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HomeMy WebLinkAbout96-00577 . ' - . ;;;),/-/qqiJ,- 57'7 STATE OF PENNSYLVANIA for. u..J. COUN'l'Y OF CUNIJEHL^ND . -.- JUNIA'l'A FRANCES D^Y!.OR RRVOC^IJ!.E I N'I'I-:H-VIVOS 'I'IlUS'l' This Trust Agreement is made this 16th day of March ,l990, by JUNIA'l'A FHANCES DAYLOR, of CUMBERLAND County, Pennsylvania, who as Grantor, has created this trust and who is also the first TRUSTEE of this trust. AR'l'ICLE I Transfer of Property to Trustee The GRANTOR hereby transfers and delivers unto the TRUSTEE the property including insurance policies, cash and other assets which are partially described in Schedule "A" attached hereto. The 'I'RUS'l'EE shall have and hold said properties (whether listed in said Schedule or not), and all subsequently acquired income, in trust, pursuant to the terms of this agreement. The THUSTEE shall also hold any other property subsequently added to this trust by the GRANTOR or as a resul t of the payment of this trust of insurance proceeds, or by any other person, in trust and pursuant to the provisions of this agreement. All of the property held by the TRUSTEE pursuant to this agreement is hereinafter referred to as the "trust estate" and shall be held by the TRUSTEE for the uses and purposes, and upon the terms and conditions set forth in this agreement and declaration of trust. AR'l'ICLE II Reservation of Rights in Grantor The GRAN'l'OR reserves the right during the GRANTOR I S lifetime, and without consent of the TRUSTEE: ^. '1'0 add to the lnwl elJl.illc ilny property, of any nature, kind or description, includin'J cilBh, Becurities, real estate, additionill lnBlH'i1ncc pol ide:;, or other property, by deliveril!~ silld property to the 'J'IlUS'I'I.;g, or by conveying ti tl e to fwid properly to the 'mUS'l'lm by appropriate legal document:;. 'I'he GIl^N'J'OIl may a I so add additional property to this trust by devidng and bequething same to the 'l'IWS'l'EE in the GR^N'l'OR' S Last will and 'l'estament. 'l'he GIl^NTOIl may also designate this trust as the beneficiary of one or more life insurance policies, the ownership of which is in another person or entity other than this trust. However, the TIlUS'l'EE may refuse to continue to act as TIlUSTEE hereunder as a result of the addition of said addi tional trust property, pursuant to the provisions of ^IlTICLE VII hereof. B. To change, alter, or amend this trust agreement by written instrument, executed by the GR^NTOIl and delivered to the 'l'IlUS'fEE hereunder, and to change any or all of the beneficiaries of this trust, or to wholly divest them of any rights to property comprising the trust estate, or to limit said beneficiaries in any of their interest or rights herein, without the consent of any other person or persons. However, the TIlUSTEE may refuse to act as the TRUSTEE hereof as a result of said alterations or amendments to this trust, pursuant to the provisions of ^1l'l'ICLE VII HERIlEOF. C. To revoke or vacate this trust in whole or in part, or to withdraw any of the trust property from the operation of this trust at any time during the GIl^N'l'OIl'S lifetime. Such revocation or vacation of this trust agreement, or such wi thdrawal of property shall be effected by the GIl^N'l'OIl'S giving written notice to the TIlUSTEE of the GIl^NTOIl'S intentions in this regard, and upon the receipt of any such notice by the TRUSTEE, the TRUSTEE shall make, execute, and deliver to the GR^N'rOR such instruments in writing (including deeds, bills of sale, or othen1ise) as may be necessary to release to the GIl^NTOR and to transfer to the -2- GIlAN'l'OIl any and a 11 rights wh lch the '1'IWS'I'Jo:l'; may have acquired in any of the properties of the trunt clltate. D. '1'0 demand an lIccoun t ing as to any propcrt les he I d by the 'I'll Us'I'rm, or as'.J.:o any income or expenditures made by the 'l'IlUS'l'EE, or as to the location and financial condition of any of the investments comprising the trust estate, including liabilities to which any such investment may be subject, any physical depreciation or diminution in value reasonably anticipated by the TIlUSTEE, and any other financial information concerning said investments which the GIlANTOR may reasonabl y require. 'I'he 'l'IlUS'l'EE shall prepare and render an accounting as to the above items no less frequently than annually without the necessity of any request by the GRANTOIl. E. To remove the 'l'IlUS'I'EE and to reappoint a substitute or successor TIlUSTE at any time, without the consent of any other person. J\R'fICLE III Trustee's Duties with Ilespect to Life Insurance 'l'he TRUSTEE'S duties wi th respect to any insurance policies owned by the trust or which designate this trust as a beneficiary thereof shall be as follows: A. The TRUSTEE may pay the premiums which become due and payable with respect to any insurance policy in which the trust has an interest, or shall use said TRUSTEE'S best efforts to see that such premiums are paid by the GIlANTOIl or others by notifying any persons of the nonpayment of such premiums. In the event ei ther the GRAN'l'OIl or other parties who may be interested in said insurance policies do not pay such premiums, the TRUSTEE shall be authorized to apply any dividends received on any insurance policy owned by the TRUSTEE pursuant to this trust or to borrow upon the cash value of any policy to pay such premiums, and otherwise to use any income or principal of the trust for this purpose. In addition, the 'l'IlUS'l'EE Shilll have and may exercise all -3- rights, elections, optionu, privilegeu, i1nd other powern with respect to the irwlIrilnce pol lclen i.n which Lhl' Lruflt has an interest, including the l'ight Lo cxcrc:Jne any conversion privilege. or option to purchase additIonal insurance, the right t:o app 1 y the cilsh val ue of any po licy to the purchase of pa ld-up or extended irwurance, alld the right to surrender any policy In exchange for the cash value thereof. D. Upon the death of the GRlIN1'OR '!'RUS'!'!':!':, shall collect the insurance proceeds, death benef its, and other property payable to the trust by reason of the GHlINTOR' S death. In collecting such insurance proceeds, benefits and other property, the 'I'RUS'!'lm shall be authorized to elect any optional mode of settlement, and the payment to and the receipt of the TRUSTEE shall be a full discharge of the liability of any insurance company, which company need not take notice of this instrument or see to the application of any payment made by said company to the 1'Rus'rr,E. 1'he TRUSTEE shall be authorized to institute legal action to enforce payment under any insurance policy, but shall not be required to institute such legal action without indemnification satisfactory to it for attorney's fees or other resulting expense. C. In the event the GRlIN1'OH has designated this trust and the TRUSTEE thereof as the beneficiary of any policy of life insurance insuring the life of the GRlINTOR, but has not transferred the ownership of said life insurance policy to this trust, the policy proceeds payable to this trust by reason of the death of the GRlIN'!'OR shall be held and administered in accordance with the terms of this trust, and the TRUSTEE shall immediately take such steps as are necessary to effect the collection of said proceeds, with the same authority as provided in paragraph D of this lIrticle. -4- AII'I'ICI.I': I V Grilntor ilU Solu henu[iciill'Y oC 'I'rust During Grantor'u I.llctilllc '!'he '!'RUS'!'EE shal.J.. hold, lIlilIHl<Je, invest, ilnd reinvcst the trust estate, and shall collect the incomc thereof and dispose of the net income ilnd principal, as follows: A. During the lifetime of the GIlAN'I'OIl, thc '!'RUS'!'EE shall pay to the GRAN'!'OR, not less frequently than once every three (3) lIlonths, all thc net income (if any) of the trust estate together with any other amounts of principal as may be necessary to maintain the GRAN'l'OR in the GRAN'l'OR' S health, welfare, comfort and support needs. If at any time the GIlAN'l'OH shall be incapacitated or disabled, or for any other reason be unable to act in the GHANTOH'S own behalf, the TRUS'l'EE may, in the 'l'IlUS'rEE'S absolute discretion, pay to or apply for the benefit of the GRANTOR (in addition to the income payments above provided for) such amounts from the principal of the trust estate, up to the entire amount thereof, as the TRUSTEE may believe advisable for the GRANTOR'S use and benefit. B. Upon the death of the GRAN'l'OR, the TRUSTEE shall thereafter hold, manage, invest, reinvest, and distribute the property comprising the trust estate as is hereinafter prescribed in ARTICLE V. C. Upon the death of the GRANTOR, the TRUSTEE shall pay all of the expenses of GRAN'l'ORS last illness, funeral and burial expenses, and administration expenses of GRANTORS estate. D. Jlfter the dea th of the GRAN'!'OR, or if the GRAN'rOR shall become incapacitated or disabled, the 'l'RUS'l'EE shall strictly and accurately account to any of the beneficiaries named in ARTICLE V of this trust upon reasonable request for same by said bencficiary or beneficiaries for all funds and properties at any timc comprising any part of the income and principal of the trust estate. -5- AH'I'ICt.I'; V Benef ic iil res of '('runt Af tcr Gran tOl" B DCil th As soon af ter the deil th of the GHAN'J'OH (IS is rC(lsonilb J y possible, the 'l'HUS'l'EI,; -S.',1iI11 hold in trust and distribute the remaining trust estate (which shall incl ude any property which may be added f rom the CRAN'1'OR' S proba te es ta te) in accordance with the following: A. Subsequent to the execution of this trust, the GRANTOR intends to prepare a written statement or list which is intended by the GRANTOR to create a gift of certain items of tangible personal property not otherwise referred to in this trust to be effective upon the death of the GHI\N'1'OR. This written statement or list, which the GHANTOH will date and sign and in which list the GHAN'rOR wi 11 describe the items and the persons to whom the CRANTOH givRs said items, will be kept together with this trust. The GRANTOR directs the TRUSTEE to honor the instructions wi th respect to the gifts made in said written statement or list as soon after the GRANTOR'S death as is reasonably possible. The GRANTOR intends that said written statement or list shall not be used to give, bequeath, or dispose of money, evidences of indebtedness, documents of title, securities, real property used in a trade or business, and no contrary construction should be made of said written statement or list. B. The remaining assets of the JUNIATA FRANCES DAY LOR TRUST shall continue to be held by the 'l'HUSTEI,; in trust, pursuant to the provisions hereinafter set forth in this ARTICLE V. C. As of the date of the execution of this trust agreement and declaration the GRANTOR has three (3) children, to-wit: ANN MAHlE '1'OBII\S, WILLIMl JAMES DI\YLOR; and JOSEPII EDWARD DAYLOR. D. Subsequent to the death of the GRANTOR the rest, residue and remainder of the JUNIA'l'A FRANCES DI\YLOR '1'RUS'l' estate not otherwise disposed of above shall be divided into -6- equal shares Buch that there nha II be Dill' (I) l'qua I :;hare for the benefit of each of the CIlAN'I'OIl'~; ~1illd chi Idren who survive the CIlAN'I'OIl, and one (I) equal share for each of the CRAN'l'OH'S said chi Idr<!J1. who have predeceased the CHANTOIl leaving descendants who survive the CHANTOIl. Any share for the benefit of one of the CHAN'I'OIl'S chi ldren who survives the CIlANTOR is hereinafter called "Surviving Child's Share." Any share for one of the CHANTOIl'S children who shall have predeceased the CRANTOH leaving descendants who survive the GRANTOR shall be divided among the descendants of such deceased child per stirpes and not per capita, and any share thus held for the benefit of any such descendant of a deceased child is hereinafter called a "Surviving Descendant's Share." E. Immediately after the death of the GRAN'l'OI~ any share of JUNIA'I'A FRANCES DAYLOH 'I'HUS'l' then being held for a surviving child may be immediately distributed to said surviving child free of trust. If all said shares herein designated are thus distributed, this trust shall thereupon terminate. 1I0wever, if any of the GRAN'l'OR'S children die before the time for distribution to said child or children or their respective "Surviving Child's Share", said share shall be converted into one or more "Surviving Descendant's Shares" and shall be held by or distributed by the TRUSTEE as hereinafter provided. F. The surviving child's shares and surviving descendant I s shares in the 'l'lWS'l' designa ted above may be considered as undivided equitable interests in the entire principal of the trust estate by the TRUSTEE, it being the GRANTOR'S intention that the TRUSTEE have the discretion to administer said shares as though one single trust only, and not as separate trusts for the several beneficiaries of this trust. Alternatively, the 'l'RUS'l'EE may establish separate trusts for the beneficiaries hereof, in said 'l~USTEE'S discretion. Any other person may make additions to this trust by conveyance, by gift, by insurance contract, by will -7- or otherwIse, und any property no added shilll be ilnd become a part of the trust asuetu subject to the provisionu hereof the same as other parts of the trust estute. G. Durin<] such. time as any share In the 'l'HUS'I' or a '" portion of any such share, Is at any time held by the '!'RUS'!'EE for a surviving child (or a survivIng descendant) who has attaIned the age of twenty-one (21) years, the 'J'HUS1'EE shall pay the net income to such beneficIary in monthly or other convenient installments. Until such beneficiary has attained the age of twenty-one (21) years, the THUSTEE may, in said TRUSTEE'S discretion, use and apply all or part of such income for such beneficiary's health, education, college educatIon, maintenance, care, support or benefit rather than paying such income to the beneficiary directly, and may accumulate any income in excess of such beneficiary's needs for said beneficiary's health, maintenance, care, education, inClUding college education, support or welfare. 'J'he TRUS'!'EE shall also have the discretion to expend any portion of the principal of such beneficiary's share as the TRUSTEE deems advisable for the health, maintenance, care education, college education, support or welfare of such person. /lny unexpended income not so needed may be accumulated by the 'l'RUS'l'EE and shall become as principal. I. The determination of what part of the net income of the TRUS1' is at any time attributable to any share held for any beneficiary of thi s trust shall be made by the 1'RUSTEE, and such determination shall be binding upon the beneficiaries of this trust in the absence of bad faith or gross negligence. J. When any expendi ture of or encroachmen t upon the principal of any share is made pursuant to this /lH'l'ICLE, such share of the trust Shilll be reduced proportionately, and the determination of he exact amount of such reduction shall be made by the '!'RUSTEE, and the 'l'HUS'J'lm' S determination in regard Shilll be bindIng ilnd conclusive upon all beneficiaries hereof, -8- K. When any beneficiary for whose benefit any share of this trust is at any time held dies before the time for distribution to said beneficiary free of trust, any income which is unexpended -OJ undistributed a t the time of such dea th shall not be a part of such deceased benef iciary' s estate, but shall instead be divided among the same persons and in the same manner as the principal of such share, said principal and income to be either held or distributed as a part of this trust. L. Distribution free of trust to a surviving descendant shall be made by the 'r/WS'fEE as follows: a. When any surviving descendant entitled to any share of this trust and who was living at the time of the GRANTOR'S death attains the age of twenty-five (25) years, the principal of such beneficiary's share shall be valued as of said beneficiary's twenty-fifth (25th) birthdate. During the next five (5) years subsequent to said birthdate, said beneficiary shall have the option and the right to withdraw from said share an amount equal to Fifty Percent (501) of the value of said share so determined; provided, that if said beneficiary shall have already attained the age of twenty-five (25) years at the time when such share becomes held for his or her benefit, such option or right to withdraw shall be immediately available to said beneficiary. b. When any surviving descendant entitled to any share of this trust and who was living at the time of the GRANTOR'S death attains the age of thirty (30) years, the principal of such beneficiary's, share shall be valued as of said beneficiary's thirtieth (30th) birthdate. During the beneficiary's remaining lifetime, said beneficiary shall have the option and the right to withdraw from said share an amount equal to One lIundred Percent (lOO,/;) of the val ue of said share so determined: provided, that if said beneficiary shall have already attained the age of thirty (30) years at the time when such share becomes held for his or her -9- benefit, fluch option or. right to \~i thdril\~ Bhill.l be l"~ediiltcly ilvilililble to flilid bencficlilr.y. c. When ilny HUT.'viving dCRccndilnt entitled to any ohare of this trust .ilnll who WilR not living ilt the time of the CHAN'l'OH'S death -.:lttilins the age of twenty-one (21) years, said beneficiary shall have the option and the right to withdraw from said share iln amount equal to One lIundred Percent (lOO') of said share at any time during said beneficiary's remaining lifetime; provided, that if said beneficiary shall have already attained the age of twenty-one (2l) years at the time when such share becomes held for his or her benefit, such option or right to withdraw shall be immediately available to said beneficiary. M. It is the CHANTOH'S intention that nothing contained in this trust agreement shall violate the rule against perpetui ties. Accord ing J y, regardless of the foregoing, any differentiation between beneficiaries of this trust as to the time for the vesting of any interest therein which shall be required in order to avoid violating said rule shall be made by the THUSTEE, and any distributions of the trust estate, free of trust, which likewise may be required to avoid viol ating said rule shall be made by the TRUS'l'EE. N. No beneficiary of this trust shall have any right or power to sell, assign, convey, mortgage, pledge, anticipate, hypothecate, or otherwise dispose of any right, title or interest which any said beneficiary may acquire to the income or principal of this trust until said share or a part thereof shall have been actually paid over and delivered to said beneficiary by the TRUSTEE. Nor shall the income or principal of this trust be liable for or to any extent subject to any debts of any kind of character incurred by or contracted by such beneficiary before or after the death of the CHANTOR. O. If, at the time of the final distribution of this trust, there be no other person or persons entitled to tilke -10- C. Any '1'IlUS'J'EE lIlay resign as the 'I'IlUS'I'EE under this trust by delivering a wr it ten res i gna ti on to the GIlAN'I'OH or any of the beneficiaries n,ll1leeJ in AH'J'ICLE V of this trust who are over the age of twenty-one (21) years. u. Any refereno~. in this 'I'rust to "the '1'IlUS'J'f:E" shall be considered as referring to whichever '1'IlUS'I'EH, CO-'I'HUS'I'EE, or successor 'l'flUS'J'EE is serving as such a t the re tevant time; provided, however, tha t any action taken by a CO-'rRUS'I'EE must be consented to by the other CO-'I'RUS'I'EE serving as such at the relevant time. E. During the GRAN'rOR'S lifetime, the GIlAN'I'OR shall have the power to name any TRUSTEE or successor 'I'RUSTEE or CO-TRUSTEE under this trust. ARTICLE VII Powers of Trustee During Grantor's Lifetime In the administration of the trust estate, and in addition to the above powers granted to the 'I'RUS'I'EE, the TRUSTEE (including any successor 'I'RUSTEE l shall have the following powers during the lifetime of the GRAN'l'OI~: A. The TRUSTEE may retain any investment or purchase any investment or otherwise acquire or dispose of any investment as directed by the GRANTOR, either verbally or in writing. The GRANTOR'S directions in this regard shall be followed by the TRUSTEE and the TRUSTEE shall in no manner be liable for any potential breach of fiduciary duty while acting under the direct orders of the GRAN'J'Oll. B. The TRUSTEE shall purchase, sell, l.ease, pledge, mortgage, assign, transfer, aJ. ter, or otherwise deal wi th any investment held as part of the trust accordance with any written or oral instructions the 'I'RUSTEE from the GRAN'I'OR a t any ti me GRANTOR's lifetime so long as the GRAN'I'OR competent. C. If a t any time during the GRAN'rOll' S lifetime, the GRANTOR shall deliver to the 'J'HUS'J'HE lor any successor 'I'RUS'rEEl a notice in writing signed by the GIlANTOIl stating estate in received by during the shall be -11- that the GHAN'I'OH relinquishes the pOl~ers herein,lbove reserved by him, then such power Shill] cease and terminate, and from and after the de] ivery of such notice the 'rHUS']'!>E shall have those powers with respect to the trust estate '." hereinafer specified in AH']'ICI,E VIII. Furthermore, in the event the GHANTOR becomes incapacitated or dlsnb]ed nnd is adjudicated as such by a court of competent juriSdiction, the relinquishment of the GRANTOR'S powers as prescribed by this ARTICLE shall be presumed, and from and after the determination of such imcompetency, the TRUSTEE shall have those powers hereinafter specified in ARTICLE VIII. AR'rICLE VIII Powers of Trustee After Death of Grantor In the administration of the trust estate, the TRUSTEE shall have all of those powers granted by the laws of the State of Pennsylvania. In addition to the powers granted to the TRUS'l'EE above, the TRUS'l'EE shall have the follO\dng powers during the lifetime of the GRANTOR when the exercise of such is not inconsistent with the powers reserved to the GRANTOR under ARTICLE VIII, and shall have the following powers without restriction either after the death of the GRANTOR, or after the relinquishment of the powers prescribed above in ARTICLE VIII, to wit: A. To retain and to invest in any of the property comprising the trust estate without regard to the proportion which such property or properties of a similar chnracter so held in the trust estate may. bear to the entire amount of the trust estate, and whether or not such property is of the class in which Trustees are authorized by law or any rule of court to invest trust funds. B. To sell, convey, transfer, assign, mortgage, pledge, invest and reinvest any part or all of the trust estate at either public or private sale, for cash or credit, upon such terms and condi tions and for pri ces and under circumstances as the TRUSTE!> shall consider proper. -l2- , . the remaining trust estate under the other provisions hereof, thc>n the rema i nder o[ the trus t e!lta t", or ill I the rest residue and remilinder of the trust income and principal. property, as the case..milY be, as [ollO\~s: .' a. One-hal f to the persons to whom und in the proportions in which the GRANTOR'S personal property would have been distributed had the GRAN'l'OR then died intestate and been domiciled in the State of Pennsylvania, and b. One-half to the persons to whom and in the proportions in which the GRANTOR'S spouse's personal property would have been distributed had said spouse then died intestate and been domiciled in the State of Pennsylvania. P. Any disbursement required to be made by the TRUSTEE pursuant to the foregoing provisions may be made in cilsh or in kind, or partly in cash and partly in kind, in the TRUSTEE'S discretion, and the 'l'RUS'l'EE sha 11 have complete authority to determine the manner in which such distribution is to be made. ARTICLE VI Designation of Successor Trustees In the event that JUNIA'l'A FRANCES DAY LOR refuses or becomes unable, for any reason, to continue to serve as TRUSTEE under this trust, then the GRAN'l'OR does hereby designate and appoint JOSEPII EDI'iIlRD DAY LOR as successor TRUS'l'EE. In the event that JOSEPII EDWARD DAY LOR refuses or becomes unable, for any reason, to serve as 'l'RUS'l'EE, the GRANTOR does hereby designate and appoint MARY FRANCES DALY OR and ANN MARIE 'l'OlJIAS as successor CO-'l'RUS'l'EES. A. No bond shall be required of any person or any entity herein named as a 'l~USTEE of this trust. 13. Any 'l'IWS'l'EE serving as 'l'HUS'l'EE under this trust shall be entitled to reasonable compensation for services rendered to this trust according to the reasonab Ie va I ue thereof, or in accordance with any regular fee schcrlule established by said 'l~USTEE. -lJ- C. '1'0 exchange any property comprising the trust estate and to grant options for the purchase thereof without any limitation on the periOd of any such opti on and to execute all instruments . necessary to effect the authority without the necessity of notice to necessity of first obtaining any granted by these powers, anyone and without the order from any court. D. '1'0 lease any of the property comprising the trust estate, for such terms and periods as the '1'RUS'l'EE shall consider proper, and regardless of the fact that said lease may expire subsequent to the termination of this trust. E. To abandon any property comprising the trust estate if the TRUSTEE considers same advisable. F. '1'0 vote any stocks or other corporate securities having voting powers which at any time constitute a portion of the trust estate and, in general, to do and perform all acts and exercise such powers with respect to any corporate securities comprising the trust estate as the GRANTOR might do personally if the GRANTOR were living. G. To manage any real property held as part of the trust estate as if the absolute owner thereof; to erect, demolish or alter buildings and improve and manage property; to make ordinary and extraordinary repairs; to grant easements and charges, to subdivide, to adjust boundary lines and to partition and convey property. H. To borrow funds by mortgaging any assets of the trust estate under such terms and conditions as the TRUSTEE shall consider advisable. I. To hold any and all stocks, bonds, notes, mortgages or other property in bearer form, in the name of the TRUSTEE, individually, or in the name of the trust or in the name of a nominee. J. To administer the separate shares created by ARTICLE V of this trust as a separate trust or as one trust, either wholly or partly, said division to be determined solely for convenience of investment and administration. -14- K. and all be due trust. L. '1'0 execute re'presentations, and guarantees incidental to the trust. '1'0 compromise, settle, arbitrate, or release debts, liens, claims or other obligations which to the trus t or ~Ihich lIIay be <1 J iabi J i ty of allY may thl! warranties, indemnities, administration of the M. '1'0 engage agents, including tega I counsel, accountants, investment advisors, custodians, appraisers and other experts for the proper administration of this trust, and to compensate said persons for their services out of income or principal comprising the trust estate. N. To carry any insurance against any hazards, including liabil i ty insurance, in such insurance companies as the TRUSTEE shall consider advisable. O. '1'0 claim expenses as either income tax deductions or to permit the claiming thereof as estate tax deductions when an election is permitted by law, without thereafter making any adjustment between income and principal on account of any such determination. P. '1'0 enter into transactions wi th any other decedent's estate or any I iv ing or tes tamentary trust in which any of the beneficiaries of this trust shall have a beneficial interest, even though any f iduc iary under such other estate or trust is also a fiduciary under this trust. Q. To continue the operation of any business being operated by the GRANTOR at the GRANTOR'S death, and to retain the possession and use of any real estate owned by the GRAN'1'OR at the time of the GHAN'1'OH'S death. R. To make allocations of charges and credits between principal and income of the trust estate. S. To make loans of the trust esta te or any portion thereof to such person or persons and to such entities, and upon such terms and concli tions as the 'J'HUS'J'E!': sha II deem advisable. -l5- . , '1'. 'J'o permit any of the beneficiarie~ of this trust to use, in kind, any personal or real property comprising a portion of the trust estate without liability on the part of the TRUSTEE for cQnsumption or loss of any such property ~ so used. U. To directly pay for or to reimburse the 1~USTEE for any travel or transportation expenses incurred by the TRUSTEE in discharging the obligations imposed upon the TRUSTEE by this trust. V. The '!'RUS'!'EE shall be authorized to employ and compensate such appraisers deemed necessary by the TRUSTEE for the proper appraisal of the assets constituting this trust estate, and to do so without liability for any neglect, omission, misconduct, or default of such appraisal, provided that said appraiser was selected and retained with reasonable care. I\ny penal ty assessed which relates to the valuation of any asset constituting a portion of the trust estate shall be paid from the trust estate so long as said appraiser was selected by the '!'RUS'l'EE wi th reasonable care. W. To employ and compensate such appraisers as are deemed necessary by the TRUS'!'EE for the property appraisal of the assets of the trust estate, and the TRUSTEE shall be permitted to do so without liability for any neglect, omission, misconduct, or defau 1 t on the part of any such appraiser so retained so ] ong as the 'I'RUS'l'EE selects said appraiser with reasonable care. I\ny penalty assessed which relates to the improper valuation of any asset shall be paid from the trust estate so long, as the '1'IWS'1'EE has selected such appraiser with reasonable care. AR'!'ICLE IX Trust to Pay Estate and Inheritance Taxes, Funeral Expenses, Lawful Debts, and Expenses of Last Illness on Death of Grantor The trust estate shall be charged with the payment of any federal estate taxes, or any state death or inheritance -16- taxes which may be assessed upon the Gll^N'I'OIl I S estate. 'l'he TllUSTEE may rely conclusively upon written advice from the Executor or Personal llepresentative of the Gll^NTOll'S estate, or upon any other competent evidence as to the existence of such t~'xcs and the amount thereof. I f the TllUSTEE shall be required to pay any such taxes, they shall be charged against the principal of the trust estate. In addition to the foregoing, the trust estate shall be charged with the payment of any funeral expenses attributable to the funeral of the GR^NTOR, the payment of any lawful debts owed by the GR^NTOR as of the da te of the GR^NTOR' S dea th, and any expenses associated with the last illness of the GR^NTOR. The 'l'IlUS'l'EE shall be permitted to continue any debt to which an asset of the trust estate is subject, and may refuse to pay any debt in the event the TRUSTEE, in the TRUSTEE'S judgment, deems said indebtedness improper or not properly payable by the trust estate. -17- .,:, ,', . .. . AW!'ICLE X Construction of Trust Under Laws of Pennsylvania The GRANTOR declares that this agreement and the trust created hereby shall ,be construed under and be regulated by -.. the laws of the State of Pennsylvania, and the validity and effect of this agreement shall be determined in accordance with the laws of Pennsylvania. IN IHTNESS WHEREOF, this trust agreement and declaration has been executed by the GRANTOR and TRUSTEE on this / (; ,,, day of n/OI(I) , 1990. J} { r: lei ')l~~ I i~-- c/ ,J it /I(',:1L f-~~j' t_l /I ( ) II( ( I/Ull. State of Pennsylvania County of.JJo...u..PlLi/11 , ) ) ) On this /&111 day of />}lfArll , 1990, before me, a Notary Public in and for said state, personally appeared JUNIATA FRANCES OAYLOR known to me to be the person who executed the foregoing Revocable Inter Vivos Trust Agreement as GRANTOR and acknowledged to me that she executed same as her free act and deed for the purposes therein stated. My commission expires: lIY'~~~:;~ ~AL IiC"H YS ,\:j.f ,'.::.:.;' Pt,"': Ii ',' ~'_'~ ,',; !:~~';.' "'.~J 1).,' ~ "-' --.._--~.-.-.- --'-- -18- Fl,( f: , .1 J I'; '96UL 23 :'2 :11] CIl" "'I CUn '. FA . , . .. . ~ ...~ . . I . . - '1'111"1 L~ Iii U'll1fy Ib,ll fiu' IIdHI IIl,tl 1,,11 1,"11 ,'1\ (II I, l"'!" 11\ .' 'I" I ! 1"111111 "111'111 II \1 I Itll< .111 ,11 .It ,Ilh dllh Idl"oI \\ 1I11 llll"" 1,01.11 Htgl"llf,lt '1'111 11111:111.11, II 1I1tt ,lit '.\ till" I, '! ". ': " . t. ! 'L 'I. \ II ,I Ill" d.!" (1111' 1 1"1 I'l IIHllH til tdUll' WARNING: It 15 IlIeonlto dupllcall! this copy by photoslnt or photogrnph. Nil " ..,:(~\iiiiii'Pf,j:., /~~..- ';lj/\, 11'i-' ~"~'--'.'_\~ ~f~!,.. :~ll U ,I 'h L III \. ' ~ t:>.'", ." ~i III ,~'"~."" "~..,~ ',,'(,pI ~Y"; ". .4ii Nl ~\ ~".,;t ~'~!':!'.!l'_o;!~ /) /1/.71- {,?,1'l?U /'(./(;V;''i!~:2'C~/(-- 1,,(.dl{'I.;I'-lI,11 0 h,l.t"IIlI1"'lllilll.ll! SJ11II '\ "i; ') \.' .:; I) ,) '_, .. .) () JUl. 2 U 13)} Il.Ia COMMONWEALTH OF PENNSYlYANIA. DEPARTMENT OF HEALTH. VITAL RECORDS CERTIFICATE OF DEATH IJa lor ,u d'emale '''''.''l'M.NIlIll KlCI4LSlC\JAlT'..uYUIIl L Juniata p, AQlfl."tIo'hII" UfC)I""[,Aft - .... ." 184 36 - 6733 OAlIOf'OlNHMQtlflUl,_, .,July 18, 1996 ftAWEDlDlC;IOf.N1,..~I-1 _lttI'\.ACID,-' ~"IIJl""C<a#." ft.lClOIOI:..,Ho-.....'... _~,..........-.IIM ..0"'.... ~...O .~O =~,o 83 'It lXIlJHTYOIIOlRH _MlIINJ"-", 1UoC1.__-.o.WhoI.. 0.->>' La./er Paxton UtOOIIU$lHIE$SIIHDVSIJII' .. White ..........."""'" ..-,...--- n. Dau Dol - ..., ~? 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"ACI01 MJUR',,,_ '-"",.....~oIllu ~tIIC~,\ ... ~~ ......n...."'" ~, o ','~DJ'l.>q!/ 1:___ :::'..)j'~JB...,.1'j(, J<C.lW(.u.oAOORfS1OJf'f.MSOItllrHOCDW\tTIOC4lJSl~'1I / l"-"<lntrJltor"'''' SIO()L,:.~aS1~~ ~1f'lJ2r- o WI'j501J/l~ /iA(lfll>6V(.Jr I'a (1/11 u DA!'E'IIID..........L/II'-, 't"1l ;AHOCUtt...,INQ,,"'IlClAM(f't>y_b"',,"_"onJ_'.oJ,pVyn,j~._<l<>>""1 "'..........""~..................._.CIMOl......""'.,............I...NI.I........_.....I.., , .;)..1-/qcUa - .5'1'7 .' 00 ~ :0 Co :no =? :.l.. ....l(":< , " - c- r C (. F N I.JJ r ~' ) 'U .. "'.I ,., ,~) "'0.'"" 0- b:. -.. )>;:4 I.JJ ., .... 01.1- Iqq~ - 5'7'7 , ... ~ " STATE OF PENNSYLVANIA ss, COUN'I'Y OF CUMUEHLANO JUNIA'I'A I'RANCES DAYLOH RBVOCAOLE INTER-VIVOS EDUCATIONAL TRUST Th~s 'I'rust Agreement is ma~~ this .9( t.J day of '- I-ILlI ,19911 by JUNIJ\'I'A FRANCES DAYLOR, of CUMBERLAND unty, Pennsylvania, who as Grantor, has created this trust and who is also the first TRUSTEE of this trust. AR'I'ICLE I Transfer of Property to Trustee The GRANTOR hereby transfers and delivers unto the TRUSTEE the property including insurance policies, cash and other assets which are partially described in Schedule "A" attached hereto. The TRUSTEE shall have and hold said properties (whether listed in said Schedule or not), and all subsequently acquired income, in trust, pursuant to the terms of this agreement. 'I'he TRUS'l'EE shall also hold any other property subsequently added to this trust by the GRANTOR or as a result of the payment of this trust of insurance proceeds, or by any other person, in trust and pursuant to the provisions of this agreement. All of the property held by the TRUSTEE pursuant to this agreement is hereinafter referred to as the "trust estate" and shall be held by the TRUSTEE for the uses and purposes, and upon the terms and conditions set forth in this agreement and declaration of trust. AH'rrCLE II Reservation of Rights in Grantor The GRANTOR reserves the right during the GRAN'I'OR I S lifetime, and without consent of the TRUSTEE: " A, '1'0 add to the trust estate uny property, of uny nature, kind or description, including cush, securities, real estate, additionul insurance policies, or other property, by delivering said property to the TRUSTEE, or by conveying title to suid property to the TRUSTEE by appropriate legal documen ts, 'I'he GIlAN'rOIl may a Iso add additional property to this trust by devising and bequething same to the 'l'RUS'rEE in the GRAN'rOIl' S Last IHll and Testament. The GRANTOR may also designate this trust as the beneficiary of one or more life insurance policies, the ownership of which is in another person or entity other than this trust. However, the 'rRUS'l'EE may refuse to continue to act as TRUSTEE hereunder as a result of the addition of said additional trust property, pursuant to the provisions of ARTICLE VII hereof. B. To change, alter, or amend this trust agreement by written instrument, executed by the GRANTOR and delivered to the TRUSTEE hereunder, and to change any or all of the beneficiaries of this trust, or to wholly divest them of any rights to property comprising the trust estate, or to limit said beneficiaries in any of their interest or rights herein, without the consent of any other person or persons. However, the TRUSTEE may refuse to act as the TRUSTEE hereof as a result of said alterations or amendments to this trust, pursuant to the provisions of ARTICLE VII hereof. C. To revoke or vacate this trust in whole or in part, or to withdraw any of the trust property from the operation of this trust at any time during the GRAN'l'OR'S lifetime. Such revocation or vacation of this trust agreement, or such withdrawal of property shall be effected by the GRAN'l'OR' S giving written notice to the TRUSTEE of the GRANTOR'S intentions in this regard, and upon the receipt of any such notice by the TRUSTEE, the TRUSTEE shall make, execute, and deliver to the GRI\N'I'OR such instruments in writing (including deeds, bills of sale, or otherwise) as may be necessary to release to the GRAN'rOR and to trunsfer to the -2- GHAN'I'OIl any and ill 1 l"l<Jhts which the '1'IlUS'J'Ef'; lIIay have acquired in any of the properties of the trust estate, D. To demand an accounting as to any properties held by the TRUSTER, or as to any income or expenditures made by the '1'IlUS'J'EE, or as to the location and financial condition of any of the investments comprising the trust estate, including liabilities to which any such investment may be subject, any physical depreciation or diminution in value reasonably anticipated by the TRUSTEE, and any other financial information concerning said investments which the GRAN'J'OR may reasonably require, 'I'he 'J'IWS'J'EE sha 11 prepare and render an accounting as to the above items no less frequently than annually without the necessity of any request by the GRANTOR. E. To remove the 1'RUS'J'EE and to reappoint a substitute or successor TRUSTEE at any time, without the consent of any other person, ARTICLE III Trustee's Duties with Respect to Life Insurance The TRUSTEE'S duties with respect to any insurance pOlicies owned by the trust or which designate this trust as a beneficiary thereof shall be as follows: A. The TRUSTEE may pay the premiums which become due and payable with respect to any insurance policy in which the trust has an interest, or shall use said TRUSTEE'S best efforts to see that such premiums are paid by the GRANTOR or others by notifying any persons of the nonpayment of such premiums. In the event either the GRANTOR or other parties who may be interested in said insurance policies do not pay such premiums, the TRUSTEE shall be authorized to apply any dividends received on any insurance policy owned by the TRUSTEE pursuant to this trust or to borrow upon the cash value of any policy to pay such premiums, and otherwise to use any income or principal of the trust for this purpose. In addition, the TRUSTEE shall have and may exercise all -3- rights, elections, options, privileges, and other powers with respect to the insurance policies in which the trust has an interest, including the right to exercise any conversion privilege or option to purchase additional insurance, the right to apply the cash value of any policy to the purchase of paid-up or extended insurance, and the right to surrender any policy in exchange for the cash value thereof, B. Upon the death of the GRANTOR 'l'RUS'],EE, shall collect the insurance proceeds, death benefits, and other property payable to the trust by reason of the GRAN'I'OR' S death. In collecting such insurance proceeds, benefits and other property, the TRUSTEE shall be authorized to elect any optional mode of sett lement, and the payment to and the receipt of the TRUS'l'EE shall be a full discharge of the liability of any insurance company, which company need not take notice of this instrument or see to the application of any payment made by said company to the 'l'RUS'l'EE. The TRUSTEE shall be authorized to institute legal action to enforce payment under any insurance policy, but shall not be required to institute such legal action without indemnification satisfactory to it for attorney's fees or other resulting expense, C. In the event the GRANTOR has designated this trust and the TRUSTEE thereof as the beneficiary of any policy of life insurance insuring the life of the GRANTOR, but has not transferred the ownership of said life insurance policy to this trust, the policy proceeds payable to this trust by reason of the death of the GRANTOR shall be held and administered in accordance with the terms of this trust, and the TRUSTEE shall immediately take such steps as are necessary to effect the collection of said proceeds, with the same authority as provided in paragraph B of this Article. -4- A({,I'ICJ.I': IV Grantor as 501c Beneficiary of Trust During Grantor's I,ifctime 'I'he 'I'RU5'l'EE shall hold, managc, invest, and reinvest the trust estate, and shall collect the income thereof and dispose of the net income and principal, as follows: A, During the lifetime of thc GRAN'I'OR, the 'I'RUS'l'lm shall pay to the GRAN'l'OR, not less frequcntly than once every three (3) months, all the net income (if any) of the trust estate together with any other amounts of principal as may be necessary to maintain the GRANTOR in the GRANTOR'S health, welfare, comfort and support needs. If at any time the GRANTOR shall be incapacitated or disabled, or for any other reason be unable to act in the GR^N'I'OR I S own behalf, the 'l'RU5'l'EE may, in the 'I'RU5'I'EE' 5 absolute discretion, pay to or apply for the benefit of the GRAN'1'OR (in addition to the income payments above provided for) such amounts from the principal of the trust estate, up to the entire amount thereof, as the TRU5'l'EE may believe advisable for the GRAN'l'OR I S use and benefit, D. Upon the death of the thereafter hold, manage, invest, the property comprising the trust estate as is hereinafter prescribed in ^RTICLE V. C. After the death of the GRANTOR, or if the GR^NTOR shall become incapacitated or disabled, the 'l'RUS'l'EI> shall strictly and accurately account to any of the beneficiaries named in AH'l'ICLI> V of this trust upon reasonable request for same by said beneficiary or beneficiaries for all funds and properties at any time comprising any part of the income and principal of the trust estatc. GRAN'I'OR, the 'I'RU5'l'I>I> shall reinvest, and distribute - 5 - AIl'l'lCI,g V Beneficiaries or Trust After Grantor's Death After the death of the GHAN'l'OR the 'l'HUS'l'EE shall hold and distribute the remaining trust estate (which shall include any property which may be added from the GRAN'l'OH' S probate estate or otherwise) for the following uses and purposes: A. Until January 1, 2040, the principal and income of the trust shall be used as follows: a. All GRANTOR'S grandchildren may borrow funds from the trust to be used for graduate school education only. Such borrowings shall bear interest at the rate of three (3%) percent per annum and shall be repaid by the borrowing grandchild within six (6) years after his or her graduation or termination of enrollment in graduate school. 2. All GRANTOR' S great-grandchildren may borrow funds from the trust for undergraduate education leading either to an associate or bachelor I s degree. Such borrowings shall bear interest at the rate of one (1%) percent per annum and shall be repaid by the borrowing great-grandchild within ten (10) years following graduation. If such great-grandchild does not graduate, the money borrowed, together with interest at nine (9%) percent per annum, shall be paid within five (5) years from the date of termination of the child's enrollment in school. B. On January 1, 2040, this trust shall terminate and all principal and undistributed income of said trust shall be distributed in equal shares among the then living great-grandchildren of GHANTOH. C, The term great-grandchildren shall include natural born children and children adopted prior to the child's attaining his or her eighteenth (18th) birthday. 0, 'l'RUS'l'EE(S) shall require the borrower to execute such documents as she or they deem appropriate to evidence - 6 - the obligation and to secure repayment according to the terms set forth above and may sot of f any unpaid amounts due by a borrower against funds due him or her under this Article. Alt'rICLE VI Designation of Successor Trustees In the event that JUNIJ\'l'A FRANCES D^Yl.OR refuses or becomes unable, for any reason, to continue to serve as TRUSTEE under this trust, then the GRANTOR does hereby designate and appoint JOSEPH EDl1AIW DAY LOR and MARY l'HANCES DAYLOR as successor 'l'RUS'l'EES, In the event that JOSEPII EDl1ARD D^YLOR and MARY FRANCES DAYLOR both refuse or become unable, for any reason, to serve as 'l'RUSTEES, the GRANTOR does hereby designate and appoint the following as successor CO-TRUSTEES: TERESA ANN TOBIAS HE~lPSL, JAMES mCIIAEL DAY LOR and JOSEPH MICHAEL DAYLOR. In the event any of them refuses or becomes unable, for any reason, to serve as CO-TRUSTEE, GRANTOR directs that no successor to such person be required so long as there is one serving TRUSTEE, The last serving of the above named TRUSTEES shall appoint his or her successor and each subsequent serving TRUSTEE shall appoint his or her successor. AU'I'ICLE VII Powers of Trustee During Grantor's Lifetime In the administration of the trust estate, and in addition to the above powers granted to the TRUSTEE, the TRUSTEE (including any successor THUSTEE) shall have the following powers during the lifetime of the GHANTOR: A. 'l'he TRUS'I'EE may retain any investment or purchase any investment or otherwise acquire or dispose of any investment as directed by the GRAN'l'OH, either verbally or in writing, 'rhe GRAN'l'OR I S directions in this regard shall be followed by tho TRUSTER nnd the THUSTEE shall in no manner - 7 - be liable for any potential breach o[ fiduciary duty while acting under the direct orders o[ the GRANTOR, 13. 'l'he 'l'RUS'l'lm shall purchase, sell, lease, pledge, mortgage, assign, trnasfer, alter, or otherwise deal with any investment held as part of the trust estate in accordance with any written or oral instructions received by the TRUSTEE from the GRAN'l'OR a t any time during the GRAN'1'OJ~' S lifetime so long as the GRANTOR shall be competent. C. If at any time during the GRAN'I'OR'S lifetime, the GRANTOR shall deliver to the TRUSTEE (or any successor TRUSTEE) a notice in writing signed by the GRI\N'l'OR stating that the GRAN'l'OR relinquishes the powers hereinabove reserved by him, then such power shall cease and terminate, and from and after the delivery of such notice the TRUSTEE shall have those powers with respect to the trust estate hereinafter specified in I\RTICLE VIII. Furthermore, in the event the GRANTOR becomes incapacitated or disabled and is adjudicated as such by a court of competent jurisdiction, the relinquishment of the GRANTOR I S powers as prescribed by this AR'l'ICLE shall be presumed, and from and after the determination of such incompetency, the 'l'RUS'l'EE shall have those powers hereinafter specified in ARTICLE VIII, AR'I'ICLE VIII Powers of Trustee l\fter Death of Grantor In the administration of the trust estate, the 'l'RUSTEE shall have all of those powers granted by the laws of the Commonwealth of Pennsylvania. In addition to the powers granted to the TRUSTEE above, the TRUSTEE shall have the following powers during the lifetime of the GRANTOR when the exercise of such is not inconsistent with the powers reserved to the GRAN'l'OR under I\R'l'ICLE VIII, and shall have - 8 - the following powers without restriction either after the death of the GRANTOR, or after the relinquishment of the powers prescribed above in ARTICLE VIII, to wit: A. '1'0 retain and to invest in any of the property comprising the trust estate without regard to the proportion which such property or properties of a similar character so held in the trust estate may bear to the entire amount of the trust estate, and whether or not such property is of the class in which 'I'rustees are authorized by law or any rule of court to invest truat funds. B. To sell, convey, transfer, assign, mortgage, pledge, invest and reinvest any part or all of the trust estate at either public or private sale, for cash or credit, upon such terms and conditions and for prices and under circumstances as the TRUSTEE shall consider proper. C. To exchange any property compr1s1ng the trust estate and to grant options for the purchase thereof without any limitation on the period of any such option and to execute all instruments necessary to effect the authority granted by these powers, without the necessity of notice to anyone and without the necessity of first obtaining any order from any court. D. '1'0 lease any of the property comprising the trust estate, for such terms and periods as the TRUSTEE shall consider property, and regardless of the fact that said lease may expire subsequent to the termination of this trust. E. To abandon any property comprising the trust estate if the TRUSTEE considers same advisable. F. '1'0 vote any stocks or other corporate securities having voting powers which at any time constitute a portion of the trust estate and, in general, to do and perform all acts and exercise such powers with respect to any corporate - 9 - securities comprising the t['ust estate as the GHAN'I'OH might do personally if the GHAN'I'OH we['e living, G. '1'0 manage any ['eLl 1 p['ope['ty held as part of the trust estate as if the absolute owner the['eof: to erect, demolish or alter buildings and improve and manage property; to make ordinary and extraordinary repairs; to grant easements and charges, to subdivide, to adjust boundary lines and to partition and convey property, H. To borrow funds by trust esta te under such terms mortgag ing any assets of the and condi tions as the '1'IWS'I'EE shall consider advisable. I. To hold any and all stocks, bonds, notes, mortgages or other property in bearer form, in the name of the TRUSTEE, individually, or in the name of the trust or in the name of a nominee. J. To administer the separate shares created by ARTICLE V of this trust as a separate trust or as one trust, either wholly or partly, said division to be determined solely for convenience of investment and administration. K, '1'0 compromise, settle, arbitrate, or release any and all debts, liens, claims or other obligations which may be due to the trust or which may be a liability of the trust. L. To execute representations, warranties, indemnities, and guarantees incidental to the administration of the trust. M. To engage agents, including legal counsel, accountants, investment advisors, custodians, appraisers and other experts for the proper administration of this trust, and to compensate said persons for their services out of income or principal comprising the trust estate. N, '1'0 carry any insurance against any hazards, including liability insurance, in such insurance companies as the THUSTEE shall consider advisable. - 10 - 0, '1'0 claim expenses as either income tax deductions or to permit the claiming thereof as estate tax deductions when an election is permitted by law, without thereafter making any adjustment between income and principal on account of any such determination. P. To enter into transactions with any other decedent's estate or any living or testamentary trust in which any of the beneficiaries of this trust shall have a beneficial interest, even though any fiduciary under such other estate or trust is also a fiduciary under this trust. Q, To continue the operation of any business being operated by the GRANTOR at the GRANTOR'S death, and to retain the possession and use of any real estate owned by the GRANTOR at the time of the GRANTOR'S death, R. To make allocations of charges and credits between principal and income of the trust estate, S. To make loans of the trust estate or any portion thereof to such person or persons and to such entities, and upon such terms and conditions as the TRUS'I'EE shall deem advisable. '1', '1'0 permit any of the benef iciaries of this trust to use, in kind, any personal or real property compr~s~ng a portion of the trust estate without liability on the part of the TRUSTEE for consumption or loss of any such property so used. U. To directly pay for or to reimburse the for any travel or transportation expenses incurred TRUSTEE in discharging the obligations imposed upon the by this trust. V, The TRUSTEE shall be TRUSTEE by the '1'RUSTEE compensate such appraisers for the proper appraisal trust estate, and to do so deemed of the without authorized to employ and necessary by the '1'RUS'l'EE assets constituting this liability for any neglect, - 11 - omission, misconduct, or defaul t of such appraisal, provided that said appraiser was selected and retained with reasonable care, Any penalty assessed which relates to the valuation of any asset constituting a portion of the trust estate shall be paid from the trust estate so long as said appraiser was selected by the TRUSTEE with reasonable care, W. '1'0 employ and compensa te such appraisers as are deemed necessary by the '!'RUS'I'EE for the property appraisal of the assets of the trust estate, and the 'I'RUSTEE shall be permitted to do so without liability for any neglect, omission, misconduct, or default on the part of any such appraiser so retained so long as the TRUSTEE selects said appraiser with reasonable care. Any penalty assessed which relates to the improper valuation of any asset shall be paid from the trust estate so long as the '1'RUSTEE has selected such appraiser with reasonable care. lIR'!'ICLE IX Trust to Pay Estate and Inheritance Taxes, Funeral Expenses, Lawful Debts, and Expenses of Last Illness on Death of Grantor The trust estate shall be charged with the payment of any federal estate taxes, or any state death or inheritance taxes which may be assessed upon the GRAN'I'OH' S estate. The TRUSTEE may rely conclusively upon written advice from the Executor or Personal Representative of the GRANTOR I S estate, or upon any other competent evidence as to the existence of such taxes and the amount thereof. If the 'I'HUS'l'EE shall be required to pay any such taxes, they shall be charged against the principal of the trust estate, In addition to the foregoing, the trust estate shall be charged with the payment of any funeral expenses attributable to the funeral - l2 - 4 ' . I COHHONWg^L'l'1I OF pgNNSYLVANI^: SS, COUN'l'Y OF DAUPIIIN ) , ~0 () 199J~ before On this ,.'(,IL " , , I I' . ~' , {( , said s "ate, day of My commission expires: I , . I --.J'//(t( I"tlLA - Not r Public H,...i.Ir.a.l ~ BarbIII J. DIIIII!!, !klfry I' : U pt'o. AJ:e.'1 T..p-, Cum~~ :It'lt, t 1M': on . '. , 1I..."",Pnm,yl,;;;;-~i NoIII"" COMMONWEALTII OF PENNSYLVANIA: SS. COUNTY OF DAUPHIN On this /-::}-{, '-/, qoJ; 199~, before " ,) llNI..~j . me, a Notary Public, in and for said sta~, personally appeared JUNIATA FRANCES DAYLOR known to me to be the person who executed the foregoing Revocable Inter-Vivos Educational Trust Agreement as TRUSTEE and ackno~/ledged to me that she executed the same as her free act and deed for the purposes therein stated. day of My commission expires: ,/ ), " //, I ^" ./1.,1,/1;1 - '/.,!o(,-'/, . Notar Public j1:;;;;-:~'7.:-'" J 8art)If'I J.IranC", ttG~')' ... .~ " '!'lY III CommllOlon ElpI"" Nn II, 1~2 lI...bu, Ptnnsylvanll Asoo<lIIlon 01 Nolariel '. 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