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IRREVOCABLE TRUST AGREEMENT
THIS AGREEMENT OF TRUST, irrevocably made this~day
of
':S" 101 "' ...
, 1977, by and between RALPH W. GOBRECHT,
of Mount Pleasant Township, Adams County, Pennsylvania, party of
the first part, hereinafter referred to as "SF'l'TLOR"I
AND
DAUPHIN DEPOSIT BANK AND TRUST COMPANY, of Harrisburg, Dauphin
County, Pennsylvania, party of the second part, hereinafter re-
ferred to as "TRUSTEE",
WITNESSETH:
WHEREAS, the Settlor is the owner of certain assets referred
to on the Schedule "A" attached hereto and made a part of this
Agreement; and
WHEREAS, the Settlor, for his own convenience and protection,
desires to have the aforesaid assets, together with such other as-
sets as may be turned over to the Trustee in accordance with the
terms hereinafter set forth, invested and managed by the Trustee
for uses 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 I
and
WHEREAS I the parties hereto are desirous of setting forth the
terms and conditions under which the property is to be held in
trust and the uses and purposes to which the same shall be applied
by the Trustee.
NOW, THEREFORE, in consideration of these premises and of the
mutual covenants herein contained, the parties hereto agree as
follows:
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1. The Settlor does hereby assign, transfer and convey
unto the Trustee the property referred to on Schedule A, which
property shall be held, IN TRUST, by the Trustee and administered
in accordance with the terms and conditions of this Agreement.
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 wi thin trust, and the Trustee agrees to accept such addi tional
property as part of the total trust administered 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
his benefit, for and during the term of his natural Ufe.
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 wife, ELIZABETH A.
GOBRECHT.
4. Trustee is authorized to disburse the income or the prin-
cipal of this Trust as hereinbefore authorized, either directly to
the Settlor, or to any other party for his benefit or for his
wife's 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.
5. Upon the death of the Settlor, Settlor disposes of the
said assets in this trust, together with any assets received from
any other source, including Settlor's estate, as follows:
A. If Settlor's wife, ELIZABETH A. GOBRECHT, survives
him, Settlor gives to the DAUPHIN DEPOSIT BANK AND TRUST
COMPANY, of Harrisburg, Pennsylvania, INTRUSTt to be herein-
after referred to as Trust A an amount equal to fifty (50%)
per cent of Settlor's adjusted gross estate as finally deter-
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mined for Federal Estate Tax purposes I less the aggregate
amount of marital deductions, if any, allowable for such
tax purposes by reason of property or interest in property
includable in Settlor's adjusted gross estate as aforesaid,
which passes to or accrues or which may pass or accrue to
the said ELIZABETH A. GOBRECHT, directly or indirectly under
any provision of Settlor's will, by operation of law,
through insurance, under any trust created by Settlor during
his life, or otherwise than by the terms of this Trust.
Settlor shall assign, convey and distribute to the said
Trustee, cash, securities and other property, including
real estate, and any interest therein which may constitute
such gift. The cash, securities, real estate and other
property so distributed shall be selected in such a manner
as to have an aggregate fair market value fairly represen..
tative of the appreciation or depreciation in the value to
the date or dates of each distribution of all property then
available for distribution. Any property included in Set-
tlor's estate at the time of his death and assigned or con-
veyed in kind to satisfy said gift, shall be valued for
that purpose at the value thereof as finally determined for
Federal Estate Tax purposes, and any other property so as-
signed or conveyed shall be valued for that purpose at its
cost. No asset or proceeds of any asset shall be included
in the Trust as to which a marital deduction is not allow-
able if not included.
Trustee shall hold the said trust and invest and re-
invest the same and pay the income therefrom to the said
ELIZABETH A. GOBRECHT. If at any time, eJr from time to
time, ahe desires to withdraw from the said trust any part
or all of the assets thereof, she shall notify Trustee, in
writing I of the amount she desires to withdraw, and the
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date when she desires the said withdrawal to become effec-
tive. Trustee shall pay the amount so indicated in the
said written notice to her free and clear of this Trust,
in cash, unless, because of the insufficiency of time,
Trustee is unable to liquidate sufficient assets, in
which case Trustee shall have the authority to make dis-
tribution partly or entirely in kind, the assets distri-
buted to be valued as of the date of distribution.
If at any time or from time to time Trustee shall
deem it advisable, even though Trustee has not received
a demand from the said ELJ.ZABETH A. GOBHECHT, Trustee is
authorized to expend any part or all of the income, or
principal of Trust A for the comfort, maintenance and sup-
port, and to meet any emergencies pertaining to her. In
making payment of either principal or income, Trustee is
authorized to distribute the same to any party for said
wife's benefit without the intervention of a guardian,
and the receipt of such party selected by the Trustee to
be the recipient thereof shall be a sufficient acquittance.
Settlor further authorizes and empowers his said
wife, upon her death, to appoint by her last will and
testament that the balance of the corpus of this Trust
and any accumulated income, to such one or more parties
as she may determine, including herself, her creditors,
or her estate, in fee or lesser estate, in trust, or
otherwise. If Settlor's said wife shall fail to exer-
dse this power of appointment in whole or in part, then
upon her death any part of the corpus of this trust not
disposed of by ht,r will shall become a part of the rel3i-
duary trust hereinafter created and designated Trust B,
to be held, invested and distributed under the terms of
said Trust.
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If the said ELIZABETH A. GOBRECHT shall not survive
Settlor, all of the assets of the Trust which would have
been a part of Trust A under the terms hereof shall be
and become part of Trust B, as hereinafter defined; provided
however, that if Settlor and his said wife shall die under
circumstances which make it impossible to determine which of
the two shall have survived the other, it shall be con-
clusiv~ly presumed that Settlor's death occurred first.
6. Settlor directs Trustee to pay from the remainder of
the trust after creation of Trust A, all estate, inheritance, sue
cession or other similar taxes, irrespective of by what govern-
mental authority imposed upon or with respect to any property,
real or personal, tangible and intangible, which is required to
be included in Settlor's estate for such tax purposes, whether
or not such property passes through the hands of Settlor's Execu-
tor or Trustee, and no beneficiary shall be charged with any por-
tion of such taxes; provided, that any trust or insurance pro-
ceeds included in Settlor's estate for Federal Estate Tax pur-
poses may at the Trustee's discretion be required to contribute
that portion of the tax imposed by any taxing authority by reason
of such inolusion, unless such inclusion would violate the terms
of the next sentence of this paragraph. Settlor expressly di-
rects that any part of his estate, in trust or otherwise, passing
to his wife in any manner, shall in its entirety be exonerated
from the contribution to the payment or satisfaction of any such
taxes.
7. The entire balance of the assets in this Irrevocable
Trustt inclUding assets received from Settlor's estate or else-
where, not hereinbefore disposed of, including if Settlor's wife
predeceases himn, all the assets which would have become part of
Trust A if nhe had survived him, Settlor hereby gives to DAUPIlIN
DEPOSIT BANK AND TRUST COMPANY, to be hereinafter referred to as
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Trust B, to invest, reinvest and to collect and rece.i.ve income
therefrom, and after deducting all expenses incident to the said
Trust, to add the net income to princi.pal. Settlor I s primary
concern for the disposition of the said Trust fund is the wel-
fare of his wife, ELIZABETh A. GOBRECHT. In executing the pro-
visions pertaining to the disbursement of said Trust B, as here-
inafter stated, Trustee shall be guided by this thought. Subject
tD the said thought, Trustee is author.ized, at any time or from
time to time when in its sole discretion and uncontrolled discre-
tion it deems it advisable to pay to or on behalf of Settlor's
wife, any part or all of Trust B ~hich Trustee deems necessary
for the comfort, maintenance and support and to meet any emer-
gency pertaining to her. Trustefl is directed in making a deter-
mination as to whether principal from the said Trust shall be
disbursed to or for the benefit of Settlor's wife, to take into
consideration any other financial resources available to her for
these said purposes. Trustee may make distribution of said
Trust fund as hereinbefore authorized either directly to the
said wife, or to any other party for her benefit, and the receipt
of the party so ~e1ected to be the recipient thereof shall be a
sufficient acquittance.
A. Upon the death of Settlor's wife, or upon Settlor's
death, if she shall predecease Settlor, Settlor directs
Trustee to divide the balance of the income and principal
of this Trust into equal shares for Settlor's children or
issue of Settlor's children not then living, per stirpes,
and shall hold the same in trust for the following uses
and purposes I
1. Trustee shall pay the net income therefrom
unto Settlor's children for and during the term of
their natural life.
2. Trustee is authorized to expend from the
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principal of their respective share so much thereof
as Trustee deems necessary or advisable for the main-
tenance, support, education and any other emergencies
that may befall Settlor's children or their issue.
3. Upon the death of Settlor's children, the
share of such deceased child then remaining shall be
held in further trust for the issue of the deceased
child, and Trustee shall pay the net income therefrom
unto said issuo, and to further authorize to expend
so much of the principal as Trustoe deems necessary
or advisable for the maintenance, support, education
and/or other emergencies that may befall said issue
until said issue shall attain the age of twenty-one
(21) years, at which time the share of said issue
shall be distributed to him or her absolutely.
8. Trustee is authorized and empowered to register any
securities held for Settlor or any beneficiary under the terms
of this Trust in the name of its nominee.
9. Settlor agrees that Trustee shall be entitled to its
usual customary fees for the management of this Trust during its
existence and to its usual and customary fees at the te~nination
hereof.
IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed the day and year first above
written.
Witness: ~-:::':>" ;I,
'Z ~"'J_jE/:'~~.c/f{tl)1t It! t,,,lrcilrsEAL)
- (Ral~. Gobrecht)
Attest:
DAUPHIN DEPOSIT BANK AND TRUST
COMPANY
.~~-::-:;.., . ( .---\-:-~'I~~-.. J
By(,..c......"...~ ..."",_ ,- ~.. /1/,
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A~J.
Secret
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Cash
3,000.
5,000.
2,000.
'25 She.
...20 She.
100 She.
300 She.
200 She.
100 She.
'10 She.
200 She.
500 She.
.10 She.
.50 She.
300 She.
100 She.
100 She.
100 She.
OWts.
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SCHEDULE A
Westmoreland Co., Munio. Auth. 2.80%.
7-1-78
Sperry Rand ~urp.6% 12-15-2000 .
Amerioan Motor Inns, Ino. 5-1r% 2-1-91
Penna. Power & Light, 13.00 Pfd.
IBM
Georgia Power Co. 2.52 Pfd.
FedelooI', Ino.
Duquesne Light Co. 2.10 Pfd.
Penna. Power & Light
Weet Penn Power Co. 7.00 Pfd.
United Teotonio Industries, Ino.
Deoatur Inoome Fund, Ino.
Jersey Central Power & Light 00. 11% Pfd.
Publio Service Elec. & Gas Co. 12.25% Pfd.
Tesoro Petroleum Oorp. 2.16 Pfd.
Medusa Corp.
Martin Marietta Oorp.
Talley Industries, Inc.
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United Teot9nio Ind. Ino. - Exp. 9-30-71
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,10,000.00