Murphy agreement

Document Sample
Murphy agreement Powered By Docstoc
					2Sda-I-NY                                                                        Serial Number:

                             Roman Catholic Diocese of Brooklyn
                              GIFT ANNUITY AGREEMENT
                               Two Lives - Successive Interests
                                Donor is the First Annuitant
                                   Immediate Payments

This Agreement is made between Rev. Daniel Murphy, of St. Saviour Church, 611 8th Avenue,
Brooklyn, NY 11215-3705 (hereinafter "the Donor"), and Roman Catholic Diocese of Brooklyn,
of Roman Catholic Diocese of Brooklyn, 310 Prospect Park West, Brooklyn, NY 11215
(hereinafter "RCDOB").

1.              Transfer of Property by Donor
RCDOB certifies that the Donor, as an evidence of his desire to support the work of RCDOB and
to make a charitable gift, on March 31, 2005 contributed to RCDOB cash in the amount of

2.              Payment of Annuity
In consideration of the property transferred by the Donor, RCDOB shall pay from its general
funds an annual annuity of $2,095.68 from the date of this Agreement and shall pay such amount
to the Donor so long as he is living, and thereafter to Kathleen Bernegger of 54 Winthrop Street,
Holliston, MA 01746 continuing for the balance of her life.

3.                Payment Dates; First Installment
The annuity shall be paid in quarterly installments of $523.92. The first installment shall be
payable on March 31, 2005 in the amount of $5.82, prorated on the basis of the number of days
in the initial payment period. Subsequent installments beginning on June 30, 2005 and
continuing every quarter thereafter shall be in the full amount of $523.92.

4.               Birth Dates of Annuitants
The birth date of the Donor is October 27, 1944. The birth date of Kathleen Bernegger is January
11, 1941.

5.                Payment Correction
If the stated birth date of either the Donor or Kathleen Bernegger should be found to be incorrect
at any time, the amount payable or benefit accruing under this Agreement shall be such as would
have been provided according to the correct birth date. If any underpayment or overpayment has
been made on account of such misstatement, any such underpayment shall promptly be paid to
the Donor or Kathleen Bernegger, and any such overpayment shall be charged against the current
and/or next succeeding payment(s) to the Donor or Kathleen Bernegger.
6.              Irrevocability; Non-assignability; Termination
Except as provided in Paragraph 7, this annuity is irrevocable. This annuity is also non-
assignable, except that it may be assigned to RCDOB. RCDOB's obligation under this
Agreement shall terminate with the regular payment preceding the death of the survivor of the
Donor and Kathleen Bernegger, unless the Donor has exercised the right to revoke survivorship
payments to Kathleen Bernegger per Paragraph 7 below. The obligation to pay the Donor any
share of the annuity shall terminate with the regular payment preceding his death. If Kathleen
Bernegger survives the Donor, and the Donor has not revoked her survivorship payments, all
following payments shall be payable to Kathleen Bernegger. Additionally, this annuity may not
be commuted into a lump sum payment.

7.               Power to Revoke Payments
Notwithstanding any of the foregoing sections, the Donor hereby reserves the power to revoke
the right of Kathleen Bernegger to receive payments from RCDOB pursuant to this Agreement.
This power is exercisable by the Donor at death in his will. If the power is exercised, RCDOB's
obligation to make annuity payments shall terminate with the payment preceding the death of the

8.              Uses and Purposes of Gift
Upon RCDOB's satisfaction of its obligation under this Agreement, an amount equal to the
residuum of the gift shall be used by RCDOB for its general purposes.

9.              Entire Agreement; Governing Law
This Agreement constitutes the entire agreement of the parties. This Agreement shall be
governed by the laws of the State of New York.

This Agreement is effective as of March 31, 2005.

DONOR:                                              Roman Catholic Diocese of Brooklyn:

_______________________________                     By: ______________________________
Rev. Daniel Murphy                                      Thomas Flood, Director of Stewardship
                                                             and Development


                                                    By: ______________________________