Deed of Trust
This deed of trust is made the 2nd day of March 2000 between AB etc. (hereinafter called the settlor), of the one part and CD of, etc., and EF of, etc. (hereinafter called the trustees), of the other part.
Whereas the settlor is desirous of creating a settlement or trust in respect of the properties described in the schedule hereto to the intents and purposes hereinafter appearing: now this indenture witnesses that the settlor does hereby grant, convey, transfer and assign and assure unto and to the trustees the properties described in the schedule hereto to have and to hold the same to the use of the trustees or any one or more of them subject to and upon the following trusts namely:
1. The trustees or the trustee for the time being shall, at the first instance, pay out of the rents, issues and profits thereof all Government revenue, cess, taxes, rates, and other impositions and outgoings in respect of the said properties.
2. Secondly, pay out of the balance of income the costs, charges and expenses for the maintenance, upkeep and repair of the said properties.
3. Thirdly, make the following payments available out of the residue thereof.
(a) A sum of Rs. 8,000 monthly for the deity worship and periodical festivals of the deity located at …………………
(b) A grant of Rs. 5,000 per month to MN as his maintenance allowance for the term of his natural life.
The trustees or trustee shall, out of the rest and residue of the income of the estate keep and maintain a sum equivalent to 20 % thereof as reserved to meet emergency expenses and pay the balance to the settlor during the term of his natural life for his absolute use and enjoyment and after his death to his two sons X and Y and their natural heirs in equal shares.
The trustees or trustee hereby appointed or to be appointed in future as hereinafter provided shall have full power to sell, transfer, alienate or convert any one or more of the properties set forth in the schedule hereto with the permission of the court of the District Judge having jurisdiction over the subject-matter of the trust and to convert the proceeds thereof in other property or properties and/or securities as are prescribed by law.
In case of death, retirement or removal of any one or more of the trustees during the life of the settlor, the settlor will have the right to appoint such other trustee or trustees in the place of the trustee or trustees so dying, retiring or removed. In case of inability or refusal on the part of any trustee to act as such trustee, the surviving trustee will be entitled to nominate a competent male member of the family of AB and if no such person is available, then and in such an event the vacancy shall be filled up by the court of competent jurisdiction: provided, however, that in case of acquisition of the trust properties or any portion thereof, the trustees or trustee shall invest the compensation money either in purchase of some other income-fetching property or properties or purchase some securities to be held by him or them on the same terms as to trust hereunder created and that the trustee or trustees so appointed will have the same powers and rights as if he or they was or were originally appointed the trustee or trustees under these presents.
The Schedule above referred to
In witness, etc.
Signed, sealed and delivered AB
in the presence of: CD