DECLARATION OF TRUST – PROPERTY
This Declaration of Trust (hereafter “Declaration”) is hereby entered into on [DATE] between [TRUSTEE NAME], a company organized and existing under the laws of the State of [STATE], with its principal place of business located at [COMPLETE ADDRESS] (“Trustee”) and [BENEFICIARY NAME], a company organized and existing under the laws of the State of [STATE], with its principal place of business located at: [COMPLETE ADDRESS] (“Beneficiary”).
WHEREAS, the Beneficiary is the beneficial owner of [ADDRESS], a real property located in [CITY], [STATE] (“Property”);
WHEREAS, the Trustee is the registered owner of the Property;
WHEREAS, the Trustee and Beneficiary agreed that the Trustee should execute such Declaration of Trust as is hereinafter contained.
NOW THEREFORE this Declaration Trust Witnesses as follows:
- The Trustee hereby declares that it holds the Property in trust for the Beneficiary and their successors. The Trustee declares that any interest, profits or revenue generated from the Property shall likewise be held in trust for the Beneficiary;
- The Beneficiary declares that any expenses incurred in the upkeep or sale of the Property shall be the responsibility and debt of the Beneficiary and not the Trustee;
- The Trustee will, at the request of the Beneficiary or its successors, transfer the Property to Beneficiary and will execute all documents necessary to affect such transfer;
- The Beneficiary hereby covenants and undertakes with the Trustee that it will indemnify the Trustee against all costs, claims, expenses and liabilities of whatsoever nature arising from its holding of the Property by the Trustee on behalf of the Beneficiary;
- This Agreement shall be governed by the laws of the State of [STATE];
- In the event of any dispute or disputes arising from the interpretation of the provisions of this Agreement, the parties hereto jointly and severally agree to resolve the dispute or disputes, if any, by means of legally binding arbitration with [SPECIFY ARBITRATOR].
IN WITNESS WHEREOF the parties hereto have executed this Declaration of Trust as of the date first written above.