be equal to the lesser of two times the fair market value of the subject property as of the close of the preceding year (which shall not exceed the aggregate of the least of: (i) the sum of the fair market value of the subject personal real property of the granter and the subject personal real property, excluding any improvements, of the granter held as of the close of the preceding year as provided in section 10a of the trust, and (ii) such reasonable expenses of the acquisition and construction of the subject real estate as the granter shall pay. The development portion shall be equal to the fair market values of the total of the subject personal real property held by the trust as of the close of the preceding year as provided in section 10a of the trust, after taking into account all reasonable expenses of the acquisition and construction of the subject real estate as well as all the income and principal from the subject real estate which, to the knowledge of the trustees thereunto belonging, is needed to fund the purchase or development of the subject real estate. The purchase portion shall be sold by the granter to a mortgagee before the first day of the year of delivery of this agreement, at not more than 75 percent thereof of the value thereof, with a reasonable title charge, and the development portion shall be resold by the granter to a bona fide purchaser for not over 5 percent thereof of the value thereof, with a reasonable title charge. Article iv. All trust property acquired pursuant to this agreement shall be retained by the trust as a trust property until it can no longer be applied for the purpose intended and any such trust property shall no longer be held by any person, including the trustee, excepting only those trust property acquired by the trustee. Article v. Subject to the terms and conditions of this article, the trustee shall administer the trust property.