Deed creating subdivision restrictions and trust for lot owners.
This trust agreement and conveyance is made at _________, as of _________[date], between _________, a resident of _________("grantor"); _________, _________ and _________, all residents of _________("trustees"); and
Certain beneficiaries, who are now or shall in the future become parties to this agreement in the manner here provided ("lot owners").
The fact being that grantor is possessed and seized in fee simple of _________ certain tracts of land, known as _________, situated within corporate limits of the City of _________, being fully described below, and which grantor has determined shall be subdivided into residence lots, roadways, etc., with characteristics as shown upon the map, a copy of which is attached to and made part of this agreement, and being desirous of making provisions for administration of the properties and of creating certain restrictions in regard to the lots in those properties:
I. Now therefore, in consideration of the premises and of one dollar in hand paid by trustees, receipt of which is here acknowledged, and for the further purpose of creating a trust as defined below, I, the grantor, _________, grant, sell and convey unto above named trustees and to their successors as such, all as joint tenants and not as tenants in common, as long as this trust shall endure, subject in all respects to the further terms of this instrument, all and singular the following property: _________ tracts of land situated within the corporate limits of _________ County, _________, more particularly described as follows: _________; provided, however, that there is excepted from this conveyance and the property and reserved to grantor, title to each and all of the _________ lots designated by letters upon the map from A to _________, both inclusive, but in respect to such lots certain restrictions are provided and shall apply as set forth below.
II. To have and to hold, all and singular the above-described premises, together with all improvements and appurtenances incident and belonging unto trustees, their successors and assigns, as joint tenants and not as tenants in common, as described above, and to their proper use and advantage so long as this trust shall endure; all, however, to be so held in trust for the uses, intents, and purposes, and subject to the terms, restrictions, and conditions of this agreement as follows:
1. This trust shall endure during the lifetime of the last survivor of the three trustees named in this agreement, and for 21 years after that date, not, however, to exceed the period ending _________[date].
2. The beneficiaries under this trust are those who now or may in the future own one or more of the lots in _________, such lots being 24 in number, each designated with a letter of the alphabet serially from A to _________, both inclusive; and in all things pertaining to this trust one vote shall be allowed to the owner for each such lot, and in every instance a majority of the votes shall prevail. All rights as a beneficiary under this trust shall pass with title and as incident to title without further acts of any parties.
3. The duties of trustees shall be to hold title to and administer the properties vested in them, and to keep proper records and accounts of all things pertaining to the trust.
4. Trustees severally shall hold their positions as such until their respective successors shall be properly designated and qualified. Vacancies shall be created by death, resignation, or removal of residence from _________ County. Upon occurrence of any vacancy, a successor trustee shall be named by the remaining trustee or trustees by instrument in writing duly acknowledged for record and if expedient the instrument shall be signed by the old trustee, and must be signed by the successor as well as by the other or others, and the signature by the successor trustee shall constitute qualification and upon signature the successor trustee shall succeed to every right, interest and authority of his or her predecessor to the same effect as if named as one of the original trustees.
5. The wishes of a majority of lot owners (counting one vote for each lot) expressed in writing, or otherwise, shall be binding upon trustees in the matter of naming successor trustees and upon any question of policy which may arise in the administration of the trust. If all positions of trustees shall become vacant, the lot owners shall have authority in like manner in writing to name successors.
6. Trustees shall act by majority, and may appoint officers and agents, and define and delegate the duties of the officers and agents, and make provision for expenditure for the benefit of the trust of any moneys which may come into their hands in any manner.
7. By ownership of or succeeding to title to a lot, that owner shall become a beneficiary of and party to this agreement, and be deemed to have promised and shall become liable to pay to trustees any and all such assessments as they may from time to time levy upon the lots in raising funds for the purposes of the trust, and all of these assessments shall be deemed part of the purchase money for the respective lots. The assessments shall stand as security, pro rata, and each lot and owner is to be thus liable for _________[e.g., one twenty-fourth] of the whole amount or amounts which shall from time to time be so levied.
8. Trustees shall have control and direction of all the roadways, sidewalks, esplanades, or other areas to which they hold title, and may direct and prescribe the character, construction, and maintenance of all improvements on them, consisting of planting, paving, curbing, sidewalks, street lighting, or other kinds.
9. Upon each of the several residence lots is a central or interior area, separately colored upon the map, which shall be deemed the building space, and coincident with the outer lines and around such building space, and otherwise colored on the map, is a planting space; the dimensions of the building space and planting space being further shown in feet. All buildings and other overhead structures shall in every case be confined to such building space, and shall not be erected on the planting space.
10. There shall be but one home erected on each lot, the construction of which shall be commenced within _________ years from the date of sale of that lot.
11. Where the owner of two or more lots desires to use them for a single residence site, trustees are authorized to eliminate the building lines adjacent and parallel to the present dividing lines between the combined lots.
12. Pole lines or overhead wires may be erected on a space _________ feet in width along the west line of the larger tract, but shall not be permitted on any other portion of the premises; but instead, underground conduits for wires, and pipes for water, gas, etc., shall be provided and located on each lot in the reserved space as shown on the map of _________, and trustees shall have authority to construct the conduits, or to grant easements and reasonable terms for their construction, and provide for uses of the conduits. Lot owners shall in every case make provision for proper continuation of all such conduits for use upon their own premises.
13. Trustees shall not have power to bind or to obligate themselves or the present or future lot owners personally, and in every written contract into which they may enter this fact shall be appropriately recited, and the contract shall refer to the terms and limitations of this instrument in these respects and the other party or parties to the contract shall agree not to look to trustees, or any of them personally, nor to the lot owners, or any of them personally, but only to the properties which are held by the trustees, for any enforcement of the contract and its consequences legally or otherwise.
14. Any trustee may be or become a lot owner and may have and exercise all privileges and benefits of lot ownership to the same extent in the same manner as any other lot owner and may cease to be a lot owner, all without in any manner affecting or impairing his or her position as trustee.
15. Trustees shall serve without personal compensation, but shall be entitled to charge against the properties any expense or liability of any kind which they may have legally incurred, and it is expressly agreed that in no event shall any trustee be held liable for any act or for consequences of any act, except for acts done in bad faith.
16. The right and privilege to frequent, use, and enjoy the property here conveyed shall be an easement attached to each of the _________[e.g., 24] plots of land, and passing as appurtenant to each lot; and to be had, held, and enjoyed in the above-described manner by the owners of the lots, as well as the person or persons from time to time owning the lots, and their respective families occupying the lots, provided they shall make the annual payments provided for above and observe the regulations described above, but not otherwise.
17. No business house or houses, saloon, hospital, public boarding house, place of public entertainment, store, livery stable, or other place of business or public resort, shall ever be erected on any part of the land, nor shall any telegraph, telephone or electric light poles or overhead structures ever be erected on any part of the property except on a space five feet in width along the west line of the larger tract.
18. It is further provided, declared and agreed that if grantor, grantor's heirs, executors, or assigns, owning any of the _________[e.g., 24] lots described above, shall infringe or attempt to infringe, or omit to perform any of the covenants, conditions, or restrictions here contained relating to the lots or to any other premises described in this agreement, or to the use and improvement of those premises, it shall be lawful for the trustees in behalf and for the benefit of either themselves and the owners of the lots, or for any of them, to prosecute any proceedings at law or in equity against any person infringing or attempting to infringe, or omitting to perform the covenants, conditions, or restrictions, and either to prevent that person from doing so, or to recover damages or other dues for the infringements or omissions.
19. It is further expressly provided that the title to all the property included in this trust shall, at its expiration, however terminated, be vested in the City of _________ for the use of the public, unless it shall then be otherwise provided by the trustees, acting under the direction and by authority of the owner or owners of a majority in number of all the lots.
III. And the trustees, and each for himself or herself, do now accept the above-described conveyance and trust, and covenant to perform them; provided, and it is understood, that they and their successors from time to time may employ as the expense of the trust, any collector or accountant, or other agent or agents, as may be found necessary to attend to and perform the details of the trusts and powers; and provided, further, that they and their successors in the trusts shall each be responsible only for his or her own acts or willful defaults, if any, and not one for the other or others.
IV. In witness, the parties have here set their hands and seals on _________[date].
[Acknowledgments in proper form]
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