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REVOCABLE TRUST AGREEMENI'
THIS AGREEMENl' OF TRUST, Il'dde this /,.#I'ctay ofA~~~~r, 1988,
by and beTh'.:..:!n ELIZABETH A. GOBRECHT, of OXford Township, York County,
Pennsylvania, party of the first part, hereinafter reforred to as "Settlor",
AND
DAUPHIN DEPOSIT BANK AND TRUST COMPANY, of Harrisburg, Dauphin County,
Pennsylvania, party of the second part, hereinafter referred to as "Trustee".
WITNESSETH I
WHEREAS, the Settlor is the owner of certain assets referred to on the
Schedule "A" attached hereto and oode a part of this Agreerrent, and
WHEREAS, the Settlor, for. her own convenience and protection, desires to
have the aforesaid assets, together with such other assets as Il'dY be turned
over to the Trustee in accordance with the terms hereinafter set forth,
invested and managed by the Trustee for us(... and purposes described in this
Trust, and
WHEREAS, the Trustee has evidenced its consent to accept the Trust,
subject to the terms and conditions hereinafter set forth, and
WHERF'..AS, t"e parties hereto are desirou~ of setting for.th the terms and
conditions undet' which the property is to be held in Trust and the uses and
purposes to which the sarre shall be applied by the Trustee.
~
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NOW, THEREFORE, in consideration of these premises and of the mutual
covenants herein containod, the parties hereto agree as folloWSI
1. The Settlor does hereby assign, transfer and convey unto the Trustee
the property refel.-red to on Schedule "A", which property shall be held, IN
TRUST, by the Trustee and administered in accordance with tho terms and
conditions of this Agrebment.
2. From time to time, the Settlor, the Settlor's estate, or any other
person, firm or corporation may deliver to the Trustee other real. or personal
property to be administered as a part of the within Trust, and the Trustee
agrees to accept such additional property as part of the total trust admin-
istered hereunder. Trustee shall invest. reinvest and keep invested the
principal of the Trust estate and collect and receive the income therefrom
and distribute the net income to Settlor, or any other party for her benefit,
for and during the term of her natural life.
3. Trustee is authorized to disburse any part or all of the principal
of this Trust at any time or from time to time when in its discretion it shall
be expedient for the comfort, maintenance and support of the Settlor, and
Settlor's husband, RALPH W. GOBRECHT.
4. Trustee is authorized to disburse the income or the principal of
this Trust as hereinbefore authorized, either directly to the Settlor, or to
any other party for her benefit or for her husband's benefit as selected by
Trustee to be the recipient thereof without the intetvention of a guardian,
and the receipt of the party selected by the Trustee shall be a sufficient
acquittance.
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5. Upon the death of Settlor.
(a) Trustee shall establish a Three Hundred Thousand ($300,000.00)
Dollar Trust from the Trust assets then held by Trustee, and Trustee is
authorized to disburse the income and any part or all of the principal of
said Three Hundred ~'housand ($300,000.00) Dollar Trust at any tirre or from
time to time when in its discretion it shall be expedient for the comfort,
rMintenance and SIJppoL"t of Settlor's husband, RALPH W. GOBRECHT, so long as
he shall live, such disbursements may be rMde to any other party for his
benefit as selected by Trustee to be the recipient thereof without the
intervention of a guardian and the receipt of the party so selected by the
Trustee shall be a sufficient acquittance. Upon the death of Settlor's
husband, RALPH W. GOBRECHT, the balance of the income and principal of this
Trust then remaining shall be disbursed unto Settlor's children, REBECCA E.
BURKINS and SUSAN E. HAWBECKER, in equal shares to each of them or to the
issue, per stirpes, of such of Settlor's children who shall not then be living
(b) All the rest, residue and remainder of the assets then held by
Trustee shall be disbursed unto Settlor's children, REBECCA E. BURKINS and
SUSAN E. HAWBECKER, in equal shares to each of them or to the issue, per
stirpes, of such of Settlor's children who shall not then be living.
(c) Should any person entitled to a share in this Trust be under the
age of twenty-one (21) years, the share of such person shall be held in
further Trust by Trustee with authority to use the incOI1'e and so much of the
principal as Trustee deems necessary until such person shall attain the age
of twenty-one (21) years when such share shall be disbursed absolutely.
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6. Settlor reserves the right at any time to alter, modify, amend or
revoke any or all of the provisions of this Tnlst Agreement. For Trustee to
continue to be responsible for the administration of this Trust, Trustee will
have to agree to such alteration, modification, amendrrent or revocation.
7. Trus toe shall render annual s ta terrents of the receipts and disburse-
ments of income and principal of the TD1St FUnd to Settlor.
8. Trustee shall have the following powers, in addition to those vested
in it by lawl
A. To retain as an investment for the Trust estate, without any
duty of diversification, any and all securities, or other property,
real or personal, received from my estate, and my Trustee shall not be
responsible for any loss by reason of such retention.
B. To invest dnd reinvest the trust estate in such stocks, bonds,
mortgages, securities or other property, real or personal, as it may
deem advisable, without being limited to the classes of securities or
investments in which Trustees are authorized by law to invest trust
funds.
C. To sell any and all real estate received hereunder, at such
times, at public or private sale, for such prices and upon such terms,
as it shall deem advisable, and to make, execute and deliver any deed
or deeds therefore, conveying ti Ue thereto in fee simple absolute, or
for any lesR estate, to any purchaser or purchasers, freed and discharged
of any and all trusts hereunder.
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D. To sell, exchange, lease, encuroer, option or otherwise
dispose of all or any portion of the Trust estate in such manner and
upon such terms and conditions as it shall believe advisable, and to
make, execute and deliver deeds, mortgages, assignments and documents
necessary to effect any of these powers.
E. To make distribution of the Trust estate to any persons
entitled thereto in kind, in cash, or partly in kind, or partly in
cash, as it shall deem advisable.
F. To register or carry without referring to the Trust estate
&1Y securities, investments or other property held by it hereunder in
its own name or in the name of a nominee or nominees.
G. To vote any and all stocks held in the Trust estate and to
participate in any reorganization or merger of companies or corpor-
ations whose stock is held in the Trust estate.
H. To purchase as an investment for the Tr1,.st estate any
securities or other property, real or personal, belonging to the
estate of the Settlor, and to hold the same for such period of time
as the T~lstee may deem advisable, without liability for any
depreciation in the value thereof, or, in its discretion, to make
loans, secured or unsecured, to the Settlor's estate without liability
for the nonpayment thereof.
I. To pay frcrn the principal of the Tl"tlSt estate, if Settlor's
Executor is unable to comply with the direction to pay such taxes
frcrn the residue of Settlor's testamentary estate, all Federal Estate,
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'hlrtbyorilYlhItwrltW.llCICIoeaftheflllngofthl,Statement
of Propoeed DlRrlbutIon. end of the _lime end p/Ice when
the ..me will be pfIIInted to the Court for oanfIfmltlon end
ol the lolt day to fill written objection' to Mid Stetement of
Proposed Dlltrlbutlon, hal been given to every unpaid claimant
and tu evary other pareon known to lhe accountant 10 have
or olalm In IntClrlll1ln the l8Iate II creditor, beneflclary, heir
or n8Mt of kin.
A copy of eald Stetament wulncluded with the notice.
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"" 10 IIlIIU JO 11811
'AJetotJIUICI ............IIP 11I--11 IIIl11f1lO JO "'Ill Ol
lU1QU1lOOOlt 11II oe UMOUlf UDUCl .tIIpI'I ~ oe pw lUIWl810
Pledun A*8 oe UIo\fI \IIIq lilt 'I\IftCIOllIt PIlI oe IUOllOelqo
U8~'.IM 1ft, oa Alp... lIP 10 put UCIpIl.lI.IfIIOO .lOt ~ 8111 Ol
plIIU8I8Jd eq 111M 8Wll1III UIIjM IOIfd putllllll_llfl jO pUG
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P~INCI PAL
Reoeipts: Balanoe of Prior Aooount
This Aooount
.,
Page/
0,00 .
301,579,08 3
. Net Gain (or Loss) on Sales or Other Disposition/Prinoi~al 12,638,56 4
Less: General Disbursements
Fees
6; 507 .41
0,00
314',217.64
. ,
5
............................
6,507.41
Balanoe before Distributions
.Distrib. to Benefioiaries
Principal Balance on Hand
For Informatioll:
Investments Made
Changes in Investment
Holdings
INCOME
Receipts: Balance of Prior Account
This Account
N~t Gain (or Loss) on Sales or Other Disposition/Inoome
Less: Disbursements
Balance Before Ilistribution
Disttibutions to Benefioiaries
I :1".omo Ba lance Oil Hand
,For Inform~tion:
. Investmont~ Made
Changes in Inv~stment Holdings
Combined Balanoe on 1l1,"Id
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307,710.23
0.00
..............
307,710.23
, ,
6
7 '
0.00
38,196.67 8;13 .
0,00
..............
. 38;196.6'7
7,933.91 14.15
...............
30,262,76
26,955.84 16
..............
3,306.92 17
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'311,OP;15
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RECEIPTS OF PRINCIPAL
'Desoription
Fiduoiary
Aoquisition
Value
Cash: .
1991.09.05
E.A,Oobrooht TIA Oash to
Fund Trust agreement as
direoted by E.A, Oobreoht's
Trust dated 12/19/88
300,000.00
"
1993.04.19
Transferred from Income
1,171.85
1993.09.21
Transferred from Income
. 407.23
.............
301,579.08
"
.........'......
"
Total Recolpts of Prlnolpa1
301,57~.08
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GAI~S AND LOSSES ON SALES OR OTHER DISPOSITIONS/PRINCIPAL
Oain Loss
1993-06~02 32 units Common Stock
CoUective Investment Fund
'Net Proceeds
Fid. Aoq, Value
708,77
630,79
77 .98
0.00
.19'3.11-03 967 units Dauphin Deposit U.S,
Government Fixed Income Fund
Net Proceeds
Fid, Aoq, Value
10.006,73
10,000.04
, .
6.69,
0.00
"
19911.01-04 3,011 units Common Stock
Colleotive Investment Fund
Net Proceeds
Fid,' Acq. Value
199J'.,01.05
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69,471.00
59,353,38
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10,lp.62
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0,'00
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13,5% units Dauphin Deposit
U.S. Government Fixed Income'
Fund
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Net Prooeeds
Fid. Acq, Value
139,580,25
139,979,87
0,,00
~.99 .62
1994-01.05 8,473 units Fixed Income
Collective Investment Fund
Net Proceeds
Fid, Acq, Value'
92,823,66
89,987.77
, 2.835,89
0.00.,
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13,038.18
399.62
399.62
Total Oains and Losses/Principal
Less Loss
Net Oain
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PRINCIPAL BALANCE ON HANI,l
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Current
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01/06/94
Fiduciary
Acquisition
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Un~nvested "
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Capital Reserve Account
10.23
307,700.00
10.23
307.1700.00
.............. .................
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307,710.23
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INFORMATION SCIIEDULES - - PRINCIPAL
Investmonts Made:
5,817 units Dauphin Deposit ,
1991-12.04 .59,992.51
'0, S, Government Fixed Income
Fund
1992.01-03 2,533 unIts Common Stock, 49,997.51
.Co11ective Investment Fund
1992.01-06 4,814 units Dauphin Deposit 49,996.11
U,S, OovernmentFixed lncome
Fund
1992-01-06 4,656 units Fixed Income 49,991,83
Collective Investment Fund
1992-02.05 510 units Common Stock 91,986 i 66
Collective Investme~t Fund
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1992-02.05 3,872 units Dauphin Deposit 39,991.29
U.S, Government Fixed Income
Fund
1992-02-05 3,817 units Fixed Income '39,995.94
Collective Investment Fund
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RECEIPTS OF INCOME
Interest:
1991-10.01 Capital Reserve Aocount 1,078.52
1991-11-01 Capital Reserve Account 1,~ 303,02
1991~12.02 Oapital Reserve Account 1,175,03
1992.01-02 Capital Reserve Acr-ount 1,028,45
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1992-02.04 Capi tal Roserve Account 451. 58
1992.03.02 Capital Reserve Account 65,06
1992.04.01 Capital Reser~e Acco\lnt 20.83
1992.05.01 Capital Reserve Account 17,15
1992.06.01 Capital Reserve Account 2.67
1992.07.01 Capital Reserve Account 7.13
1992.08.03 Capital Reserve Account 6,29
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1992-09-01 Capital Reserve Account ,2,28
1992.10.01 Capital Reserve Account 5.38 "
1992.11.02 Capital Reserve Account 5.05
1992-12.01 Capital Reserve Account 2,35
1993-01.04 Capital Reserve Account 5:36
1993.02-01 Capital Reserve Account 4.82
,
1993.03.01 Capital ReserVe Account 2.00'
1993-04.01 Capital Reserve Account 5.04
1993.05-03 Capital Reserve Account 4,41
1993-06-01 Capital Reserve Account 1. 69
1993-07-01 Capital Reserve Acoount 5,28
1993.08 - 03 Capital ReserVe Account 4.0~
1993.09-02 Capital Reserve Account 2,00
1993.10-01, Capital Resel've Account 11.49
1993.11.02 Capital Reserve Account 3.57
.8.
1993.12-02 Capi tal Reserve Anooune 21. 75
1994-01-04 Capi tal Reserve Acoount 26,85
................ 5,262,05
Other:
1992-01-06 Dauphin Deposit U,S, 331,33
Government Ftxed Income Fund
1992.02-05 Common Stock Collective 75,46
Investment Fund
1992-02-05 Dauphin Deposit U,S, 603,49
Government Fixed Income Fund
1992.02.05 Fixed Income Collective 314,94
Investment Fund
1992.03-03 Common Stock Collective 240,66,
Investment Fund
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1992.03.04 Fixed Income Collective 541. 33
Investment Fund
1992.03-05 Dauphin Deposit U,S. 745,10
Government Fixed Income Fund
1992-01,-02 Common Stock Collective 116,90
Investment Fund
1992-04-02 Fixed Income Collective 570.55
Investment Fund
1992-0/,.06 Dauphin Deposit U,S. 780.09
Govornment Fixed Income Fund
1992.05-0/, Cammen Stock Collective 43.09
~nves tment Fund
1992-05-05 Dauphin Deposit U.S, 753,66
Government Fixed Income Fund
1992.05-05 Fixed Income Collectiye 549.12
Investment Fund.
1992-06.02 Common Stock Collective ~09.28
1 nvos tment Fund
1992.06.03 Dauphin Deposit U,S, 757,53
Government Fixed Income F\1nd
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1992.06.03 Fixed Income Collective 559,73
Investment Fund
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1992.07.02 COIIIIIIOIl StoGk Colloctive 11.0.73
InVeallll(lnt Fund
1992-07-03 Dauphin Dopoait U,S, 732,80
Ooverl1lnent Fixod Incomo Fund
1992-07-03 Fixod Inoomo Colloctive 546',66
Investmont Fund ,
1992.08-04 Common Stock Collective 51. 94
Invostment Fund
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1992-08-05 Dauphin Deposit U,S. 747,09
Government Fixed Incomo Fund
1992-08-05 Fixed Income Collective 555,95
Investment Fund
1992-09-03 Comm011 Stock Collective 259,41
Investment Fund
1992-09-03 Dauphin Deposit U.S, 733.14
Governmont FixE,d Income Fund
1992-09-03 fixed Income Collect.ive 552.2.6
Investment Fund
1992.10-02 Commoll Stock Collective .184.62
Investment Fund
1992-10-02 Dauphin Deposit U,S. 703.13
Govornment Fixed Income Fund
1992-10-02 Fixed Income Collective 540.14
Investmont Fund
1992-11-03 Common Stock Collective 45.11 ,
Investment Fund
1992-11-03 Dauphin Doposit U.S. 711.95
Governmont Fixed Income Fund
1992-'11-03 Fixed Income Colleotive . .552,30
Investmont Fund
1992-12-02 Common Stock Collective 262,25
Invastmont Fund
'l992-12-02 Dauphin Deposit U,S. 682,43
Government Fixod Income Fund
1992-12-02 Fixed Income Collective 530.17'
Investment Fund
1993-01-05 Common Stock Colloctive 151.42
Invostmont Fund
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1993-01-05 Fixed Income Colleotive 539,76
'Investment Fund
1993-01-06 Dauphin D~posit U,S. 705; 11 "
Government Fixed Inco,ne Fund
1993-02-03 Gommon Stock Collective 58.03
Investment Fund
1993-02-03 Dauphin Deposit U.S. 700,32
Government Fixed Income Fund
1993-02.03 Fixed Income Collective 540,35
Inves tment ~'und
1993-03-02 Common Stock Collective 244.29
Investment Fund
1993-03.03 Dauphin Deposit U,S, 629.42
Government Fixed Income Fund
1993.03.03 Fixed Income Collective 502,04
1 nves tment ~'und
1993.04-02 Common Stock Collective 162.79
Investment Fund
1993-04-05 Dauphin Deposit U,S. 680,85
Government Fixed Income Fund
1993-04 -05 Fixed Income Collective 536,21
Investment Fund
1993-05-04 Common Stock Collective 61.74
Investment Fund
1993-05-05 Dauphin Deposit U.S, 654.85
Governmont Fixed Income Fund'
1993-05-05 Fixed Income Collective 520.28
Investment Fund
1993-06-02 Common Stock Collective 299,69
Investment Fund
1993-06-03 Dauphin Deposit U.S. 657.35
Government Fixed Income ~'und
1993-06-03 Fixed Income Collective 528.15
Investment Fund
1993.07-02 Common Stock Collective 134..01
Investment Fund
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1993-07 -06 Fixed Income Collective 511,87
Investment Fund
1993-07.07 Dauphin Deposit U,S. 626.69
Government Fixed Income Fund
1993-08-03 Common Stook Collective '81.26
Investment Fund
1993.08.04 . Fixed Income Collective 529.38
Investment Fund
1993.08.05 Dauphin Deposit U.S. 641.18
Government Fixed Income Fund
1993-09.02 Common Stock collective 260.55
Investment Fund
1993-09-02 Dauphin Deposit U.S. 634 . 33
Government Fixed Income Fund
1993-09-02 Fixed Income Collective 522.72
Investment Fund
1993-10-05 Common Stock Collective 151. 34
Investment Fund
1993.10.05 Dauphin Deposit U.S. 609.]6
Government Fixed Income Fund
1993-10-05 Fixed Income Collective 514,11 , ,
Investment Fund
.1993-11-02 Common Stock Collective 98.68
Investment Fund
1993.11-03 Dauphin Deposit U,S. 613,82.
Government Fixed Income Fund
, 1993.11-03 Fixed Income Collective 518.82' ,
Investment Fund
1993-12.02 Common Stock Collective 230 . 92
Investment Fund
1993-12.02 Dauphin Deposit U,S, 549.22
Government Fixed Income Fund
1993-12.02 Fixed Income Collective 503,19
Investment Fund
19911-01-01, Common Stock Co11octive 134,19
Investment Fund
1994.01.05 Dauphin Deposit U.S, .562,25
Government Fixed Income Fund
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Investmont Fund
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Total Reoeipts of Inoome
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DISBURSEMENTS OF INCOME
1991.10.11 Dauphin Deposit Bank and Trust 177.66
Co, . Commission
1991.11.13 Dauphin Deposit Bank and Tru9t 19~.48
Co. . Commission
1991.12.11 . Dauphin Deposi t Bank and Trust . 183.35
Co. . Cornmlss ion
1992.01.13 Dauphin Deposit Bank and Trust 197,42
Co. . Commission
1992.02.11 Dauphin Deposit Bank and Trust 201,29
Co. . Commiss ion
1992.03.11 Dlluphin Dupo"it Blink and Trust 201.12
Co. . Commission
1992.03.18 Internal Revenue Service . 485.90
1991 Fiduciary Income Tax
PlIyment
1992-03.25 PA Department of Revenue . 92,47
1991 Fiduciary Income Tax
Payment
1992.01,-13 Dlluphin Deposit Blink and Trust 203.53
Co. . Commission
1992.05.12 Dauphin Deposit Bank and Trust 191.69
Co" - COlomission
1992.06-11 Dauphin Deposit Bank and Trust 210.19
Co. . Commiss ion
1992-07-06 Dauphin Deposit Bank and Trust 196,13
Co. . Commission
1992-07-27 Dauphin Deposit Bank and Trust 125.00
Co. - 1991 Tax Preparation Fe.e
1992.08.11 Dauphin Deposit Bank and Trust 197.74
Co. . Commission
1992.09.11 Dauphin Deposit Bank and Trust 207.33
Co, - Commission
1992-10.13 Dauphin Deposit Bank and Trust ' 198.99
Co. . Commission
1992.11.12 Dauphin Deposit Bank and Trust 195,27
Co. - Commission.
.14.
1992.12-11 Dauphin Deposit Bank and Trust 199,80
Co. - Commission
1992.12-29 PA Department of Revenue 93.00 ,.
1992 Estimated Fiduciary
Income Tax Payment
1993-01-12 Dauphin Deposit Bank and Trust 201,43
Co. . Commiss ion
1993.02-11 Dauphin Deposit Bank and Trust 196,41
Co. . Commission
1993 - 03-11 Dl1\lphin Deposit Bank and Trust 188.85
Co, - Commission
1993.04.12 Dauphin Deposit. Bank alld Trust 202,23
Co. - Commiss ion.
1993.01,-19 Transferrad to Principal 1,171.85
,
1993.05.11 .Dauphin Deposit Bank and Trust 190.02
Co, . Commission
1993.05-25 Dauphin Deponit Bank and Trust 125.00
Co, . 1992 Tax Preparation Fee
1993.06.08 Da~phin Deposit Bank and Trust 207,01
Co. . Commission
1993-07-1'3 Dauphin Deposit Bank and Trust 192.79
Co. . Commission
1993.08-11 Dauphin Doposit Bank and Trust' 194.66
Co. - Commission
1993-09-13 Dauphin Deposit Bank and Trust 205,13
Co, - Commission
1993,09 - 21 Transferred to Principal 407,23'
.1993.10.12 Dauphin Deposit Bank and Trust 234,26
Co. - Commission
1993.11-10 Dauphin Deposit Bank and Trust 231,21
Co, . Commission
1993.12.13 Dauphin Deposit Bank and Trust 234,47 '
Co, Commission ................. 7,933.91
.............
Total Disbursements of Income 7,933,91
-.-...-------
.15.
DISTRIBUTIONS OF INCOME TO BENEFICIARIES
1992-04-23 Ralph W, Oobrocht PIA - Incomo 7,506,12
Distribution
19~2-07-20 Ralph W, Oobrecht PIA - Income' 3,821,54
DistributIon ,I
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. 1992 -10.20 Ralph W, Oobrooht PIA - Income 3,612.57
Distribution
1993.01-20 Ralph W, Oobrecht PIA -.Income 3,503,76
Distribution ' ,
1993-04-20 Ralph W. Oobrecht PIA - Income 2,306,82
Distribution
1993-07-20 Ralph W, Oobrecht PIA -' Income 3,291.19
Distribution , I
1993-.10.15 Ralph W, Gobrocht PIA - Incom~ 1,000.00
Distribution
1993-10.-20 Ralph W, Oobrecht PIA - Income 1,913.84
Distribution .................. 26,955,84
.................
Total Distributions of, Income 26.955,84
...--------
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IN TIlE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA
ORPHANS' COURT DIVISION
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FIRST AND FINAL ACCOUNT
for Trust Under Agreement dated December 19, 1988
with Elizabeth A. Oobrecht, Settlor, now deceased
f/b/o Ralph II. Gobrecht, now deceased
Stated by Dauphin Depo~it Bank and Trust Co" Truatee
PROPOSED DISTRIBUTIONS TO BENEFICIARIES
Current
Value
01/06/Y4
Fiduciary
Acquisition
Value
.................
To:
Rebecca E. Burkina n/b/m Rebecca E~ Little.
1/2 share of Residue as per Item 5(b) of the
Trust Agreement .
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Principal :,
. Cash.
153,855.12
153,855,12
Income:
Cash
1,653.46
1,653,46
...... .................. ........................
155,508.58 155,508.58
------~----- ------------
To: Susan E, Hawbecker . 1/2 ahare of Residue
as per Item 5(b) of the Trust Agreement
Pdnciplll:
Cosh
. 153,'855.11 153,855,11
Income: '
Cllsh
,1,653,46
1,653,46
............. ...................
155,508,57 155,508,57
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NCW, THEREFURE, in consideration of these premises and of the mutual
covenants herein contained, the parties hereto agree as follows I
1. The Settlor does hereby assign, transfer and convay unto the Trustee
the property referred to on Schedule "A", which property shall be held, IN
TRUST, by the Trustee and admi.nistered in accordance with the teITl1S and
conditions of thi.s Agreerrent.
2. From time to time, the Settlor, the Settlor's estate, or any other
person, firm or corporation may deliver to the Trustee other real or personal
property to be adminis tered as a part of the within Trus t, and the Trus tee
agrees to accept such additional property as part of. the total trust adrnin-
istered hereunder. Trustee shall invest, reinvest and keep invested the
principal of the Trust estate and collect and receive the income therefrom
and distribute the net income to Settlor, or any other party for her benefit,
for and during the term of her natural life.
3. Trustee is authori.ed to disburse any part or all of the principal
of this Trust at any time or from time to time when in its discretion it shall
be expedient for the corr~ort, maintenance and support of the Settlor, and
Set tlor I s husband, RALPH W. GOBRECHT.
~. Trus tee is authorized to disburse the income or the principal of
this Trust as hereinbefore authorized, either direct.ly to the Settlor, or to
any other party for her benefit or for her husband's benefit as selected by
'l'rustee to be the recipient thereof without the intervention of a guardian,
and the receipt of the party selected by the Trustee shall be a sufficient
acquit tance .
- 2 -
,
5. Upon the death of Settlorl
(a) Trustee shall establish a Three Hundred Thousand ($300,000.00)
Dollar Trust from the Trust assets then held by Trustee, and Trustee is
authorized to disburse the income and any part or all of the principal of
said Three Hundred Thousand ($300,000.00) Dollar Trus t at any time or from
time to time when in its discretion it shall be expedient for the comfort,
rraintenance and support of Settlor's husband, RALPH W. GOBRECHT, so long as
he shall live, such disbursemsnts !lay be nade to any other party for his
benefit as selected by Trustee to be the recipient thereof without the
intervention of a guardian and the receipt of the party so selected by the
Trustee shall be a sufficIent acquittance. Upon the death of Settlor's
husband, RALPH W. GOBRECHT, the balance of the income and principal of this
Trust then remaining shall be disbursed unto Settlor's childl~n, REBECCA E.
BURKINS and SUSAN E. HAWBECKER, in equal shares .to each of them or to the
issue, per stirpes, of such of Settlor's children who shall not then be living
(b) All the res t, residue and remainder of the assets then held by
Trustee shall be disbursed unto Settlor's children, REBECCA E. BURKINS and
SUSAN E. HAWBECKER, in equal shares to each of them or to the issue, per
,
stirpes, of such of Settlor's children who shall not then be living.
( c ) Should any person en titled to a share ,in this Trus t be under the
age of twenty-one (21) years, the share of such person shall be held in
further Trus t by Trus tee with authority to use the income and so ll1Uch of the
principal as Trustee deems necessary until such person shall attain the age
of twenty-one (21) years when such share shall be disbursed absolutely.
- 3 -
6. Settlor reserves the right at any time to alter, modify, amend or
revo~ any or all of the provisions of this Trust Agreement. For Trustee to
continue to be. responsible for the administration of this Trust, Trustee will
have to agree to such alteration, modification, amendment or revocation.
7. Tl~stee shall render annual statements of the receipts and disburse-
rrents of incare and principal of the 'rrust fund to Settlor.
8. Trustee shall have the following powers, in addition to those vested
in it by lawl
A. To retain as an investment for the Trust estate, without any
duty of diversification, any and all securities, or other property,
real or personal, received from my estate, and my Trustee shall not be
responsible for any loss by reason of .such retention.
B. To invest and reinvest the trust estate in such stocks, bonds,
rrortgages, securities or other property, real or personal, as it may
deem advisable, without being limited to the classes of securities or
investments jn which Trustees are authorized by law to invest trust
funds.
C. To sell any and all real estate received hereundet', at such
times, at public or private sale, for such prices and upon such terms,
as it shall deem advisable, and to make, execute and deliver any deed
or deeds therefore, conveying title thereto in fee simple absolute, or
for any less estate, to any pU1:chaser or purchasers, freed and di!:charged
of any and all trusts hereunder.
- 4 -
"
D. To sell, exchange, lease, enclJfber, option or othexwise
dispose of all or any portion of the ~'rust estate in such wanner and
upon such te:cms and conditions as it shall believe advisablo, and to
IT\!lke, execute and deliver deeds, rrortgages, assignrrents and documents
necessary to effect any of these powers.
E. To make distribution of the Trust estate to any parsons
entitled thereto .in kind, in cash, or partly in kind, or partly in
cash, as it shall deem advisable.
F. To register or car:z:y without referring to the Trust estate
any securities, inves tments or other property held by it hereunder in
its own nalT'e or in the ncure of a noodnee or ncrninees.
G. To vote any and all stocks held in the Trust estate and to
participate in any reorganization or merger of companies or corpor-
btions whose stock is held in the Trust estate.
H. To purchase as an investment for the Tnlst estate any
securities or other property, real or per.sonal, belonging to the
estate of the Settlor, and to hold the same for such period of time
as the Trustee may deem advisable, without liability for any
depreciation in the value thereof I or, in its discretion, to make
loans, s€Cured or unsecured, to the Settlor's estate without liability
for the nonpayment thereof.
I. To pay from the principal of the Trust estate, if Settlor's
Executor is unable to comply with the direction to pay such taxes
from the residue of Sottlor's testamentary estate, all Federal Estate,
- 5 -