Specific Powers and Authorities. Subject only to the express limitations contained in this Declaration of Trust and in addition to any powers and authorities conferred by this Declaration of Trust or which the Trustees may have by virtue of any present or future statute or rule of law, the Trustees without any action or consent by the Shareholders shall have and may exercise at any time and from time to time the following powers and authorities which may or may not be exercised by them in their sole judgment and discretion in such manner and upon such terms and conditions as they may from time to time deem proper: (i) To retain, invest and reinvest the capital or other funds of the Trust in Mortgage Investments and other Mortgages without regard to whether any such Mortgage Investments and other Mortgages may mature before the possible termination of the Trust, and to possess and exercise all the rights, powers and privileges appertaining to the ownership of the Trust assets. (ii) For such consideration as they deem proper to invest in, purchase or otherwise acquire for cash or other property and hold for investment Mortgages secured by real property located in the United States, and, in connection with any such investment in Mortgages, acquire (i) the entire or any participating interest in rents, lease payments or other income from or the entire or any participating interest in the profits from, or the entire or any participating interest in the equity or ownership of, real property; and (ii) such investments, either directly or, subject to Article VIII Section 8, through joint ventures, partnerships, or other lawful combinations or associations. (iii) To sell, exchange, release, partition, assign, mortgage, pledge, hypothecate, grant security interests in, encumber, negotiate, convey, transfer or otherwise dispose of any and all of the assets of the Trust by deeds, trust deeds, assignments, bills of sale, transfers, leases, mortgages, financing statements, security agreements and other instruments for any of such purposes executed and delivered for and on behalf of the Trust or the Trustees by one or more of the Trustees or by a duly authorized officer, employee, agent or any nominee of the Trust. (iv) To, subject to Article IX Section 1 and Article VIII Section 7, issue authorized Shares or other Securities, all without the vote of or other action by the Shareholders, to such Persons for such cash, property or other consideration (including Securities issued or created by, or interests in any Person) at such time or times and on such terms and the Trustees may deem advisable and to purchase or otherwise acquire, hold, cancel, reissue, sell and transfer the Shares or any of such Securities. (v) To enter into contracts, obligations, and other agreement for a term extending beyond the term of office of the Trustees and beyond the possible termination of the Trust or for a lesser term. (vi) To, subject to Article VIII, Section 9, borrow money and give negotiable or non-negotiable instruments therefor; to enter into other obligations on behalf of the Trust; and to assign, convey, transfer, mortgage, subordinate, pledge, grant security interests in, encumber or hypothecate the assets of the Trust to secure any of the foregoing. (vii) To lend money, whether secured or unsecured. (viii) To create reserve funds for any purpose. (ix) To incur and pay out of the Trust assets any charges or expenses, and disburse any funds of the Trust, which charges, expenses or disbursements are, in the opinion of the Trustees, necessary for or incidental to or desirable for, and are incurred in connection with, the carrying out of any of the purposes of the Trust or the conducting of the business of the Trust, including without limitation taxes and other governmental levies, charges and assessments of whatever kind or nature, imposed upon or against the Trustees in connection with the Trust or upon or against the Trust assets or any part thereof, and for any of the purposes herein. (x) To deposit funds or securities held by the Trust in banks, trust companies, savings and loan associations and other depositories, whether or not such deposits will draw interest, the same to be subject to withdrawal on such terms and in such manner and by such Person or Persons (including any one or more Trustees, officers, agents or representatives) as the Trustees may determine. (xi) To possess and exercise all the rights, powers and privileges appertaining to the ownership of all or any interests in, or mortgages or securities issued or created by, any Person, forming part of the assets of the Trust, to the same extent that an individual might, and without limiting the generality of the foregoing, to vote or give any consent, request or notice, or waive any notice, either in person or by proxy or power of attorney, with or without power of substitution, to one or more Persons, which proxies and powers of attorney may be for meetings or action generally or for any particular meeting or action, and may include the exercise of discretionary powers. (xii) To enter into joint ventures, general or limited partnerships and any other lawful combinations or associations with independent third parties or, subject to Article VIII, Section 8, with Affiliated Programs. (xiii) To elect, appoint, engage or employ such officers for the Trust as the Trustees may determine, who may be removed or discharged at the discretion of the Trustees, such officers to have such powers and duties, and to serve such terms and at such compensation, as may be prescribed by the Trustees; to engage or employ any Persons as agents, representatives, employees, or independent contractors (including, without limitation, mortgage servicers, real estate advisors, investment advisors, transfer agents, registrars, underwriters, accountants, attorneys at law, real estate agents, managers, appraisers, brokers, architects, engineers, construction managers, general contractors or otherwise) in one or more capacities, and to pay compensation from the Trust for services in as many capacities as such Person may be so engaged or employed; and, except as prohibited by law and subject to the supervision of the Trustees, to delegate any of the powers and duties of the Trustees to the Advisor. (xiv) To determine the proper accounting treatment for Trust income, loss and capital. (xv) To determine from time to time the value of all or any part of the Trust assets and of any securities, assets or other consideration to be furnished to or acquired by the Trust, and from time to time to revalue all or any part of the Trust assets in accordance with such appraisals or other information as are, in the Trustees' sole judgment, necessary and/or satisfactory. (xvi) To collect, xxx for, and receive all sums of money or other assets coming due to the Trust, and to engage in, intervene in, prosecute, join, defend, compound, compromise, abandon or adjust, by arbitration or otherwise, any actions, suits proceedings, disputes, claims, controversies, demands or other litigation relating to the Trust, the assets of the Trust or the Trust's affairs, to enter into agreements therefor, whether or not any suit is commenced or claim accrued or asserted and, in advance of any controversy, to enter into agreements regarding arbitration, adjudication or settlement thereof. (xvii) To renew, modify, release, compromise, extend, consolidate, or cancel, in whole or in part, any obligation to or of the Trust. (xviii) To purchase and pay for out of the Trust assets insurance contracts and policies insuring the Trust assets against any and all risks and insuring the Trust and/or any or all of the Trustees, the Shareholders, officers, employees, agents, investment advisors or independent contractors of the Trust against any and all claims and liabilities of every nature asserted by any Person arising by reason of any action alleged to have been taken or omitted by the Trust or by any such person as Trustee, Shareholder, officer, employee, agent, investment advisor or independent contractor; provided, however, that the Trustees may purchase and pay for out of Trust assets insurance contracts and policies insuring independent contractors or agents, only if such policies are customarily provided to independent contractors or agents providing the services being rendered in the locality where such services are being rendered; provided, further, that limitations on the acquisition of insurance contracts or policies shall not apply to the Advisor, unless otherwise restricted as set forth in Article XI Section 2(d). (xix) To adopt a fiscal year for the Trust, and from time to time to change such fiscal year. (xx) To adopt and use a seal (but the use of a seal shall not be required for the execution of instruments or obligations of the Trust). (xxi) To increase or decrease the aggregate number of Shares that the Trust has authority to issue. (xxii) To make and alter bylaws to regulate the government of the Trust and the administration of its affairs. (xxiii) To make, perform, and carry out, or cancel and rescind, contracts of every kind for any lawful purpose without limit as to amount, with any Person, firm, trust, association, corporation, municipality, county, parish, state, territory, government or other municipal or governmental subdivisions. The contracts shall be for such duration and upon such terms as the Trustees in their sole discretion shall determine. (xxiv) To renew, modify, extend, consolidate or cancel, in whole or in part, the Trust's dividend reinvestment plan, if adopted, or the Trust's redemption plan, if adopted. (xxv) To acquire real property (or an interest therein) in the event of a Mortgage foreclosure and perform all acts incidental to the ownership of real property including, without limitation, entering into leases for space located therein. (xxvi) To do all other such acts and things as are incident to the foregoing, and to exercise all powers which are necessary or useful to carry on the business of the Trust, to promote any of the purposes for which the Trust is formed, and to carry out the provisions of this Declaration.
Appears in 2 contracts
Samples: Agreement and Declaration of Trust (United Mortgage Trust), Agreement and Declaration of Trust (United Mortgage Trust)
Specific Powers and Authorities. Subject only to the express limitations contained in this Declaration Contract of Trust including, without limitation sections 5.1 and 5.2, and in addition to any powers and authorities conferred by this Declaration Contract of Trust or which the Trustees may have by virtue of any present or future statute or rule of or law, the Trustees without any action or consent by the Shareholders Unitholders shall have and may exercise at any time and from time to time the following powers and authorities which may or may not be exercised by them in their sole judgment and discretion and in such manner and upon such terms and conditions as they may from time to time deem proper:
(i) To 4.2.1 to retain, invest and reinvest re-invest the capital or other funds of the Trust in Mortgage Investments and other Mortgages immovable or movable property of any kind, all without regard to whether any such Mortgage Investments and other Mortgages may mature before properties are authorized by law for the possible termination investment of the Trusttrust funds, and to possess and exercise all the rights, powers and privileges appertaining to the ownership of the property of the Trust assets.
(ii) For and to increase the capital of the Trust at any time by the issuance of additional Units for such consideration as they deem proper appropriate;
4.2.2 for such consideration as they deem proper, to invest in, purchase or otherwise acquire for cash or other property or through the issuance of Units or through the issuance of notes, debentures, bonds or other obligations or securities of the Trust and hold for investment Mortgages secured by real property located in the United States, and, in connection with any such investment in Mortgages, acquire (i) the entire or any participating interest in any hypothecs or mortgages. In connection with any such investment, purchase or acquisition, the Trustees shall have the power to acquire a share of rents, lease payments or other gross income from or the entire or any participating interest in a share of the profits from, from or the entire or any participating interest a share in the equity or ownership ofof immovable property;
4.2.3 to sell, real property; and (ii) such investmentsrent, either directly orlease, subject to Article VIII Section 8, through joint ventures, partnerships, or other lawful combinations or associations.
(iii) To sellhire, exchange, release, partition, assign, mortgage, pledge, hypothecate, grant security interests in, encumber, negotiate, convey, transfer or otherwise dispose of any and or all of the assets property of the Trust by deeds, trust deeds, assignments, bills of sale, transfers, leases, hypothecs or mortgages, financing statements, security agreements and other instruments for any of such purposes executed and delivered for and on behalf of the Trust or the Trustees by one or more of the Trustees or by a duly authorized officer, employee, agent or any nominee of the Trust.;
(iv) To, subject 4.2.4 to Article IX Section 1 and Article VIII Section 7, issue authorized Shares or other Securities, all without the vote of or other action by the Shareholders, to such Persons for such cash, property or other consideration (including Securities issued or created by, or interests in any Person) at such time or times and on such terms and the Trustees may deem advisable and to purchase or otherwise acquire, hold, cancel, reissue, sell and transfer the Shares or any of such Securities.
(v) To enter into leases, contracts, obligations, obligations and other agreement agreements for a term extending beyond the term of office of the Trustees and beyond the possible termination of the Trust or for a lesser term.;
(vi) To, subject 4.2.5 to Article VIII, Section 9, borrow money and give negotiable from or non-negotiable instruments thereforincur indebtedness to any person; to guarantee, indemnify or act as surety with respect to payment or performance of obligations of third parties; to enter into other obligations on behalf of the Trust; and to assign, convey, transfer, hypothecate, mortgage, subordinate, pledge, grant security interests in, encumber or hypothecate encumber, the assets property of the Trust to secure any of the foregoing.;
(vii) To 4.2.6 to lend money, whether secured or unsecured.;
(viii) To create reserve funds for any purpose.
(ix) To 4.2.7 to incur and pay out of the property of the Trust assets any charges or expenses, expenses and disburse any funds of the Trust, which charges, expenses or disbursements are, in the opinion of the Trustees, necessary for or incidental to or desirable for, and are incurred in connection with, for the carrying out of any of the purposes of the Trust or conducting the conducting affairs of the business of the TrustTrust including, including without limitation limitation, taxes and or other governmental levies, charges and assessments of whatever kind or nature, imposed upon or against the Trustees in connection with the Trust or the property of the Trust or upon or against the property of the Trust assets or any part thereof, thereof and for any of the purposes herein.;
(x) To 4.2.8 to deposit funds or securities held by of the Trust in banks, trust companies, savings and loan associations companies and other depositories, whether or not such deposits will draw earn interest, the same to be subject to withdrawal on such terms and in such manner and by such Person person or Persons persons (including any one or more Trustees, officers, agents or representatives) as the Trustees may determine.;
(xi) To 4.2.9 to possess and exercise all the rights, powers and privileges appertaining to the ownership of all or any interests in, hypothecs or mortgages or securities securities, issued or created by, or interest in, any Personperson, forming part of the assets of the Trust, to the same extent that an individual mightmight and, and without limiting the generality of the foregoing, to vote or give any consent, request or notice, or waive any notice, either in person or by proxy or power of attorney, with or without power of substitution, to one or more Personspersons, which proxies and powers of attorney may be for meetings or action generally or for any particular meeting or action, action and may include the exercise of discretionary powers.power;
(xii) To enter into joint ventures, general or limited partnerships and any other lawful combinations or associations with independent third parties or, subject 4.2.10 to Article VIII, Section 8, with Affiliated Programs.
(xiii) To elect, appoint, engage or employ such officers for the Trust (including a Chairman, an Honorary Chairman, a Chief Executive Officer, a President, a Chief Operating Officer, a Chief Financial Officer, one or more Executive Vice-Presidents, one or more Senior Vice-Presidents, one or more Vice- Presidents and a Secretary and other officers as the Trustees may determine), who may be removed or discharged at the discretion of the Trustees, such officers to have such powers and duties, and to serve such terms and at such compensation, as may be prescribed by the Trustees or by the Trustees’ Regulations; to engage or employ any Persons persons as agents, representatives, employees, employees or independent contractors (including, without limitation, mortgage servicers, real estate advisors, investment advisors, transfer agents, registrars, underwriters, accountants, attorneys at lawlawyers, real estate agents, property managers, appraisers, brokers, architects, engineers, construction managers, general contractors or otherwise) in one or more capacities, and to pay compensation from the Trust for services in as many capacities as such Person persons may be so engaged or employed; and, except as prohibited by law and subject to the supervision of the Trusteeslaw, to delegate any of the powers and duties of the Trustees to the Advisor.
(xiv) To determine the proper accounting treatment for Trust incomeany one or more Trustees, loss and capital.
(xv) To determine from time to time the value of all or any part of the Trust assets and of any securitiesagents, assets representatives, officers, employees, independent contractors or other consideration persons;
4.2.11 to be furnished to or acquired by the Trust, and from time to time to revalue all or any part of the Trust assets in accordance with such appraisals or other information as are, in the Trustees' sole judgment, necessary and/or satisfactory.
(xvi) To collect, xxx for, for and receive all sums of money or other assets coming due to the Trust, and to engage in, intervene in, prosecute, join, defend, compound, compromise, abandon or adjust, by arbitration or otherwise, any actions, suits suits, proceedings, disputes, claims, controversies, demands or other litigation relating to the Trust, the assets of the Trust or the Trust's ’s affairs, to enter into agreements therefor, therefor whether or not any suit is commenced or claim accrued or asserted and, in advance of any controversy, to enter into agreements regarding arbitration, adjudication the arbitration or settlement thereof.;
(xvii) To 4.2.12 to renew, modify, release, compromise, extend, consolidate, consolidate or cancel, in whole or in part, any obligation to or of the Trust.;
(xviii) To 4.2.13 to purchase and pay for for, out of the Trust assets of the Trust, insurance contracts and policies insuring the assets of the Trust assets against any and all risks and insuring the Trust and/or any or all of the Trustees, the Shareholders, officers, employees, agents, investment advisors Unitholders or independent contractors officers of the Trust against any and all claims and liabilities of every any nature asserted by any Person person arising by reason of any action alleged to have been taken or omitted by the Trust or by the Trustees, the Unitholders or the officers or otherwise;
4.2.14 to cause title to any of the assets of the Trust to be drawn up in the name of the Trustees, and/or, to the extent permitted by applicable law, in the name of the Trust or one or more of the Trustees or any other person, on such terms, in such manner with such powers in such person as Trustee, Shareholder, officer, employee, agent, investment advisor the Trustees may determine and with or independent contractor; without disclosure that the Trust or Trustees are interested therein provided, however, that should title to any of the assets of the Trust be held by and/or in the name of any person or persons other than the Trust as aforesaid, the Trustees may purchase shall require such person or persons to execute a contract of trust acknowledging that title to such assets is held in trust for the benefit of the Trust;
4.2.15 to determine conclusively the allocation to capital, income or other appropriate accounts of all receipts, expenses, disbursements and property of the Trust;
4.2.16 to prepare, sign and file or cause to be prepared, signed and filed a prospectus, offering memorandum or similar document, and any amendment thereto, relating to or resulting from an offering of the Units or other securities issued or held by the Trust and to pay for the cost thereof and related thereto and any fees related thereto out of the property of the Trust assets insurance contracts and policies insuring independent contractors whether or agents, only if not such policies are customarily provided to independent contractors offering is or agents providing the services being rendered in the locality where such services are being rendered; provided, further, that limitations on the acquisition was of insurance contracts or policies shall not apply direct benefit to the Advisor, unless otherwise restricted as set forth in Article XI Section 2(d).Trust or those persons (if any) who were Unitholders immediately prior to such offering;
(xix) To adopt a fiscal year 4.2.17 to make or cause to be made application for the listing on any stock exchange of any Units or other securities of the Trust, and to do all things which in the opinion of the Trustees may be necessary or desirable to effect or maintain such listing or listings;
4.2.18 to determine conclusively the value of any or all of the property of the Trust from time to time and, in determining such value, to change consider such fiscal year.information and advice as the Trustees, in their sole judgment, may deem material and reliable;
(xx) To adopt 4.2.19 to do all such acts and use a seal (but things and to exercise such powers which are delegated to the use of a seal shall not be required for Trustees by any person who co-owns immovable property with the execution of instruments or obligations Trust;
4.2.20 to exercise all of the Trust).
(xxi) To increase or decrease the aggregate number of Shares that the Trust has authority to issue.
(xxii) To make and alter bylaws to regulate the government of the Trust and the administration of its affairs.
(xxiii) To make, perform, and carry out, or cancel and rescind, contracts of every kind for any lawful purpose without limit as to amount, with any Person, firm, trust, association, corporation, municipality, county, parish, state, territory, government or other municipal or governmental subdivisions. The contracts shall be for such duration and upon such terms as the Trustees in their sole discretion shall determine.
(xxiv) To renew, modify, extend, consolidate or cancel, in whole or in part, the Trust's dividend reinvestment plan, if adopted, ’s or the Trust's redemption plan, if adopted.Trustees’ rights under the Instalment Receipt Agreement; and
(xxv) To acquire real property (or an interest therein) in the event of a Mortgage foreclosure 4.2.21 to do all such other acts and perform all acts things as are incidental to the ownership of real property foregoing, including, without limitation, entering into leases for space located therein.
(xxvi) To do all other such the acts and things as are incident to the foregoingtransactions permitted by section 5.2.1, and to exercise all powers which are necessary or useful to carry on the business affairs of the Trust, to promote any of the purposes for which the Trust is formed, formed and to carry out the provisions of this DeclarationContract of Trust.
Appears in 2 contracts
Samples: Contract of Trust, Contract of Trust
Specific Powers and Authorities. Subject only to the express limitations contained in this Declaration Contract of Trust including, without limitation sections 5.1 and 5.2, and in addition to any powers and authorities conferred by this Declaration Contract of Trust or which the Trustees may have by virtue of any present or future statute or rule of or law, the Trustees without any action or consent by the Shareholders Unitholders shall have and may exercise at any time and from time to time the following powers and authorities which may or may not be exercised by them in their sole judgment and discretion and in such manner and upon such terms and conditions as they may from time to time deem proper:
(i) To 4.2.1 to retain, invest and reinvest re-invest the capital or other funds of the Trust in Mortgage Investments and other Mortgages immovable or movable property of any kind, all without regard to whether any such Mortgage Investments and other Mortgages may mature before properties are authorized by law for the possible termination investment of the Trusttrust funds, and to possess and exercise all the rights, powers and privileges appertaining to the ownership of the property of the Trust assets.
(ii) For and to increase the capital of the Trust at any time by the issuance of additional Units for such consideration as they deem proper appropriate;
4.2.2 for such consideration as they deem proper, to invest in, purchase or otherwise acquire for cash or other property or through the issuance of Units or through the issuance of notes, debentures, bonds or other obligations or securities of the Trust and hold for investment Mortgages secured by real property located in the United States, and, in connection with any such investment in Mortgages, acquire (i) the entire or any participating interest in any hypothecs or mortgages. In connection with any such investment, purchase or acquisition, the Trustees shall have the power to acquire a share of rents, lease payments or other gross income from or the entire or any participating interest in a share of the profits from, from or the entire or any participating interest a share in the equity or ownership ofof immovable property;
4.2.3 to sell, real property; and (ii) such investmentsrent, either directly orlease, subject to Article VIII Section 8, through joint ventures, partnerships, or other lawful combinations or associations.
(iii) To sellhire, exchange, release, partition, assign, mortgage, pledge, hypothecate, grant security interests in, encumber, negotiate, convey, transfer or otherwise dispose of any and or all of the assets property of the Trust by deeds, trust deeds, assignments, bills of sale, transfers, leases, hypothecs or mortgages, financing statements, security agreements and other instruments for any of such purposes executed and delivered for and on behalf of the Trust or the Trustees by one or more of the Trustees or by a duly authorized officer, employee, agent or any nominee of the Trust.;
(iv) To, subject 4.2.4 to Article IX Section 1 and Article VIII Section 7, issue authorized Shares or other Securities, all without the vote of or other action by the Shareholders, to such Persons for such cash, property or other consideration (including Securities issued or created by, or interests in any Person) at such time or times and on such terms and the Trustees may deem advisable and to purchase or otherwise acquire, hold, cancel, reissue, sell and transfer the Shares or any of such Securities.
(v) To enter into leases, contracts, obligations, obligations and other agreement agreements for a term extending beyond the term of office of the Trustees and beyond the possible termination of the Trust or for a lesser term.;
(vi) To, subject 4.2.5 to Article VIII, Section 9, borrow money and give negotiable from or non-negotiable instruments thereforincur indebtedness to any person; to guarantee, indemnify or act as surety with respect to payment or performance of obligations of third parties; to enter into other obligations on behalf of the Trust; and to assign, convey, transfer, hypothecate, mortgage, subordinate, pledge, grant security interests in, encumber or hypothecate encumber, the assets property of the Trust to secure any of the foregoing.;
(vii) To 4.2.6 to lend money, whether secured or unsecured.;
(viii) To create reserve funds for any purpose.
(ix) To 4.2.7 to incur and pay out of the property of the Trust assets any charges or expenses, expenses and disburse any funds of the Trust, which charges, expenses or disbursements are, in the opinion of the Trustees, necessary for or incidental to or desirable for, and are incurred in connection with, for the carrying out of any of the purposes of the Trust or conducting the conducting affairs of the business of the TrustTrust including, including without limitation limitation, taxes and or other governmental levies, charges and assessments of whatever kind or nature, imposed upon or against the Trustees in connection with the Trust or the property of the Trust or upon or against the property of the Trust assets or any part thereof, thereof and for any of the purposes herein.;
(x) To 4.2.8 to deposit funds or securities held by of the Trust in banks, trust companies, savings and loan associations companies and other depositories, whether or not such deposits will draw earn interest, the same to be subject to withdrawal on such terms and in such manner and by such Person person or Persons persons (including any one or more Trustees, officers, agents or representatives) as the Trustees may determine.;
(xi) To 4.2.9 to possess and exercise all the rights, powers and privileges appertaining to the ownership of all or any interests in, hypothecs or mortgages or securities securities, issued or created by, or interest in, any Personperson, forming part of the assets of the Trust, to the same extent that an individual mightmight and, and without limiting the generality of the foregoing, to vote or give any consent, request or notice, or waive any notice, either in person or by proxy or power of attorney, with or without power of substitution, to one or more Personspersons, which proxies and powers of attorney may be for meetings or action generally or for any particular meeting or action, action and may include the exercise of discretionary powers.power;
(xii) To enter into joint ventures, general or limited partnerships and any other lawful combinations or associations with independent third parties or, subject 4.2.10 to Article VIII, Section 8, with Affiliated Programs.
(xiii) To elect, appoint, engage or employ such officers for the Trust (including a Chairman, an Honorary Chairman, a President, one or more Executive Vice-Presidents, one or more Senior Vice-Presidents, one or more Vice-Presidents and a Secretary and other officers as the Trustees may determine), who may be removed or discharged at the discretion of the Trustees, such officers to have such powers and duties, and to serve such terms and at such compensation, as may be prescribed by the Trustees or by the Trustees’ Regulations; to engage or employ any Persons persons as agents, representatives, employees, employees or independent contractors (including, without limitation, mortgage servicers, real estate advisors, investment advisors, transfer agents, registrars, underwriters, accountants, attorneys at lawlawyers, real estate agents, property managers, appraisers, brokers, architects, engineers, construction managers, general contractors or otherwise) in one or more capacities, and to pay compensation from the Trust for services in as many capacities as such Person persons may be so engaged or employed; and, except as prohibited by law and subject to the supervision of the Trusteeslaw, to delegate any of the powers and duties of the Trustees to the Advisor.
(xiv) To determine the proper accounting treatment for Trust incomeany one or more Trustees, loss and capital.
(xv) To determine from time to time the value of all or any part of the Trust assets and of any securitiesagents, assets representatives, officers, employees, independent contractors or other consideration persons;
4.2.11 to be furnished to or acquired by the Trust, and from time to time to revalue all or any part of the Trust assets in accordance with such appraisals or other information as are, in the Trustees' sole judgment, necessary and/or satisfactory.
(xvi) To collect, xxx for, for and receive all sums of money or other assets coming due to the Trust, and to engage in, intervene in, prosecute, join, defend, compound, compromise, abandon or adjust, by arbitration or otherwise, any actions, suits suits, proceedings, disputes, claims, controversies, demands or other litigation relating to the Trust, the assets of the Trust or the Trust's ’s affairs, to enter into agreements therefor, therefor whether or not any suit is commenced or claim accrued or asserted and, in advance of any controversy, to enter into agreements regarding arbitration, adjudication the arbitration or settlement thereof.;
(xvii) To 4.2.12 to renew, modify, release, compromise, extend, consolidate, consolidate or cancel, in whole or in part, any obligation to or of the Trust.;
(xviii) To 4.2.13 to purchase and pay for for, out of the Trust assets of the Trust, insurance contracts and policies insuring the assets of the Trust assets against any and all risks and insuring the Trust and/or any or all of the Trustees, the Shareholders, officers, employees, agents, investment advisors Unitholders or independent contractors officers of the Trust against any and all claims and liabilities of every any nature asserted by any Person person arising by reason of any action alleged to have been taken or omitted by the Trust or by the Trustees, the Unitholders or the officers or otherwise;
4.2.14 to cause title to any of the assets of the Trust to be drawn up in the name of the Trustees, and/or, to the extent permitted by applicable law, in the name of the Trust or one or more of the Trustees or any other person, on such terms, in such manner with such powers in such person as Trustee, Shareholder, officer, employee, agent, investment advisor the Trustees may determine and with or independent contractor; without disclosure that the Trust or Trustees are interested therein provided, however, that should title to any of the assets of the Trust be held by and/or in the name of any person or persons other than the Trust as aforesaid, the Trustees may purchase shall require such person or persons to execute a contract of trust acknowledging that title to such assets is held in trust for the benefit of the Trust;
4.2.15 to determine conclusively the allocation to capital, income or other appropriate accounts of all receipts, expenses, disbursements and property of the Trust;
4.2.16 to prepare, sign and file or cause to be prepared, signed and filed a prospectus, offering memorandum or similar document, and any amendment thereto, relating to or resulting from an offering of the Units or other securities issued or held by the Trust and to pay for the cost thereof and related thereto and any fees related thereto out of the property of the Trust assets insurance contracts and policies insuring independent contractors whether or agents, only if not such policies are customarily provided to independent contractors offering is or agents providing the services being rendered in the locality where such services are being rendered; provided, further, that limitations on the acquisition was of insurance contracts or policies shall not apply direct benefit to the Advisor, unless otherwise restricted as set forth in Article XI Section 2(d).Trust or those persons (if any) who were Unitholders immediately prior to such offering;
(xix) To adopt a fiscal year 4.2.17 to make or cause to be made application for the listing on any stock exchange of any Units or other securities of the Trust, and to do all things which in the opinion of the Trustees may be necessary or desirable to effect or maintain such listing or listings;
4.2.18 to determine conclusively the value of any or all of the property of the Trust from time to time and, in determining such value, to change consider such fiscal year.information and advice as the Trustees, in their sole judgment, may deem material and reliable;
(xx) To adopt 4.2.19 to do all such acts and use a seal (but things and to exercise such powers which are delegated to the use of a seal shall not be required for Trustees by any person who co-owns immovable property with the execution of instruments or obligations Trust;
4.2.20 to exercise all of the Trust).
(xxi) To increase or decrease the aggregate number of Shares that the Trust has authority to issue.
(xxii) To make and alter bylaws to regulate the government of the Trust and the administration of its affairs.
(xxiii) To make, perform, and carry out, or cancel and rescind, contracts of every kind for any lawful purpose without limit as to amount, with any Person, firm, trust, association, corporation, municipality, county, parish, state, territory, government or other municipal or governmental subdivisions. The contracts shall be for such duration and upon such terms as the Trustees in their sole discretion shall determine.
(xxiv) To renew, modify, extend, consolidate or cancel, in whole or in part, the Trust's dividend reinvestment plan, if adopted, ’s or the Trust's redemption plan, if adopted.Trustees’ rights under the Instalment Receipt Agreement; and
(xxv) To acquire real property (or an interest therein) in the event of a Mortgage foreclosure 4.2.21 to do all such other acts and perform all acts things as are incidental to the ownership of real property foregoing, including, without limitation, entering into leases for space located therein.
(xxvi) To do all other such the acts and things as are incident to the foregoingtransactions permitted by section 5.2.1, and to exercise all powers which are necessary or useful to carry on the business affairs of the Trust, to promote any of the purposes for which the Trust is formed, formed and to carry out the provisions of this DeclarationContract of Trust.
Appears in 1 contract
Samples: Trust Agreement
Specific Powers and Authorities. Subject only to the express limitations contained in this Declaration of Trust and in addition to any powers and authorities conferred by this Declaration of Trust or which the Trustees may have by virtue of any present or future statute or rule of law, the Trustees without any action or consent by the Shareholders shall have and may exercise at any time and from time to time the following powers and authorities which may or may not be exercised by them in their sole judgment and discretion in such manner and upon such terms and conditions as they may from time to time deem proper:
(i) To retain, invest and reinvest the capital or other funds of the Trust in Mortgage Investments and other Mortgages without regard to whether any such Mortgage Investments and other Mortgages may mature before the possible termination of the Trust, and to possess and exercise all the rights, powers and privileges appertaining to the ownership of the Trust assets.
(ii) For such consideration as they deem proper to invest in, purchase or otherwise acquire for cash or other property and hold for investment Mortgages secured by real property located in the United States, and, in connection with any such investment in Mortgages, acquire (i) the entire or any participating interest in rents, lease payments or other income from or the entire or any participating interest in the profits from, or the entire or any participating interest in the equity or ownership of, real property; and (ii) such investments, either directly or, subject to Article VIII VII Section 8, through joint ventures, partnerships, or other lawful combinations or associations.
(iii) To sell, exchange, release, partition, assign, mortgage, pledge, hypothecate, grant security interests in, encumber, negotiate, convey, transfer or otherwise dispose of any and all of the assets of the Trust by deeds, trust deeds, assignments, bills of sale, transfers, leases, mortgages, financing statements, security agreements and other instruments for any of such purposes executed and delivered for and on behalf of the Trust or the Trustees by one or more of the Trustees or by a duly authorized officer, employee, agent or any nominee of the Trust.
(iv) To, subject to Article IX VIII Section 1 and Article VIII VII Section 7, issue authorized Shares or other Securities, all without the vote of or other action by the Shareholders, to such Persons for such cash, property or other consideration (including Securities issued or created by, or interests in any Person) at such time or times and on such terms and the Trustees may deem advisable and to purchase or otherwise acquire, hold, cancel, reissue, sell and transfer the Shares or any of such Securities.
(v) To enter into contracts, obligations, and other agreement for a term extending beyond the term of office of the Trustees and beyond the possible termination of the Trust or for a lesser term.
(vi) To, subject to Article VIIIVII, Section 9, borrow money and give negotiable or non-negotiable instruments therefor; to enter into other obligations on behalf of the Trust; and to assign, convey, transfer, mortgage, subordinate, pledge, grant security interests in, encumber or hypothecate the assets of the Trust to secure any of the foregoing.
(vii) To lend money, whether secured or unsecured.
(viii) To create reserve funds for any purpose.
(ix) To incur and pay out of the Trust assets any charges or expenses, and disburse any funds of the Trust, which charges, expenses or disbursements are, in the opinion of the Trustees, necessary for or incidental to or desirable for, and are incurred in connection with, the carrying out of any of the purposes of the Trust or the conducting of the business of the Trust, including without limitation taxes and other governmental levies, charges and assessments of whatever kind or nature, imposed upon or against the Trustees in connection with the Trust or upon or against the Trust assets or any part thereof, and for any of the purposes herein.
(x) To deposit funds or securities held by the Trust in banks, trust companies, savings and loan associations and other depositories, whether or not such deposits will draw interest, the same to be subject to withdrawal on such terms and in such manner and by such Person or Persons (including any one or more Trustees, officers, agents or representatives) as the Trustees may determine.
(xi) To possess and exercise all the rights, powers and privileges appertaining to the ownership of all or any interests in, or mortgages or securities issued or created by, any Person, forming part of the assets of the Trust, to the same extent that an individual might, and without limiting the generality of the foregoing, to vote or give any consent, request or notice, or waive any notice, either in person or by proxy or power of attorney, with or without power of substitution, to one or more Persons, which proxies and powers of attorney may be for meetings or action generally or for any particular meeting or action, and may include the exercise of discretionary powers.
(xii) To enter into joint ventures, general or limited partnerships and any other lawful combinations or associations with independent third parties or, subject to Article VIIIVII, Section 8, with Affiliated Programs.
(xiii) To elect, appoint, engage or employ such officers for the Trust as the Trustees may determine, who may be removed or discharged at the discretion of the Trustees, such officers to have such powers and duties, and to serve such terms and at such compensation, as may be prescribed by the Trustees; to engage or employ any Persons as agents, representatives, employees, or independent contractors (including, without limitation, mortgage servicers, real estate advisors, investment advisors, transfer agents, registrars, underwriters, accountants, attorneys at law, real estate agents, managers, appraisers, brokers, architects, engineers, construction managers, general contractors or otherwise) in one or more capacities, and to pay compensation from the Trust for services in as many capacities as such Person may be so engaged or employed; and, except as prohibited by law and subject to the supervision of the Trustees, to delegate any of the powers and duties of the Trustees to the Advisor.
(xiv) To determine the proper accounting treatment for Trust income, loss and capital.
(xv) To determine from time to time the value of all or any part of the Trust assets and of any securities, assets or other consideration to be furnished to or acquired by the Trust, and from time to time to revalue all or any part of the Trust assets in accordance with such appraisals or other information as are, in the Trustees' sole judgment, necessary and/or satisfactory.
(xvi) To collect, xxx for, and receive all sums of money or other assets coming due to the Trust, and to engage in, intervene in, prosecute, join, defend, compound, compromise, abandon or adjust, by arbitration or otherwise, any actions, suits proceedings, disputes, claims, controversies, demands or other litigation relating to the Trust, the assets of the Trust or the Trust's affairs, to enter into agreements therefor, whether or not any suit is commenced or claim accrued or asserted and, in advance of any controversy, to enter into agreements regarding arbitration, adjudication or settlement thereof.
(xvii) To renew, modify, release, compromise, extend, consolidate, or cancel, in whole or in part, any obligation to or of the Trust.
(xviii) To purchase and pay for out of the Trust assets insurance contracts and policies insuring the Trust assets against any and all risks and insuring the Trust and/or any or all of the Trustees, the Shareholders, officers, employees, agents, investment advisors or independent contractors of the Trust against any and all claims and liabilities of every nature asserted by any Person arising by reason of any action alleged to have been taken or omitted by the Trust or by any such person as Trustee, Shareholder, officer, employee, agent, investment advisor or independent contractor; provided, however, that the Trustees may purchase and pay for out of Trust assets insurance contracts and policies insuring independent contractors or agents, only if such policies are customarily provided to independent contractors or agents providing the services being rendered in the locality where such services are being rendered; provided, further, that limitations on the acquisition of insurance contracts or policies shall not apply to the Advisor, unless otherwise restricted as set forth in Article XI Section 2(d).
(xix) To adopt a fiscal year for the Trust, and from time to time to change such fiscal year.
(xx) To adopt and use a seal (but the use of a seal shall not be required for the execution of instruments or obligations of the Trust).
(xxi) To increase or decrease the aggregate number of Shares that the Trust has authority to issue.
(xxii) To make and alter bylaws to regulate the government of the Trust and the administration of its affairs.
(xxiii) To make, perform, and carry out, or cancel and rescind, contracts of every kind for any lawful purpose without limit as to amount, with any Person, firm, trust, association, corporation, municipality, county, parish, state, territory, government or other municipal or governmental subdivisions. The contracts shall be for such duration and upon such terms as the Trustees in their sole discretion shall determine.
(xxiv) To renew, modify, extend, consolidate or cancel, in whole or in part, the Trust's dividend reinvestment plan, if adopted, or the Trust's redemption plan, if adopted.
(xxv) To acquire real property (or an interest therein) in the event of a Mortgage foreclosure and perform all acts incidental to the ownership of real property including, without limitation, entering into leases for space located therein.
(xxvi) To do all other such acts and things as are incident to the foregoing, and to exercise all powers which are necessary or useful to carry on the business of the Trust, to promote any of the purposes for which the Trust is formed, and to carry out the provisions of this Declaration.
Appears in 1 contract
Samples: Agreement and Declaration of Trust (United Mortgage Trust)
Specific Powers and Authorities. Subject only to the express limitations contained in this Declaration of Trust and in addition to any powers and authorities conferred by this Declaration of Trust or which the Trustees may have by virtue of any present or future statute or rule of law, the Trustees without any action or consent by the Shareholders shall have and may exercise at any time and from time to time the following powers and authorities which may or may not be exercised by them in their sole judgment and discretion and in such manner and upon such terms and conditions as they may from time to time deem proper:
(i) To retain, invest and reinvest the capital or other funds of the Trust (including, without limitation, repayments and disposition proceeds from sales of the Trust's Mortgage Investments) in Mortgages and other Mortgage Investments and other Mortgages without regard to whether any such Mortgages and other Mortgage Investments and other Mortgages may mature before the possible termination of the Trust, and to possess and exercise all the rights, powers and privileges appertaining to the ownership of the Trust assets.
(ii) For such consideration as they deem proper to invest in, purchase or otherwise acquire for cash or other property and hold for investment Mortgages secured by real property located in the United States, and, in connection with any such investment in Mortgages, acquire (i) the entire or any participating interest in rents, lease payments or other income from from, or the entire or any participating interest in the profits from, or the entire or any participating interest in the equity or ownership of, real property; and (ii) such investments, either directly or, subject to Article VIII VII, Section 87.1, through joint ventures, partnerships, or other lawful combinations or associations.
(iii) To sell, exchange, release, partition, assign, mortgage, pledge, hypothecate, grant security interests in, encumber, negotiate, convey, transfer or otherwise dispose of any and all of the assets of the Trust by deeds, trust deeds, assignments, bills of sale, transfers, leases, mortgages, financing statements, security agreements and other instruments for any of such purposes executed and delivered for and on behalf of the Trust or the Trustees by one or more of the Trustees or by a duly authorized officer, employee, agent or any nominee of the Trust.
(iv) To, subject to Article IX Section 1 and Article VIII Section 7, To issue authorized Shares or other Securities, all without the vote of or other action by the Shareholders, to such Persons for such cash, property or other consideration (including Securities issued or created by, or interests in any Person) at such time or times and on such terms and as the Trustees may deem advisable and to purchase or otherwise acquire, hold, cancel, reissue, sell and transfer the Shares or any of such Securities.
(v) To enter into contracts, obligations, and other agreement agreements for a term extending beyond the term of office of the Trustees and beyond the possible termination of the Trust or for a lesser term.
(vi) To, subject to Article VIIIVII, Section 97.9, borrow money and give negotiable or non-negotiable instruments therefor; to enter into other obligations on behalf of the Trust; and to assign, convey, transfer, mortgage, subordinate, pledge, grant security interests in, encumber or hypothecate the assets of the Trust to secure any of the foregoing.
(vii) To lend money, whether secured or unsecured.
(viii) To create reserve funds for any purpose.
(ix) To incur and pay out of the Trust assets any charges or expenses, and disburse any funds of the Trust, which charges, expenses or disbursements are, in the opinion of the Trustees, necessary for or incidental to or desirable for, and are incurred in connection with, the carrying out of any of the purposes of the Trust or the conducting of the business of the Trust, including without limitation taxes and other governmental levies, charges and assessments of whatever kind or nature, imposed upon or against the Trustees in connection with the Trust or upon or against the Trust assets or any part thereof, and for any of the purposes herein.
(x) To deposit funds or securities held by the Trust in banks, trust companies, savings and loan associations and other depositories, whether or not such deposits will draw interest, the same to be subject to withdrawal on such terms and in such manner and by such Person or Persons (including any one or more Trustees, officers, agents or representatives) as the Trustees may determine.
(xi) To possess and exercise all the rights, powers and privileges appertaining to the ownership of all or any interests in, or mortgages or securities issued or created by, any Person, forming part of the assets of the Trust, to the same extent that an individual might, and and, without limiting the generality of the foregoing, to vote or give any consent, request or notice, or waive any notice, either in person or by proxy or power of attorney, with or without power of substitution, to one or more Persons, which proxies and powers of attorney may be for meetings or action generally or for any particular meeting or action, and may include the exercise of discretionary powers.
(xii) To enter into joint ventures, general or limited partnerships and any other lawful combinations or associations with independent third parties or, subject subject: to Article VIIIVII, Section 87.1, with Affiliated Programs.
(xiii) To elect, appoint, engage or employ such officers for the Trust as the Trustees may determine, who may be removed or discharged at the discretion of the Trustees, such officers to have such powers and duties, and to serve such terms and at such compensation, as may be prescribed by the Trustees; to engage or employ any Persons as agents, representatives, employees, or independent contractors (including, without limitation, mortgage servicers, real estate advisors, investment advisors, transfer agents, registrars, underwriters, accountants, attorneys at law, real estate agents, managers, appraisers, brokers, architects, engineers, construction managers, general contractors or otherwise) in one or more capacities, and to pay compensation from the Trust for services in as many capacities as such Person may be so engaged or employed; and, except as prohibited by law and subject to the supervision of the Trustees, to delegate any of the powers and duties of the Trustees to the Advisor.
(xiv) To determine the proper accounting treatment for Trust income, loss and capital.
(xv) To determine from time to time the value of all or any part of the Trust assets and of any securities, assets assets, or other consideration to be furnished to or acquired by the Trust, and from time to time to revalue all or any part of the Trust assets in accordance with such appraisals or other information as are, in the Trustees' sole judgment, necessary and/or satisfactory.
(xvi) To collect, xxx for, and receive all sums of money or other assets coming due to the Trust, and to engage in, intervene in, prosecute, join, defend, compound, compromise, abandon or adjust, by arbitration or otherwise, any actions, suits suits, proceedings, disputes, claims, controversies, demands or other litigation relating to the Trust, the assets of the Trust or the Trust's affairs, to enter into agreements therefor, whether or not any suit is commenced or claim accrued or asserted and, in advance of any controversy, to enter into agreements regarding arbitration, adjudication or settlement thereof.
(xvii) To renew, modify, release, compromise, extend, consolidate, or cancel, in whole or in part, any obligation to or of the Trust.
(xviii) To purchase and pay for out of the Trust assets insurance contracts and policies insuring the Trust assets against any and all risks and insuring the Trust and/or any or all of the Trustees, the Shareholders, officers, employees, agents, investment advisors or independent contractors of the Trust against any and all claims and liabilities of every nature asserted by any Person arising by reason of any action alleged to have been taken or omitted by the Trust or by any such person as Trustee, Shareholder, officer, employee, agent, investment advisor or independent contractor; provided, however, that the Trustees may purchase and pay for out of Trust assets insurance contracts and policies insuring independent contractors or agents, only if such policies are customarily provided to independent contractors or agents providing the services being rendered in the locality where such services are being rendered; provided, further, that limitations on the acquisition of insurance contracts or policies shall not apply to the Advisor, unless otherwise restricted as set forth in Article XI XI, Section 2(d11.2(c).
(xix) To adopt a fiscal year for the Trust, and from time to time to change such fiscal year.
(xx) To adopt and use a seal (but the use of a seal shall not be required for the execution of instruments or obligations of the Trust).
(xxi) To increase or decrease the aggregate number of Shares that the Trust has authority to issue.
(xxii) To make and alter bylaws to regulate the government of the Trust and the administration of its affairs.
(xxiii) To make, perform, and carry out, or cancel and rescind, contracts of every kind for any lawful purpose without limit as to amount, with any Person, firm, trust, association, corporation, municipality, county, parish, state, territory, government or other municipal or governmental subdivisions. The These contracts shall be for such duration and upon such terms as the Trustees in their sole discretion shall determine.
(xxivxxii) To renew, modify, extend, consolidate or cancel, in whole or in part, the Trust's dividend reinvestment plan, if adopted, or the Trust's redemption plan, if adoptedReinvestment Plan.
(xxvxxiii) To acquire real property (or an interest therein) in the event of a Mortgage foreclosure and perform all acts incidental to the ownership of real property including, without limitation, entering into leases for space located therein.
(xxiv) To cause the Trust to repurchase Shares from time to time out of surplus funds of the Trust, if any, to further the business of the Trust;
(xxv) To list the Shares on the American Stock Exchange or any other exchange or market;
(xxvi) To, in connection with the leveraging of the Trust's assets, cause the Trust to form and invest in subsidiaries and other investment vehicles and transfer any or all of the Trust's assets to such entities; provided, however, that such entities shall be operated in a manner which is consistent with the provisions of this Trust Agreement;
(xxvii) To adopt, implement and from time to time amend bylaws of the Trust relating to the business and organization of the Trust that are not inconsistent with the provisions of this Declaration of Trust; and
(xxviii) To do all other such acts and things as are incident to the foregoing, and to exercise all powers which are necessary or useful to carry on the business of the Trust, to promote any of the purposes for which the Trust is formed, and to carry out the provisions of this DeclarationDeclaration of Trust.
Appears in 1 contract
Samples: Declaration of Trust (American Mortgage Investors Trust)
Specific Powers and Authorities. Subject only to the express limitations contained in this Declaration or in the provisions of Trust any series of Preferred Shares which may be outstanding, and in addition to any powers and authorities conferred by this Declaration of Trust or which the Trustees may have by virtue of any present or future statute or rule of law, the Trustees without any action or consent by the Shareholders shall have and may exercise at any time and from time to time the following powers and authorities which may or may not be exercised by them in their sole judgment and discretion and in such manner and upon such terms and conditions as they may from time to time deem proper:
(i1) To retain, invest and reinvest the capital or other funds of the Trust and, for such consideration as they deem proper, to purchase or otherwise acquire for cash or other property or through the issuance of Shares or other Securities of the Trust and hold for investment real or personal property of any kind, tangible or intangible, in Mortgage Investments and other Mortgages entirety or in participation, all without regard to whether any such Mortgage Investments and other Mortgages may mature before property is authorized by law for the possible termination investment of the Trust, trust funds and to possess and exercise all the rights, powers and privileges appertaining to the ownership of the Trust assetsEstate with respect thereto.
(ii2) For To increase the capital of the Trust by the issuance of additional Shares at such time or times and for such consideration as they deem proper to invest inmay be deemed appropriate by the affirmative vote of a majority of the Trustees, purchase or otherwise acquire for cash or other property and hold for investment Mortgages secured by real property located in including a majority of the United States, and, in connection with any such investment in Mortgages, acquire (i) Trustees who are not Affiliates of the entire or any participating interest in rents, lease payments or other income from or the entire or any participating interest in the profits from, or the entire or any participating interest in the equity or ownership of, real property; and (ii) such investments, either directly or, subject to Article VIII Section 8, through joint ventures, partnerships, or other lawful combinations or associationsAdviser.
(iii3) To sell, rent, lease, hire, exchange, release, partition, assign, mortgage, pledge, hypothecate, grant security interests in, encumber, negotiate, convey, transfer or otherwise dispose of or grant interests in all or any and all of the assets portion of the Trust Estate by deeds, trust deeds, assignments, bills of sale, transfers, leases, mortgages, financing statements, security agreements and other instruments for any of such purposes executed purposes.
(4) To issue other Securities, which may be secured or unsecured and delivered for and on behalf may be subordinated to any indebtedness of the Trust or the Trustees by one or more of the Trustees or by a duly authorized officer, employee, agent or any nominee of the Trust.
(iv) To, subject to Article IX Section 1 and Article VIII Section 7, issue authorized Shares or other Securitiesmay be convertible into Shares, all without the vote of or other action by the Shareholders, to such Persons for such cash, property or other consideration (including Securities issued or created by, or interests in in, any Person) at such time or times and on such terms and as may be deemed appropriate by the affirmative vote of a majority of the Trustees, including a majority of the Trustees may deem advisable who are not Affiliates of the Adviser, and to purchase or otherwise acquire, hold, cancel, reissue, sell and transfer the Shares or any of such Securities; provided, however, that the Trust shall not (i) issue "redeemable securities" as defined in Section 2(a)(32) of the Investment Company Act of 1940; or (ii) issue Long Term Debt unless the historical cash flow of the Trust or the estimated future cash flow of the Trust excluding extraordinary non-recurring items, is sufficient to cover interest payments on such debt securities.
(v5) To issue Share Purchase Warrants ("Warrants") which entitle the holders thereof to subscribe for Preferred or Common Shares (which Shares shall be reserved at the time of issuance of such Warrants by the Trustees for issuance upon exercise of such Warrants) at such time or times and on such terms as the Trustees may prescribe. Warrants may be issued to such Persons and for such consideration as the Trustees may from time to time determine, and may be issued in detachable or nondetachable form in conjunction with the issuance of debt securities or as an inducement to those acquiring or underwriting Securities of the Trust, and may be redeemable at the option of the Trust. Warrants shall be evidenced by certificates in such from as the Trustees may approve.
(6) To enter into leases, indentures, contracts, obligations, and other agreement agreements for a term extending beyond the term of office of the Trustees and beyond the possible termination of the Trust or for a lesser term.
(vi7) ToTo borrow money, subject incur indebtedness and issue Securities of the Trust therefor; to Article VIIIguarantee, Section 9, borrow money and give negotiable indemnify or non-negotiable instruments thereforact as surety with respect to payment or performance of obligations of third parties; to enter into other obligations on behalf of the Trust; and to assign, convey, transfer, mortgage, subordinate, pledge, grant security interests in, encumber or hypothecate the assets of the Trust Estate to secure any of the foregoing; provided, however, that in no event shall the Trust incur Long Term Debt if after giving effect thereto the total amount of Long Term Debt would exceed 400% of Net Assets or incur any Short Term Borrowings if after giving effect thereto the total amount of Short Term Borrowings would exceed 400% of Net Assets and provided further that the aggregate Long Term Debt and Short Term Borrowings shall not exceed 500% of Net Assets prior to December 31, 1972. Compliance with the provisions of the foregoing proviso shall be determined on the basis of the latest available balance sheet of the Trust (which shall be as of a date not more than 90 days prior to the date of incurring such Indebtedness) adjusted on a pro forma basis to give effect to the incurring of such Indebtedness.
(vii) 8) To lend money, whether secured or unsecured.
(viii9) To create reserve funds for any purpose.
(ix10) To incur and pay out of the Trust assets Estate any charges or expenses, and disburse any funds of the Trust, which charges, expenses or disbursements are, in the opinion of the Trustees, necessary for or incidental to or desirable for, and are incurred in connection with, for the carrying out of any of the purposes of the Trust or the conducting of the business of the Trust, including without limitation taxes and other governmental levies, charges and assessments assessments, of whatever kind or nature, imposed upon or against the Trustees in connection with the Trust or the Trust Estate or upon or against the Trust assets Estate or any part thereof, thereof and for any of the purposes herein.
(x11) To deposit funds or securities held by of the Trust in banks, trust companies, savings and loan associations and other depositories, including the Bank, whether or not such deposits will draw interest, the same to be subject to withdrawal on such terms and in such manner and by such Person or Persons (including any one or more Trustees, officers, agents or representatives) as the Trustees may determine.
(xi12) To possess and exercise all the rights, powers and privileges appertaining to the ownership of any or all Mortgages or any interests in, or mortgages or securities Securities issued or created by, or interests in, any Person, forming part of the assets of the TrustTrust Estate, to the same extent that an individual might, and and, without limiting the generality of the foregoing, to vote or give any consent, request or notice, or waive any notice, either in person or by proxy or power of attorney, with or without power of substitution, to one or more Persons, which proxies and powers of attorney may be for meetings or action generally or for any particular meeting or action, and may include the exercise of discretionary powers.
(xii13) After approval by the holders of two-thirds of the outstanding Shares entitled to vote, by vote of two-thirds of the Trustees, to cause a corporation or other entity to be organized under the laws of Maryland or any other jurisdiction and transfer the assets of the Trust to it in exchange for its shares or other Securities (which Securities shall then be distributed to the Shareholders) and terminate the Trust; provided that, such new corporation or entity and its shareholders would then be entitled to federal income tax treatment substantially equal to that enjoyed by a qualified real estate investment trust and its shareholders, and the resulting investment received by Preferred or Common Shareholders would be substantially equal in quality and substantially the same in type as an investment in the Preferred or Common Shares of the Trust, as the case may be.
(14) To enter into joint ventures, general or limited partnerships and any other lawful combinations or associations with independent third parties or, subject to Article VIII, Section 8, with Affiliated Programsassociations.
(xiii15) To elect, appoint, engage or employ such officers for the Trust as the Trustees may determineTrust, who may be removed or discharged at the discretion of the Trustees, such officers to have such titles, powers and duties, and to serve such terms and at such compensationterms, as may be prescribed by the TrusteesTrustees or by the By-Laws; subject to the provisions of Sections 7.5 and 7.6, to engage or employ any Persons as agents, representatives, employees, or independent contractors (including, including without limitation, mortgage servicers, limitation real estate advisorsadvisers, investment advisorsadvisers, transfer agents, registrars, underwriters, accountants, attorneys at law, real estate agents, managers, appraisers, brokers, architects, engineers, construction managers, general contractors or otherwise) in one or more capacities, and to pay compensation from the Trust for services in as many capacities as such Person may be so engaged or employed; and, except as prohibited by law and subject to the supervision of the Trusteeslaw, to delegate any of the powers and duties of the Trustees to any one or more Trustees, agents, representatives, officers, employees, independent contractors or other Persons except as provided in Article 4 hereof, provided, however, that no such delegation shall be made to an Affiliate of the AdvisorAdviser except with the approval of a majority of the Trustees who are not Affiliates of the Adviser.
(xiv16) To determine appoint from among the proper accounting treatment for Trust incomeTrustees an executive committee and other committees composed of two or more Trustees, loss and capitalto delegate to such committees, in the intervals between meetings of the Trustees, any or all of the powers of the Trustees in the management of the business and affairs of the Trust, except the power to declare dividends, issue Shares or recommend to Shareholders any action requiring Shareholders' approval.
(xv17) To determine from time to time the value of all or any part of the Trust assets Estate and of any securitiesservices, assets Securities, property or other consideration to be furnished to or acquired by the Trust, and from time to time to revalue all or any part of the Trust assets Estate in accordance with such appraisals or other information as arethe Trustees, in the Trustees' their sole judgment, necessary and/or satisfactorymay deem necessary.
(xvi18) To collect, xxx for, and receive all sums of money or other assets coming due to the Trust, and to engage in, intervene in, prosecute, join, defend, compound, compromise, abandon or adjust, by arbitration or otherwise, any actions, suits suits, proceedings, disputes, claims, controversies, demands or other litigation relating to the Trust, the assets of the Trust Estate or the Trust's affairs, to enter into agreements therefor, whether or not any suit is commenced or claim accrued or asserted and, in advance of any controversy, to enter into agreements regarding arbitration, adjudication or settlement thereof.
(xvii19) To renew, modify, release, compromise, extend, consolidate, or cancel, in whole or in part, any obligation to or of the Trust.
(xviii20) To extend, renew or reissue outstanding rights, warrants or options to purchase Shares of the Trust.
(21) To purchase and pay for out of the Trust assets Estate insurance contracts and policies insuring the Trust assets Estate against any and all risks and insuring the Trust and/or Trust, the Trustees, the Shareholders or the officers of the Trust, or any or all of the Trusteesthem, the Shareholders, officers, employees, agents, investment advisors or independent contractors of the Trust against any and all claims and liabilities of every nature asserted by any Person arising by reason of any action alleged to have been taken or omitted by the Trust or by the Trustees, Shareholders, or officers.
(22) To cause legal title to any of the Trust Estate to be held by or in the name of the Trustees or, except as prohibited by law, by or in the name of the Trust or one or more of the Trustees or any other Person, on such person terms, in such manner, with such powers in such Person as Trustee, Shareholder, officer, employee, agent, investment advisor or independent contractor; provided, however, that the Trustees may purchase determine, and pay for out of with or without disclosure that the Trust assets insurance contracts and policies insuring independent contractors or agents, only if such policies Trustees are customarily provided to independent contractors or agents providing the services being rendered in the locality where such services are being rendered; provided, further, that limitations on the acquisition of insurance contracts or policies shall not apply to the Advisor, unless otherwise restricted as set forth in Article XI Section 2(d)interested therein.
(xix23) To adopt a fiscal year for the Trust, and from time to time to change such fiscal year.
(xx24) To adopt and use a seal (but the use of a seal shall not be required for the execution of instruments or obligations of the Trust).
(xxi25) To increase or decrease file any and all documents and take any and all such other action as the aggregate number of Shares Trustees, in their sole judgment, may deem necessary in order that the Trust has authority to issuemay lawfully conduct its business in any jurisdiction.
(xxii26) To make and alter bylaws to regulate change the government name of the Trust.
(27) To adopt a plan for reinvestment by Shareholders of distributions of the Trust containing provision for the sale of Shares by the Trust at book value in the event market value is higher and the administration of its affairs.
(xxiii) To make, perform, and carry out, or cancel and rescind, contracts of every kind for any lawful purpose without limit as to amount, with any Person, firm, trust, association, corporation, municipality, county, parish, state, territory, government or such other municipal or governmental subdivisions. The contracts shall be for such duration and upon such terms provisions as the Trustees in their sole discretion shall may determine.
(xxiv) To renew, modify, extend, consolidate or cancel, in whole or in part, the Trust's dividend reinvestment plan, if adopted, or the Trust's redemption plan, if adopted.
(xxv) To acquire real property (or an interest therein) in the event of a Mortgage foreclosure and perform all acts incidental to the ownership of real property including, without limitation, entering into leases for space located therein.
(xxvi28) To do all other such acts and things as are incident to the foregoing, and to exercise all powers which are necessary or useful to carry on the business of the Trust, to promote and attain any of the purposes for which the Trust is formed, and to carry out the provisions of this Declaration.
Appears in 1 contract
Specific Powers and Authorities. Subject only to the express limitations contained in this Declaration Contract of Trust Trust, including Sections 2.9, 6.1 and 6.2, and in addition to any powers and authorities conferred by this Declaration Contract of Trust or which the Trustees may have by virtue of any present or future statute or rule of or law, the Trustees Trustees, without any action or consent by the Shareholders Unitholders, shall have and may exercise at any time and from time to time the following powers and authorities which may or may not be exercised by them in their sole judgment and discretion and in such manner and upon such terms and conditions as they may from time to time deem proper:
(i) To 4.3.1 to retain, invest and reinvest the capital or other funds of the Trust in Mortgage Investments and other Mortgages immovable or movable property of any kind, all without regard as to whether or not any such Mortgage Investments and other Mortgages may mature before properties are authorized by law for the possible termination investment of the Trust, trust funds and to possess and exercise all the rights, powers and privileges appertaining pertaining to the ownership of the property of the Trust assets.
(ii) For and to increase the capital of the Trust at any time by the issuance of additional Units for such consideration as they deem proper appropriate;
4.3.2 for such consideration as they deem proper, to invest in, purchase or otherwise acquire for cash or other property or through the issuance of Units or through the issuance of notes, debentures, bonds or other obligations or securities (including convertible securities and exchangeable securities) of the Trust and hold for investment Mortgages secured by real property located in the United States, and, in connection with any such investment in Mortgages, acquire (i) the entire or any participating interest in any hypothecs or mortgages. In connection with any such investment, purchase or acquisition, the Trustees shall have the power to acquire a share of rents, lease payments or other gross income from or the entire or any participating interest in a share of the profits from, from or the entire or any participating interest a share in the equity or ownership ofof immovable property;
4.3.3 to sell, real property; and (ii) such investmentsrent, either directly orlease, subject to Article VIII Section 8, through joint ventures, partnerships, or other lawful combinations or associations.
(iii) To sellhire, exchange, release, partition, assign, mortgage, pledge, hypothecate, grant security interests in, encumber, negotiate, convey, transfer or otherwise dispose of any and or all of the assets of the Trust Property by deeds, trust deeds, assignments, bills of sale, transfers, leases, hypothecs or mortgages, financing statements, security agreements and other instruments for any of such purposes executed and delivered for and on behalf of the Trust or the Trustees by one or more of the Trustees or by a duly authorized officer, employee, agent or any nominee of the Trust.;
(iv) To, subject 4.3.4 to Article IX Section 1 and Article VIII Section 7, issue authorized Shares or other Securities, all without the vote of or other action by the Shareholders, to such Persons for such cash, property or other consideration (including Securities issued or created by, or interests in any Person) at such time or times and on such terms and the Trustees may deem advisable and to purchase or otherwise acquire, hold, cancel, reissue, sell and transfer the Shares or any of such Securities.
(v) To enter into leases, contracts, obligations, obligations and other agreement agreements for a term extending beyond the term of office of the Trustees and beyond the possible termination of the Trust or for a lesser term.;
(vi) To4.3.5 without limit as to amount, subject or as to Article VIIIany type of debt securities, Section 9, to borrow money and give negotiable from or non-negotiable instruments thereforincur indebtedness to any person; to guarantee, indemnify or act as surety with respect to payment or performance of obligations of third parties; to enter into other obligations on behalf of the Trust; and to assign, convey, transfer, hypothecate, mortgage, subordinate, pledge, grant security interests in, encumber or hypothecate the assets of encumber, the Trust Property to secure any of the foregoing.;
(vii) To 4.3.6 to lend moneymoney or other Trust Property, whether secured or unsecured.;
(viii) To create reserve funds 4.3.7 without limiting the amount, to issue any type of debt securities or convertible debt securities and to borrow money or incur any other form of indebtedness in order to carry out the purposes of the Trust or for other expenses incurred in connection with the Trust and for such purposes may draw, make, execute and issue promissory notes and other negotiable and non-negotiable instruments or securities and evidences of indebtedness, secure the payment of sums so borrowed or indebtedness incurred and hypothecate, mortgage, pledge, assign or grant a security interest in any purpose.money owing to the Trust or its property or engage in any other means of financing the Trust;
(ix) To 4.3.8 to incur and pay out of the Trust assets Property any charges or expenses, expenses and disburse any funds of the Trust, which charges, expenses or disbursements are, in the opinion of the Trustees, necessary for or incidental to or desirable for, and are incurred in connection with, for the carrying out of any of the purposes of the Trust or conducting the conducting affairs of the business of the TrustTrust including, including without limitation taxes and or other governmental levies, charges and assessments of whatever kind or nature, imposed upon or against the Trustees in connection with the Trust or the Trust Property or upon or against the Trust assets such property or any part thereof, thereof and for any of the purposes herein.;
(x) To 4.3.9 to deposit funds or securities held by of the Trust in banks, trust companies, savings and loan associations companies and other depositories, whether or not such deposits will draw earn interest, the same to be subject to withdrawal on such terms and in such manner and by such Person person or Persons persons (including any one or more Trustees, officers, agents or representatives) as the Trustees may determine.;
4.3.10 to possess and exercise all the rights, powers and privileges pertaining to the ownership of all or any hypothecs or mortgages or securities, issued or created by, or interest in, any person, forming part of the Trust Property, to the same extent that an individual might, without limiting the generality of the foregoing, vote or give any consent, request or notice, or waive any notice, either in person or by proxy or power of attorney, with or without power of substitution, to one or more persons, which proxies and powers of attorney may be for meetings or action generally or for any particular meeting or action and may include the exercise of discretionary power;
4.3.11 to exercise any conversion privilege, subscription right, warrant or other right or option available in connection with the Trust Property and to make payments incidental thereto; to consent, or otherwise participate in or dissent from, the reorganization, consolidation, amalgamation, merger or readjustment of the finances of any person (xiother than the Trust), any of the securities of which may at any time be held by the Trust or to the sale, hypothec, mortgage or lease of the property of any such person; and to do any act with reference thereto, including the delegation of discretionary powers, the exercise of options, the making of agreements or subscriptions and the payment of expenses, assessments or subscriptions which it may consider necessary or advisable in connection therewith;
4.3.12 subject to the provisions of Section 3.10, to elect, appoint, engage or employ officers for the Trust (including the Chairman of Trustees, Chief Executive Officer, President, Chief Financial Officer, Secretary and such vice-presidents and other officers as the Trustees may determine), who may be removed or discharged at the discretion of the Trustees, such officers to have such powers and duties, and to serve such terms as may be prescribed by the Trustees or by the regulations; to engage, appoint, employ or contract with any persons as agents, representatives, employees or independent contractors or otherwise (including real estate advisors, investment advisors, registrars, agents, underwriters, accountants, lawyers, real estate agents, Property Managers, appraisers, brokers, architects, engineers, construction managers, general contractors or otherwise) To in one or more capacities, and to pay compensation from the Trust for services in as many capacities as such persons may be so engaged or employed; and, except as prohibited by law, to delegate any of the powers and duties of the Trustees to any one or more Trustees, agents, representatives, officers, employees, independent contractors or other persons;
4.3.13 to incur and pay out of the property of the Trust any charges or expenses and disburse any funds of the Trust, which charges, expenses or disbursements are, in the opinion of the Trustees, necessary or incidental to or desirable for the carrying out of any of the purposes of the Trust or conducting the affairs of the Trust including taxes or other governmental levies, charges and assessments of whatever kind or nature, imposed upon or against the Trustees in connection with the Trust or the property of the Trust or upon or against the property of the Trust or any part thereof and for any of the purposes herein;
4.3.14 to deposit funds of the Trust in banks, trust companies and other depositories, whether or not such deposits will earn interest, the same to be subject to withdrawal on such terms and in such manner and by such person or persons (including anyone or more Trustees, officers, agents or representatives) as the Trustees may determine;
4.3.15 to possess and exercise all the rights, powers and privileges appertaining to the ownership of or interest in all or any interests in, hypothecs or mortgages or securities securities, issued or created by, or interest in, any Personperson, forming part of the assets of the Trust, to the same extent that an individual mightmight and, and without limiting the generality of the foregoing, to vote or give any consent, request or notice, or waive any notice, either in person or by proxy or power of attorney, with or without power of substitution, to one or more Personspersons, which proxies and powers of attorney may be for meetings or action generally or for any particular meeting or action, action and may include the exercise of discretionary power;
4.3.16 to exercise any conversion privilege, subscription right, warrant or other right or option available in connection with any property of the Trust at any time held by it and to make payments incidental thereto; to consent, or otherwise participate in or dissent from, the reorganization, consolidation, amalgamation, merger or readjustment of the finances of any person (other than the Trust), any of the securities of which may at any time be held, directly or indirectly, by the Trust, or to the sale, mortgage or lease of the property of any such person; and to do any act with reference thereto, including the delegation of discretionary powers., the exercise of options, the making of agreements or subscriptions and the payment of expenses, assessments or subscriptions which it may consider necessary or advisable in connection therewith;
(xii) To enter into joint ventures, general or limited partnerships and any other lawful combinations or associations with independent third parties or, subject 4.3.17 to Article VIII, Section 8, with Affiliated Programs.
(xiii) To elect, appoint, engage or employ such officers for the Trust as the Trustees may determineTrust, who may be removed or discharged at the discretion of the Trustees, such officers to have such powers and duties, and to serve such terms and at such compensation, as may be prescribed by the TrusteesTrustees or by the Regulations; to engage engage, appoint, employ or employ contract with any Persons persons as agents, representatives, employees, employees or independent contractors or otherwise (including, without limitation, mortgage servicers, including real estate advisors, investment advisors, transfer registrars, agents, registrars, underwriters, accountants, attorneys at lawlawyers, real estate agents, property managers, appraisers, brokers, architects, engineers, construction managers, general contractors or otherwise) in one or more capacities, and to pay compensation from the Trust for services in as many capacities as such Person persons may be so engaged or employed; and, except as prohibited by law and subject to the supervision or this Contract of the TrusteesTrust, to delegate any of the powers and duties of the Trustees (including the power of delegation) to the Advisor.
(xiv) To determine the proper accounting treatment for Trust incomeany one or more Trustees, loss and capital.
(xv) To determine from time to time the value of all or any part of the Trust assets and of any securitiesagents, assets representatives, officers, employees, independent contractors or other consideration persons without regard to be furnished whether such power, authority or duty is normally granted or delegated by Trustees;
4.3.18 to or acquired by the Trust, and from time to time to revalue all or any part of the Trust assets in accordance with such appraisals or other information as are, in the Trustees' sole judgment, necessary and/or satisfactory.
(xvi) To collect, xxx for, sue for and receive all sums of money or other assets coming due to the Trust, Trust and to engage in, intervene in, prosecute, join, defend, compound, compromise, abandon or adjust, by arbitration or otherwise, any actions, suits suits, proceedings, disputes, claims, controversies, demands or other litigation relating to the Trust, the assets of the Trust Property, or the Trust's ’s affairs, to enter into agreements therefor, therefor whether or not any suit is commenced or claim accrued or asserted and, in advance of any controversy, to enter into agreements regarding arbitration, adjudication the arbitration or settlement thereof.;
(xvii) To 4.3.19 to renew, modify, release, compromise, extend, consolidate, consolidate or cancel, in whole or in part, any obligation to or of the Trust.;
(xviii) To 4.3.20 to purchase and pay for for, out of the Trust assets Property, insurance contracts and policies insuring the Trust assets Property against any and all risks and insuring the Trust and/or or any or all of the Trustees, the Shareholders, officers, employees, agents, investment advisors Unitholders or independent contractors officers of the Trust against any and all claims and liabilities of every any nature asserted by any Person person arising by reason of any action alleged to have been taken or omitted by the Trust or by the Trustees, the Unitholders or the officers of the Trust;
4.3.21 to cause title to any of the Trust Property to be drawn up in the name of the Trustees, or, to the extent permitted by applicable law, in the name of the Trust or one or more of the Trustees or any other person, on such terms, in such manner with such powers in such person as Trustee, Shareholder, officer, employee, agent, investment advisor the Trustees may determine and with or independent contractor; without disclosure that the Trust or Trustees are interested therein provided, however, that should title to any of the Trust Property be held by or in the name of any person or persons other than the Trust as aforesaid, the Trustees may purchase shall require such person or persons to execute a contract acknowledging that title to such properties or assets is held for the benefit of the Trust;
4.3.22 to determine conclusively the allocation to capital, income or other appropriate accounts of all receipts, expenses, disbursements and Trust Property;
4.3.23 to prepare, sign and file or cause to be prepared, signed and filed a prospectus, offering memorandum or similar document, and any amendment thereto, relating to or resulting from an offering of the Units or other securities issued or held by the Trust and to pay for the cost thereof and related thereto and any fees related thereto out of the Trust assets insurance contracts and policies insuring independent contractors Property whether or agents, only if not such policies are customarily provided to independent contractors offering is or agents providing the services being rendered in the locality where such services are being rendered; provided, further, that limitations on the acquisition was of insurance contracts or policies shall not apply direct benefit to the Advisor, unless otherwise restricted as set forth in Article XI Section 2(d).Trust or those persons (if any) who were Unitholders immediately prior to such offering;
(xix) To adopt a fiscal year 4.3.24 to make or cause to be made an application for the listing on any stock exchange of any Units or other securities of the Trust, and to do all things which, in the opinion of the Trustees, may be necessary or desirable to effect or maintain such listing or listings;
4.3.25 to determine conclusively the value of any or all of the Trust Property from time to time and, in determining such value, to change consider such fiscal year.information and advice as the Trustees, in their sole judgment, may deem material and reliable;
(xx) To adopt 4.3.26 to grant mainlevées, radiations, discharges, waivers, releases, total or partial, under terms and use a seal (but for consideration, as the use of a seal shall not be required Trustees may deem appropriate;
4.3.27 in addition to the mandatory indemnification provided for in Section 17.1 to the execution of instruments or obligations of extent permitted by law to indemnify, to enter into agreements with respect to the Trust).
(xxi) To increase or decrease the aggregate number of Shares that indemnification of, any person with whom the Trust has authority dealings including the Trustees, the Transfer Agent or any escrow agent, to issue.such extent as the Trustees shall determine;
(xxii) To make 4.3.28 to purchase Subsidiary Trust Units and alter bylaws Series 1 Trust Notes;
4.3.29 to regulate do all such acts and things and to exercise such powers which are delegated to the government Trustees by any person who co-owns immovable property with the Trust;
4.3.30 to encroach on the capital of the Trust and the administration of its affairs.Property to make any capital distribution as provided in Section 11.1; and
(xxiii) To make, perform, and carry out, or cancel and rescind, contracts of every kind for any lawful purpose without limit as 4.3.31 to amount, with any Person, firm, trust, association, corporation, municipality, county, parish, state, territory, government or other municipal or governmental subdivisions. The contracts shall be for such duration and upon such terms as the Trustees in their sole discretion shall determine.
(xxiv) To renew, modify, extend, consolidate or cancel, in whole or in part, the Trust's dividend reinvestment plan, if adopted, or the Trust's redemption plan, if adopted.
(xxv) To acquire real property (or an interest therein) in the event of a Mortgage foreclosure and perform all acts incidental to the ownership of real property including, without limitation, entering into leases for space located therein.
(xxvi) To do all such other such acts and things as are incident incidental to the foregoing, foregoing and to exercise all powers which are necessary or useful to carry on the business affairs of the Trust, to promote any of the purposes for which the Trust is formed, formed and to carry out the provisions of this DeclarationContract of Trust.
Appears in 1 contract
Samples: Contract of Trust
