In Witness Whereof, the said parties of these presents have hereunto set their hands and seals the day and year first above written.
L. M. SELLERS. (Seal). ALONZO BYERS. (Seal) Duly acknowledged.
That the portion of the purchase price of the property described in said agreement heretofore paid, was paid by Alonzo Byers, John Ensign and Charles Davis, hereinafter called the "Beneficiaries", and no part thereof has been paid or is to be paid by said Trustee.
That the said transfer and assignment, while absolute in form, is nevertheless in trust and said Trustee holds and shall hold said agreement in trust for the purpose of selling the property therein described and applying and disposing of the proceeds arising from the sale thereof as hereinafter specified and provided.
For the purpose of effecting the sale of said real estate and carrying out the trusts herein set forth, the said Trustee shall have the power and authority: -
First, To sell and transfer the land and premises described in said agreement either as a whole or in parcels of one lot or more, as per map of the Subdivision of said property recorded in Book 2, Page 100 of Maps, in the office of the County Recorder of Los Angeles County, to such person or persons and at such price and upon such terms as said Trustee shall deem best; Provided, that no part, parcel or lot of said property shall be sold at a less price than that fixed by a schedule of prices to be hereafter agreed upon by and between the said beneficiaries and the said Trustee, which schedule of prices, when prepared, shall be affixed hereto and be and become a part hereof, the same as though it were attached hereto at the time of the signing hereof; and provided further, that the said Trustee shall not sell said property or any portion or parcel thereof to any person or persons other than of the White or Caucasian Race.
Second: To impose conditions, restrictions and covenants upon said property, prohibiting the sale thereof to objectionable persons and for objectionable purposes, and restricting the cost, class and location of buildings thereon.
Third: To employ said Alonzo Byers, or any other person, firm or corporation as it may deem best as its agents in the selling of said property and in the transaction of the business necessary in the administration of this trust, and the said Trustee shall not be liable for any default, defalcation or wrong-doing by any person, firm, or corporation which it may employ as agents to make sales.
Fourth: To delegate to agents employed to effect the sale of said property, the supervision and direction of all improvements of whatsoever kind or nature made or placed thereon; the power to appoint sub-agents to assist in making sales of said property, also the matter of directing the advertising of said property and placing the same on the market, and also the right and authority generally to represent the said Trustee in marketing and selling said property; provided, that the compensation to be paid to such agent or agents for handling said property and performing all services in connection therewith, including those specified above, shall not exceed 10 per cent, of the selling price of said property,
Fifth: To grade or cause to be graded, the streets laid out on said Tract, and also to put in sidewalks and curbs, lay water mains and pipes throughout said tract and make and place thereon such other improvements as it shall deem best to facilitate the sale of said property.
The said Trustee shall apply and dispose of the proceeds arising from the sale of said property as follows:
First: To the charge of the Trustee for the preparation and issuance of this Declaration of Trust and for the performance and execution of the trusts herein set forth hereby fixed at $275.00, which fees and charges shall be deemed to be earned upon the signing of this Declaration of Trust.
Second: To the payment of the fees for recording said agreement assigned to said Trustee as aforesaid, and for the recording of the deed hereafter to be made and received pursuant to said agreement and also to the payment of the expenses and fees for obtaining and filing for record any deeds for lots or parcels of said land that may be required and obtained from time to time under the terms of said agreement, prior to the execution and delivery of the deed conveying the whole of said tract to said Trustee, and also for obtaining and recording any other instruments that may be required in connection with this trust.
Third: To the payment of the unpaid portion of the purchase price of said real estate as specified in agreement hereinbefore set forth to said L. M. Sellers, together with interest on deferred payments as such principal and interest shall become due and payable under the terms and provisions of said agreement.
Fourth: To the payment of taxes levied, assessed or imposed on or against said property and any assessments levied by municipal or other authorities for the improvement of said property, not payable by purchasers thereof.
Fifth: To the payment of all bills for grading streets laid out in said Tract and for the construction of sidewalks and curbs thereon and for laying water mains or pipes and making any other improvements upon said property.
Sixth: To the payment of commissions to agents effecting the sales of said property not to exceed 10 per cent, of the selling price as fixed by the schedule referred to above, payable out of the first payment made on any contract of purchase.
Seventh: The remainder of the proceeds received from sales shall be distributed and paid as follows:
To Alonzo Byers,
To John Ensign
To Charles Davis
Provided, however, that no distribution of any portion of the proceeds arising from the sales of said property shall be made to the beneficiaries hereunder until the said Trustee shall have on hand a sufficient sum of money accruing from said sales to meet the payments that shall become due on the purchase price of said property under the provisions of the agreement hereinbefore set forth. Any surplus in the hands of said Trustee over and above such sum or sums shall be disbursed as dividends from time to time as the majority of the interests hereunder shall direct.