Common use of Liability of the Trust Clause in Contracts

Liability of the Trust. The Trustee warrants that the Trustee is authorized pursuant to the terms of the Trust to open and operate the Account pursuant to the terms and conditions of this Agreement. The Trustee further acknowledges and agrees that any fees, charges, or liabilities imposed upon the Trustee pursuant to this Agreement are accepted by the Trustee both in their personal capacity and on behalf of the Trust and, to the full extent permitted by law, both the Trustee and the Trust shall be liable and accountable. The Trustee further represents and agrees that acceptance of the obligations and liabilities on behalf of the Trust and exercise of the Financial Institution’s rights pursuant to this Agreement does not constitute a breach of the terms of the Trust. This representation is a continuing representation on which the Financial Institution relies and it is the sole obligation of the Trustee to inform the Financial Institution if at any time it becomes untrue or inaccurate. The Financial Institution may, in its sole discretion, require that the Trustee provide confirmation of this representation in the form of an independent legal opinion, or in such other manner or form as may reasonably be required by and is acceptable to the Financial Institution. The Trustee has sought independent legal and tax advice relating to the establishment or operation of the Trust, or knowingly declined to do so at the Trustee’s own risk.