Declaration of trust.
Know All Men by These Presents, that, Whereas, there has been conveyed by Q. A. Sawyer, of the County of Los Angeles, State of California, to the Title Insurance and Trust Company, a corporation organized and existing under the laws of the State of California, and having its principal place of business at the City of Los Angeles, County of Los Angeles, State of California, the following described real property, situate, lying and being in the County of Los Angeles, State of California, to-wit:
(Description of Property) ; and,
Whereas, the partial consideration for said conveyance, to-wit, the sum of Three Thousand Dollars ($3000), has been paid to said Q. A. Sawyer by Hiram Tuttle and Ebenezer Strout, of the County and State aforesaid, hereinafter referred to as the beneficiaries hereunder, and no part of such consideration has been paid by the Title Insurance and Trust Company, and the said Tuttle and Strout are in fact the owners of said property, subject to the indebtedness owing by them to said Q. A. Sawyer as hereinafter mentioned and referred to:
Now, Therefore, the Title Insurance and Trust Company declares that it Holds Said Real Property in Trust for the purpose of selling the lots in a subdivision of said property hereinafter mentioned and referred to, at prices not less than the schedule of prices hereto affixed and made a part hereof, and of applying and disposing of the proceeds arising from said sales in accordance with the terms of this instrument.
All deeds executed by the Trustee shall be substantially in the form of the said deed hereto annexed, marked "Exhibit A," and made a part hereof, and all agreements to convey shall contain like restrictions as in said deed contained.
The Trustee shall cause said property to be subdivided into lots and blocks, according to the map thereof attached hereto and made a part hereof, and dedicate to public use the streets and alleys of such subdivision and record said map in the office of the County Recorder of said County.
The monies received by the said Trustee from the sale of said property shall be applied and disbursed as follows:
To said Q. A. Sawyer, the sum of Five Thousand Dollars, as follows:
One thousand dollars on or before July 10, 1905; one thousand dollars on or before January 10, 1906; one thousand dollars on or before July 10, 1906; one thousand dollars on or before January 10, 1907, and one thousand dollars on or before July 10, 1907, together with interest on said deferred payments, from date until paid, at the rate of seven per cent, per annum, payable quarterly.
Partial payments may be made by said Trustee to the said Q. A. Sawyer on the foregoing indebtedness from monies received from sales of said property upon the basis of the following schedule of prices:
(Copy of schedule.)
The balance of the monies received by said Trustee from the sale of each half block after the said Q. A. Sawyer shall have been paid for each half block respectively, according to the foregoing schedule of prices (such payments to said Q. A. Sawyer not to exceed in the aggregate the amount owing to him hereunder with interest), shall be applied and disbursed as follows:
To the expenses of the Trustee, in the recording of deeds necessary to vest the title to said property in the said Trustee, and to the fees for the recording of the map of the subdivision of said property, and to the charges of the Trustee in the execution of this trust, hereby fixed at
.........per lot, and to the cost of certificates of title, hereby fixed at
.........per lot, and ......... for each additional lot included in the same certificate, and ......... for the acknowledgment of each deed executed hereunder:
To the payment of the taxes levied, assessed or imposed on or against said property, not payable by purchasers thereof, save and except the taxes of the fiscal year 1905-1906:
To the expenses in surveying said property for the purpose of subdividing the same, and for improving the streets and for laying sidewalks thereon:
To pay five per cent, commission on all lots sold:
To pay advertising and other incidental expenses incurred in placing said property on the market:
All bills contracted shall be O K'd by said Tuttle and Strout, or either of them, for payment by said Trustee.
The remainder of the money so received by said Trustee shall be paid to the beneficiaries hereunder, as their interests therein may appear.
No conveyance shall be made unless at least one-fourth of the agreed price for such lot (which price shall in no case be less than the schedule price of such lot) shall have been paid in cash, and.........in.........
months, and.........in.........months, and.........in......... months after date, with interest at the rate of.........per cent, per annum, payable semi-annually, the deferred payments to be secured by a mortgage on the purchased premises.
When the whole sum of Five Thousand Dollars, with interest thereon as herein provided, shall be paid, then and thereupon this trust as to the said Q. A. Sawyer shall cease and terminate and all the said real property remaining unsold, and all contracts, agreements, notes and mortgages in the hands of said Trustee, representing or securing the deferred payments upon the sale of any property made by it hereunder, shall vest in and belong to the said Hiram Tuttle and Ebenezer Strout, to whom, upon the occurrence of such contingency, the same are hereby transferred and conveyed; provided, however, that if default be made in the payment of the monies to the said Q. A. Sawyer, within thirty days after the time hereinbefore mentioned for their payment, then and thereupon this trust shall cease and terminate and all of said property which has not been conveyed by said Trustee shall vest in and belong to the said Q. A. Sawyer, and all contracts and agreements in the hands of said Trustee shall also vest in and belong to the said Q. A. Sawyer, and all of said real property so remaining shall be conveyed to the said Q. A. Sawyer, and all contracts and agreements in the hands of the said Trustee shall be assigned to and delivered to the said Q. A. Sawyer, to whom, upon the occurrence of such contingency, the same are hereby assigned, transferred and conveyed, and all monies theretofore paid to the said Q. A. Sawyer shall be forfeited to him without recourse, as agreed and liquidated damages.
The schedule of prices may be changed at any time by the beneficiaries hereunder (save and except.........), their heirs and assigns; provided, in case said prices are diminished, such diminished prices shall not be less than the price to be paid to the said Q. A. Sawyer.
This trust shall not cease or terminate until the said Trustee shall have been paid its expenses as herein provided, and shall have been reimbursed for all monies which may have been expended in and about the execution of this trust.
The said Trustee may employ all of the beneficiaries of this trust and such other person or persons as it may deem best, as its agents in the sale of said property, and in the transaction of the business necessary to carry out the terms of this trust.
Every stipulation, condition and agreement herein shall inure to the benefit of the heirs, executors, administrators, successors or assigns of the respective parties hereto.
In Witness Whereof, said Title Insurance and Trust Company has hereunto caused its corporate name to be subscribed and its corporate seal to be affixed, by its President and its Secretary, and said Q. A. Sawyer has hereunto set his hand and seal, this tenth day of January, A. D., 1905.
Title Insurance and Trust Company.
By its President .........................................
By its Secretary .........................................
Q. A. Sawyer. (Seal)
We, the undersigned beneficiaries, do hereby certify and declare that the above and foregoing declaration of trust correctly sets forth and discloses the trusts upon which Trustee holds and shall hold said property.
Hiram Tuttle. (Seal) Ebenezer Strout. (Seal) (Then follows schedule of prices, and "Exhibit A.")