Know all Men by These Presents, That Whereas,........... has obtained options for the purchase of (here describe the premises) which said options are hereby referred to and by reference made a part hereof; and,
Whereas, It is the intention of the said......to form a syndicate for the purchase of said properties, and for the purpose of laying out and subdividing said properties into lots of suitable sizes,, and to put said subdivision on the market for sale, and to sell said lots in said subdivision with the greatest possible expedition, and, in order to protect the various interests that may be represented in said syndicate and in order to accomplish the purposes herein set forth, it is the intention to have the title to the said properties taken in the name of the......Trust Company, with a declaration of trust by said company in favor of the beneficiaries who subscribe the money for the purchase of said property; and,
Whereas, It is estimated that the cost of purchasing said properties, including the expense of grading and improving the land, subdividing the same, and opening, laying out and improving the avenues, streets and parks, will be, and shall not exceed....thousand dollars; and,
Whereas, It is the intention of said.... to have subscribers hereto take shares or undivided interests in the beneficial title to said properties, and for that purpose the total amount hereinbefore estimated is divided into......shares or parts of One Thousand Dollars ($1,000.00) each, and the said Trust Company, as such trustee, will issue to each subscriber a declaration of trust showing in apt and appropriate language the amount of such beneficiary interest, and the shares or parts taken by each subscriber respectively, and such other matters as may be decided upon; it being distinctly understood and agreed that said shares are not assessable in any way whatsoever, and that the total liability of any subscriber hereto is limited to the exact amount of the subscription made by him; and that the said Trust Company shall not be liable in any event beyond the amounts of money collected by it properly applicable to disbursements hereunder, nor to issue any certificate of unqualified ownership, until said property shall have been fully paid for, and an unincumbered title thereto is invested in it; and,
Whereas, The said...... agrees to turn over to the subscribers hereto said options for the purchase of said lands, reserving to himself, however, the commission therein agreed to be paid by the aforesaid......................; and,
Whereas, It is understood and agreed that the owners of said properties, and the said agent.......................may subscribe for shares in said syndicate, and that the amount of the first cash payment on such subscriptions respectively may be deducted from the cash amounts otherwise coming to them under the terms of said options and without the necessity of depositing the thirty-five per cent. (35%) of said subscriptions in cash as hereinafter provided; and,
Whereas, It is the intention to have said......................act as agent for the beneficiaries and the trustee, and in handling said subdivision and advertising the same for sale, and selling the lots therein, and the said......................agrees to act as an exclusive sales agent for the sale of said properties and to advertise said properties extensively in the press of Los Angeles and otherwise, and to use his best endeavors to sell the lots in said subdivision, and the said ..................also agrees to interest other agents in the sale of said lots, and to pay such agents for services actually rendered by them reasonable commissions upon the sales effected by them, and otherwise to devote reasonable time and attention to the business of said subdivision and to the interests of the beneficiaries herein, so as to produce, at the earliest practicable time, the greatest return to the beneficiaries or subscribers hereto; and in consideration of the promises and covenants on the part of said ................it is hereby agreed that he shall receive from the said....................Trust Company, as such trustee, a commission of ten per cent (10%) upon all sales made of any and all lots in said subdivision, and for contracts or deeds which shall be issued by said trustee, said ten per cent, to be payable out of the cash proceeds received upon the sale or disposition of any of such lots so sold respectively; said agency to continue until the termination of the trust hereinbefore referred to, and specifically set forth and described in the declaration of trust, reference to which is hereby made; and,
Whereas, It is the intention of the subscribers hereto to have an executive committee composed of three of the subscribers hereto to be appointed by a two-thirds vote of the subscribed shares, each share being entitled to one vote; or such committee shall be appointed by the written consent of the holders of two-thirds of the subscribed shares, the specific duties and powers of said committee to be determined by said..........