HomeMy WebLinkAboutTrust Agreement Showing OwnershipTRUST AGREEMENT
OF
ZANG FAMILY TRUST
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THIS AGREEMENT is made this 30th day of December, 1998, between ANGELINA
CRETTI, LEO ZANG, MARY ZANG. EMMA ZANG, GLORIA ZANG and JEMMA ZANG
C'Settlors") and JOHN CRETTI and TIMOTHY A. THULSON ( .. Trustees").
ARTICLEI.
NAME OF TRUST
This trust shall be known as the ZANG FAMILY TRUST.
ARTICLEII.
TRUST ESTATE
Sett lo rs assign, convey, transfer and deliver to the Trust the real property described in Exhibit
A attached hereto and made a part hereof ("Trust Property").
ARTICLEill.
TRUST IRREVOCABLE
This Trust shall be irrevocable and may not be revoked or rescinded in whole or in part.
ARTICLEIV.
USE AND MAINTENANCE OF TRUST PROPERTY
A. The Trust shall hold title to the Property and. as such, shall pay all taxes and charges
levied or assessed against the Property; maintain the Property; and do everything necessary and
proper to maintain the enjoyment and value of the Property. All income derived from the Property
shall be first applied to costs and expenses of maintaining the Property and the balance shall be
divided as the Settlers shall agree. Costs and expenses of maintaining the Property shall be paid by
the Settlors to the Trustees in such amounts and in such percentages as the Settlers shall agree;
provided, however, the Trustees shall have no obligation to advance any monies on behalf of the
Settlors. In the event the Trustees incur any cost or expense by reason of carrying out their duties
as Trustees, the Sc:ttlors shall promptly reimburse them for the same.
B. The S~ttlors shall have access to and use and enjoyment of the Property during the
lifetime of each. How and when the Settlers may exercise their rights of use and enjoyment of the
Property shall be as they shall mutually from time to lime agree. (n the event of any dispute among
the Seniors as to use and enjoyment of the Property or the application or division of income derived
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from Hie Property, the decision of lhe Trustees shaU conlrol and shall constitute the sole and final
decision. which decision shall be non-appealable and not subject to review by any court or other
tribunal.
ARTICLEV.
DISPOSITION OF TRUST PROPERTY
Upon the death of the last of the Settlors. the Trust shall convey the Property to John Cretti
("Beneficiary") and the Trust shall be dissolved. Recordat ion in the office of the Clerk and Recorder
of Garfield County of Certificates of Death of each of the Settlers shall be conclusive evidence of
the deaths of the Settlers.
ARTICLE VI.
TRUST ADMINISTRATION AND PROTECTIVE PROVISIONS
A. The Beneficiary shall not have the right to anticipate, sell, assign, mortgage. pledge
or otherwise dispose of or encumber all of any part of the Trust Property, nor shall any part of the
Trust. inc.l uding the income therefrom, be liable for the debts or obligations of the Beneficiary or be
subject to attachment, garnishment, execution, creditor's bill or other legal or equitable process.
B. The term "Seniors" as used herein shall mean the persons named in the preamble
hereof and the survivors of them through the date of the demise of the last of them.
C. The validity of this Trust shall be determined by the laws of Colorado. Questions of
construction and administration of the Trust shall be determined by the laws of the situs o f
administration.
ARTICLE VII.
POWERS OF TRUSTEE
The Trustees may exercise all of the powers granted to fiduciaries under the Colorado
Fiduciaries' Powers Act as now constituted or hereafter amended.
ARTICLE VIII.
TRUSTEES' SUCCESSION AND ADMINISTRATIVE PROVISIONS
A. The Trustees may resign by giving thirty (30) days• written notice to the Sett lers and
to the Benefic iary. which resignation shall become effective at the end of the thirt y (30) day period .
B. If a Trustee resigns or ceases to act as such Trustee, the Scttlors shall appoint a
successor Tmstee. If no successor Trustee is appo inted within thirty (30) days followin g th e da te
of resignation or cessation to act by a Trustee, then the Settlors shall appoint a successo r Trustee .
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C. Each successor Trustee shall have all of the rights, titles, powers, privileges and duties
conferred or imposed upon the original Trustees without any conveyance or transfer. No successor
Trustee need examine the accounts, records or acts of any previous trustee or any allegation of the
Trust Estate, nor shall such successor Trustee be responsible for any act or omission to act on the
part of any previous Trustee.
IN WITNESS WHEREOF, the parties have hereunto set their hands and seals the day and
year first above written.
SETTLORS:
TRUSTEES:
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/.ang Fa1111(1 • frurt
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MARY ZANG .J
EMMAZANcY
JE~ ZANG
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GtORilt ZANG
TlMOTRV A: THULSON
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STATE OFCOLORADO )
) SS .
COUNTY OF GARFIELD )
The above and fo r egoing instrument was a cknowledged before me this 22nd day of
Dt"cember. 1998, by Angelina Cretti ..
Wi tness my hand and seal.
My commission expires:
ST A TE OF COLORADO )
) SS.
COUNTY OF GARFIELD )
NOt Pub li c
The above and foregoing instrument was acknowledged before me this
D~cembert 1998. by Leo Zang.
Witness my hand and seal.
My c ommission expires:
ST A TE OF COLORADO )
) ss.
COUNTY OF GARFIELD )
818 Colorado Avenue
G renwood Springs, CO 81601
My Commission expires May 11 2001
Notaryffiub1ic
The abo\·e and foregoing instrumen t was acknow f cdged before me this
December. 1998. by Mary Zang.
\Vitnc;,;s rny hand and se.il.
My comn~ission e x pires :
Tn11 r -lgre~·111c11t
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8 18 Colorado Avenue
Glenwood Springs. co 816Dl
My Commrss ior1 expires May 1. 200 1
Notary Public '.l
22nd day of
22nd day of
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ST A TE OF COLORADO )
) SS.
COUNTY OF GARFIELD )
The above and foregoing instrument was acknowledged before me this 22nd day of
December, 1998, b)' Emma Zang. Bla Colorado Avenue
Glenwoo11 Springs, CO 81601
Witness my hand and seal. My Co::imisc;;11n '3)pires May 1, 2001
My commission expires:
STATEOFCOLORADO )
) SS.
COUNTY OF GARFIELD )
The above and foregoing instrument was acknowledged before me this 22nd day of
December, J 908, by Gloria Zang.
Witne::m my hand and seal.
My commission expires:
818 Colorado Avenue
Glenwooct Springs, CO 81601
My Commissior1 expires May 1. 200 1
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Notary Pliblic
ST A TE OF COLORADO )
) SS.
COUNTY OF GARFIELD )
The above and foregoing instrument was acknowledged before me this 22nd
December, t 998, by Jemma Zang.
Witne5s my hand and seal.
My commission expires:
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818 Colorado Avenue
GienwOOd Springs, CO 81601
My Commission e>.p1res May 1, 2001
Notary ~blic
day of
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ST A TE OF CO L ORADO )
) SS .
COUNTY OF GARFIELD )
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The above and foregoing instrument was ac knowledged before me this ·..A day of
December, 1998, by John Cretti.
Witness my hand and seal.
My commission expires: '(a} . i 2.J)<./Z.....
ST ATE OF COLORADO )
) SS .
COUNTY OF GARFIELD )
' •\. ... _
The above and foregoing instrument was acknowledged before me this
December, 1998, by Timothy A. Thulson .
W1tn r:r.s my hand and seal.
My commission expires :
818 Colorado Avenue
GlenwOOd Springs, co 81601
My CommissiJr. expires May 1, 2001
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EXHIBIT A
Tracts 31, 32, 33 and 48 in Section 25, Township 5 South, Range 92
West of the 61h P.M. as shown on Plat No. 1 of the Antlers Orchard
Development Company filed for record in the office of the Garfield
County Clerk and Recorder, said property being otherwise described
as the south halfofthe SE~ofthe NEY., and the east half of the NEY.
of the SEY. of Section 25, Township 5 South, Range 92 West of the
61hP.M .
10 acre feet of Silt Project water from the Silt Water Conservancy
District and as described in Book 357 at Page 1 of the records of the
Clerk and Recorder of Garfield County, Colorado.
10 shares, The Farmer's Irrigation Company.
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