General Form of Land Trust Agreement
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General Form of Land Trust Agreement Powered By Docstoc
					                        General Form of Land Trust Agreement

This Trust Agreement is made this the (date), to certify that (Name of Trustee), a
corporation organized and existing under the laws of the state of (name of state), with
its principal office located at (street address, city, state, zip code), referred to herein as
the Trustee, and (Name of Trustor) of (street address, city, state, zip code), referred to
herein as Trustor;

Whereas, Trustee is about to take title to the real estate described in Exhibit A,
attached hereto and made a part hereof, said real estate being hereinafter referred to as
the Property or the Trust Property; and

Whereas, this Trust Agreement is to certify that, when Trustee has taken the title to the
Property, or to any Property deeded to it as Trustee, Trustee will hold it for the uses and
purposes as set forth in this Agreement;

Now, therefore, for good and valuable consideration, the parties agree as follows:

I.    Beneficiaries. The following-named persons are the Beneficiaries of this Trust,
and as such shall be entitled to the earnings and proceeds of the Trust Property
according to their respective interests, as follows:

Names of Beneficiaries Addresses                   Percentage Interests Earnings
(Name)                 (Address)                        ________%
(Name)                 (Address)                        ________%
(Name)                 (Address)                        ________%

II.    Interests of Beneficiaries as Personalty. The interests of the Beneficiaries
shall consist solely of a power of direction to deal with title to the Trust Property, a
power to manage and control the Property as provided in this Agreement, and the right
to receive the proceeds from rentals and from mortgages, sales, or other disposition of
the Property. The right to the proceeds of the Property shall be deemed to be personal
property and may be assigned and transferred as such. In case of the death of any
Beneficiary during the existence of this Trust, the Beneficiary's right and interest under
this Agreement shall, except as otherwise specifically provided, pass to the
Beneficiary's executor or administrator, and not to his or her heirs at law. No Beneficiary
now has or shall have any right, title, or interest in or to any proportion of any of the
Property as such, either legal or equitable, but only an interest in the earnings and
proceeds of the Property.

III.   Death of Beneficiary. The death of any Beneficiary shall not terminate the Trust
or in any manner affect the powers of Trustee.

IV.    Assignment of Beneficial Interests. No assignment of any beneficial interests
under this Agreement shall be binding on Trustee until the original or duplicate of the
assignment in a form satisfactory to Trustee is delivered to Trustee. Any assignment not
so delivered to Trustee shall be void as to all subsequent assignees or purchasers
without notice.

V.     Income Tax Returns. Trustee shall not be obligated to file any income, profit, or
other tax reports or schedules. The Beneficiaries shall individually make all such
reports, and pay any and all taxes on the earnings and proceeds of the Trust Property
or growing out of their interest under this Agreement.

VI.    Reimbursement and Indemnification of Trustee.
       A.    If Trustee makes any advances of money on account of this Trust, is
       made a party to any litigation on account of holding title to the Property or in
       connection with this Trust, or if Trustee is compelled to pay any sum of money on
       account of this Trust, whether on account of a breach of contract, injury to
       personal property, fines or penalties under any law, or otherwise, the
       Beneficiaries will on demand pay to Trustee, with interest at the rate of ____%
       per year, all such disbursements or advances or payments made by Trustee,
       together with Trustee's expenses, including reasonable attorney's fees.

       B.     Trustee shall not be called on to convey or otherwise deal with the Trust
       Property at any time held under this Agreement until all of the disbursements,
       payments, advances, and expenses made or incurred by Trustee have been fully
       paid, together with interest. Trustee shall not be required to advance or to pay
       out any money on account of this Trust or to prosecute or defend any legal
       proceedings involving this Trust or any Property or interest under this Agreement
       unless Trustee is furnished with funds sufficient for the same or is satisfactorily

VII. Protection of Third Parties. No party dealing with Trustee in relation to the
Trust Property in any manner whatsoever, and no party to whom the Property or any
part of or interest in it is conveyed, contracted to be sold, leased, or mortgaged by
Trustee, shall be obliged to see to the application of the purchase money paid or to
inquire into the necessity or expediency of any act of Trustee or the provisions of this

VIII. Recordation. This Agreement shall not be placed on record in the [e.g., County
Recorder’s Office of (name of County and State)]. Any such recording shall not be
considered as notice of the rights of any person under this Agreement derogatory to the
title or powers of Trustee.
IX.   Disclosure of the Names of Beneficiaries. In the event of service of process
on Trustee at any time, Trustee may in its discretion disclose to the other parties to any
such proceeding the names and addresses of the Beneficiary or Beneficiaries.

X.     Resignation of Trustee.
       A.     Trustee may resign at any time by sending a notice of its intention to do so
       by registered mail to each of the Beneficiaries at his or her address last known to
       Trustee. Such resignation shall become effective (number) days after the mailing
      of the notices. In the event of the Trustee's resignation, a successor or
      successors may be appointed by the person or persons then entitled to direct
      Trustee in the disposition of the Trust Property. Trustee shall then convey the
      Trust Property to such successor or successors in Trust. If no successor in Trust
      is named within (number)
Description: A land trust agreement is an agreement where a trustee is appointed to maintain ownership of a piece of real property for the benefit of another party: namely, the beneficiary of the trust. Land trusts are used by several different types of organizations for several reasons; nonprofit entities use them to hold conservation easements, and corporations and investment groups use them to accumulate large portions of land.
PARTNER William Glover
I received my B.B.A. from the University of Mississippi in 1973 and my J.D. from the University of Mississippi School of Law in 1976. I joined the firm of Wells Marble & Hurst in May 1976 as an Associate and became a Partner in 1979. While at Wells, I supervised all major real estate commercial loan transactions as well as major employment law cases. My practice also involved estate administration and general commercial law. I joined the faculty of Belhaven College, in Jackson, MS, in 1996 as Assistant Professor of Business Administration and College Attorney. While at Belhaven I taught Business Law and Business Ethics in the BBA and MBA programs; Judicial Process and Constitutional Law History for Political Science Department); and Sports Law for the Department of Sports Administration. I am now on the staff of US Legal Forms, Inc., and drafts forms, legal digests, and legal summaries. I am a LTC and was Staff Judge Advocate for the Mississippi State Guard from 2004-2008. I now serve as the Commanding Officer of the 220th MP BN at Camp McCain near Grenada, MS. I served on active duty during Hurricanes Dennis (July, 2005), Katrina (August, 2005) and Gustav in 2008. I played football at the University of Mississippi in 1969-1971 under Coach John Vaught. I am the author of the Sports Law Book (For Coaches and Administrators) and the Sports Law Handbook for Coaches and Administrators (with Legal Forms),