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Home My WebLink AboutD-0731 ... ," m Title Insurance and Trust Company FOUNDED 1893 433 SOUTH SPRING STREET. LOS ANGELES 54 MADISON 6-2411 STUART O'MELVENY December 15, 1954 CHAIRMAN OF THE BOARD r'\~ \ ~.... 9." /,~,,_ ,.. .-^'..-<-'. r J.b- . '....... 7~7 v'-i~"l W. HERBERT ALLEN PRESIDENT Re: Trust R-12452 City of Arcadia Arcadia, California Gentlemen: Enclosed is copy of the above numbered declaration of trust in connection with Tract No. 19647. Yours very truly, f~~~) Assistant Trust Officer JAW:jS Encl. (1) .' I I TRUST NO. R-12452 DECLARATION OF TRUST TITLE INSURANCE AND TRUST COMPANY, a California corporation. with its principal place of business at LOB Angeles,California, here- in ca:Ued "Truatee", HERImY DECLARES: III I That it has received, without PQment of coneideration, a deed purporting to convey to it that certain real property desoribed on the '!'rUst property Exhibit attached hereto end I118de a part hereof. II That the beneficial 10terest under th1s Trust is hereby vested in SmJANEE BUILDERS, !Ne., a California COl~ration, c/o Alfred B.Allen, 1135 Hest Bunt11'lgton Drive, Arcadia,California. That the ~ustee will hold such title 10 and to the aforesaid real property 80 it has thus receivea, IN TaUS'!', under the conditions set forth herein, and tor the tollow1ng purposes: SECTION ONE In the event the City of Arcadia, california , pays to the Trustee, llt any time within ten (10) years from the date ot this Declaration ot Trust, the SUlll ot Thirteen BW1dred Twenty-six and 98/100 Dollars ($1,326.98) tor Parcel "A" and/or the SUID ot 'l'welve Hundred Seventy-Tlu:>ee and 97/100 Dollars ($1,273.97) tor parcel "B", and/or tho cum of Porty-Six Hundred Twenty-Seven and 73/100 Dollars ($4,627.73) tor Parcel "C". as desoribed on the Trust Property Ex- h1bit attached hereto and made a part hereof, either in cash or upon such other terms and conditions as may be approved by the BenefI- C18l'y hereunder, then, s1multaneously wIth said paJlllent or paJlllents, 1. O~i~~=al in VCULt I I the Trustee shall convey Wlto the City of Arcad1a any or all por- tlons ot the trust propnt7 top wh1eh it ba8 reeelved pa~nt. No portion of' MY Parcel II!8Y be conveyed at anY' "1118 but tm7 Parcel may bEl conve~ed independ.ently ot any othe:- P~el. or in con3Wlct10n with ~ other Plll'Cel 01' Parcels. In the event the p6~ent ot, ell of' Ilaid SUII8 ot money are not rece1ved by the 'l'Pustee within the time lim1t aforesaid, then. at the expiration of said pe1o(;l of time, the 'lJ>ustee lIha11 convey all ot the TPtIst pl'ope!'ty then l'ema1n1t1g to ebe OitY' of ArcacUa w11ohout !'ecelV1ns any llIOney what80eveso. !he :aenetlclar;v, by lts approve! he:HOt. &pee- to pq 811 taull. ..eesllJlents and other items which may become a lien aga1nst the trust real propertY' ~d" ~ ,~e(). _ w.h1le. ,~1 Ue .thereto 1s held by the Trustee. t:> pay all ot the Tl'138teetS teea and expenliG8 in- cident to this Tr1.lGt. In the event any ot the a1'oresaid i t_s shall not be paid by the Benef1ciary when due, - tnen and in that event .. the t'Pllste~ shall convey all of the then 1"eJll81nlQg trust pl'Ope1't7 to the City ot Al'ea~a t1lt~ut receiving alI7 c;.one1d.ention wbatB?~ver. 1be TZ'ustee shall not be charged w1th knowledge ot the tact ot non- PlQJl"'lllt. exc-ep't as to its feea and expenses, ena ehall not l118ke 'tho . . ~. conve~o~ contemplated herein until it shall have received no1:1ce 1ft ita ft'U.t Department ot .ueb non-psllDent. . . ", . r'o. SECTION ftrO . 1 !be Trustee shall not be &'equ1~ toattetlll to. or to pro- cure, 8n7 Insurance.. ot any k1nd. upon any bu1ld1ng e1tuate !'\pQn , ' Iud real property J or to pay, 01' to attend to the p~ent ot, ,al11 tues 01' assessments levied 8g~d118t said Pl'Op~ty . 01' to pa~. 01' 2. I I to attend to the paJlDent of, any interest 01' principal ot any l1en, encumbl'anoe 01' ohs1'gs against sald l'eol pl'opertYJ 01' to collect, 01' to d18burse, any l'entals which may be due fl'om said Pl'Opez.ty. It 18 undeI'8tood that all such services shall be pel'f01'll1Bd by, and all ex- penses in connection therew1 th shall be borne by the Beneficiary. The Trustee may, however, oarry such l1abill ty or other insurance that it may deem necessary for its own proteotion at the expense ot the Trust Estate. SECTION THREE The following POWERS are conferred upon the Trustee: (a) (b) (c) To pay from corpus of the trust estate any and all income, inheritance, estate, or other ~dred taxes, and all attorney's fees and expenses incf.dent thereto, which may be chargeable against the Trustee, any Beneficiary, or the trust estate. To advance and lend its own moneys to this Trust 1'01' any trust purpose, but without obligation so to do, any such advancement, together with interest thereon at the rate of six pel' cent (6~) per annum, to be 8 first lien against the trust estate. To abandon, cOlDpl'OllI1se, contest and arbitrate claims and demands, and to institute and com- pl'om1se and defend actions at law, without obligation so to do; and to require of the Benet1ciary money and indemnity sufficient - in the opinion of the Trustee - to cover all costs, charges and l1abll1tlesJ and to employ such counsel as the Trustee shall deem advisa~leJ all at the risk of the trust estate. To make conveyance heref'rom 01' real pl'Opel'ty by quitclaim deed only, if the title shall not have been shown vested in the Trustee b}' Polic}' of Title Insurance; and to use in title matters facilities 01' the Trustee's own Title Depart- ment and to charge 1 ts customary fees theretor J and to disclose the trust when the Trustee's fiduciary capaCity requires. (d) 3. , I I SECTION FOUR This Trust is hereby declared to be irrevocable and non- amendable. SECTION FIVE It is expressly understood that the full legal title to trust properties hereunder shall vest in the 'frUstee, for such ti tle is necessary to the fulf1llment ot the purposes of this Trust. The beneficial interest hereunder shall be conclusively deemed to be personal property and the right of any beneficiary shall be 11m1 ted to the enforcement of tho provisions hereof. SECTImr SIX It is expressly under~tood that approval by the City of Arcadia 01' the terms and cond1 tlons of this Truat shall in no manner be construed to impose upon the City of Arcadia any obligat10n whahoever to pay to the Trustee any snm whatsoever unless the City of Arcadia shall specifically undertake so to do. SECTION 3EVBl'1 The Trustee shall be ent1tled to a fee for its ord1nal'J' services hereunder in the SUlll of $50.00 for each year or fraction thereof, ot the 11fe of this Trust, such fees to be paid in ad- vance; and, it shall be entitled to reasonable compensation for any services rendered in connection with the preparation of Income, or other tax reports, ~~d in connection with any action or proceeding at law affecting the Trustee, the Beneficiary, or the trust estate; and also reasonable compensation tor eny extraordinary services of any kmd, which the Trustee may render hereunder. SECTION EIGHT The proviSions hereot shall bind the Trustee end the Bene- ticiary and their successors and assigns. h . I I Dated, LoD 'Angelea,Calltornla. Decembor 13. 1954 TITLE nrSURIU/CE AND TRUST COMPANY. Assistant secre~ary BY (corp.seal) l\ BY Deolaration of' Trust Ho. R-l2452 oEH/ahh APPROVAL 'The undersianGd Beneficiary hereby tully approves the fore- ~oing Declaration of Trust No. a-12452 of TITLE ntsURANcB AND TRUST COMPANY. Trustee. and certifies that it declores the trusto under and upon ~Oh the truot proporty 16 to be held. SEWAllEE BUILDERS. II~C . . - (Corp .Seal) , C2-e..e~-- ATTOIWEY'S APPROVAL I hereby approve the foreaoins Declaration of Trust Ho.n-12452. ~L~R. may 'or J3enc c m; . APPROV'tID: CITY 0Ii' ARClUlIA,CALIFORNIA. BY Robert W. Dow Mayor l;1t;y I;lerk BY Wm. Cornish 5. . I I '1'h1e Trust Propert;v Exb1bl t is a part 01' TI'l'LB DfSUJWfCE AJIJ) TRUST COMPAIY'S Declaration ot Trust Ho. R-12_52. with the same ettect as thousb 1'ul17 1ftcoJ'J)Orated 1n the body 01' said Inst1'Ullleftt. 'l'be tollow1nS/delorlbe4 parcels ot\rea1 propert;v 81 tuated in the Count;v ot Los Angeles.state ot Californial PARCEL" A'l '!'he East 10.5 teet ot the South one (1) toot ot the Korth one-halt of Lot "; the Bast 10.5 teet ot the South one (1) toot of the Korth 78.25 teet of the South one-halt ot Lot _4 J the west one (1) toot ot the Korth 78.25 teet ot the South one-halt ot Lot 57. and the west one (1) toot ot the South one (1) toot ot the forth one-halt ot Lot 57. PARCBL"B'! The East 10.5 teet ot the North 155.25 feet ot the South one-halt of Lot _4. except the Horth 15\.25 teet thereot. end the west one (1) toot ot the south one-half' of Lot 57. except the Horth 154.25 teet there- ot. ~ PARCBL"C" : The west one (1) toot ot Lot 58. All ot &!laid lote being 1n the C11;)' ot Arcadia, 1n Tract Ho. 808, 1ft said Count;v and state, as per map recorded 1n Book 16, pages 82 and 83 ot Maps 1n the Ott1ce ot the Count}' Recorder ot said Count;V. . . . . . . . . . . . .