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HomeMy WebLinkAbout898611RECORDING REQUESTED BY:. LI~OLH COUntY ~LERK 89861t John Bowers Bowers & Associates Law Office P.C. 106 Hospital Lane Post Office Box 1550 Afton, Wyoming 83110-1550 0L: ,r pR 19 ["'ii l: 3} WHEN RECORDE6,_FM~/(I~\~'O:\~'//\fi m E R L~/t~ ~t~' PO Box 412 Alton, Wyoming 83110 AFFIDAVIT OF SUCCESSOR TRUSTEE STATE OF WYOMING ) ) SS: COUNTY OF LINCOLN ) LADEEN ASTLE, being duly sworn, deposes and says: That KENNETH ASTLE (also known as KENNETH NIELD ASTLE) and LADEEN ASTLE (also known as MARY LADEEN ASTLE) of Afton, Wyoming, created the KEN AND LADEEN ASTLE LIVING TRUST dated June 17, 1998, and any amendments thereto; and KENNETH ASTLE and LADEEN ASTLE were named in said trust as the initial Trustees. That KENNETH ASTLE died on December 19, 2003. See attached Certified Death Certificate. That the following powers are conferred upon the successor Trustee: See attached Article Seventeen from said trust regarding Trustee's Administrative and Investment Powers. That there is real property owned by this Trust situated in the County of Lincoln, State of Wyoming, and the descriptions of said property is set forth as follows: (a) Commencing at the NorthweSt corner of Lot number two (2)in Block number thirty (30) of the Afton townsite survey and running thence South fourteen (14) rods, ' thence East eight (8) rods, thence North fourteen (14) rods, thence West eight (8) rods to the piace of beginning together with improvements and water rights. Prior recorded document: Warranty Deed, Doc. No. 0854522, Book 420, page 646 of Lincoln County records. (b) The North Half..(N ~) of Southeast Quarter (SE %) of Section Twenty-six (26) in Township Thi~,-two (32) North, Range 119 West, 6m P.M., Wyoming, excepting therefrom the West Two (2) rods of N ~ SE ¼ of Section Twenty-six (26) in Township Thirty-two (32)'NOrth, Range 119 West, 6th P.M. Page 1 of 3 Beginning at a point Two rods East of the Southwest Corner of the SW ¼ of SE ¼ Section 26 of the above Township and Range and running thence One (1) rod South, thence Forty (40) rods East; thence One (1) rod North, thence Forty (40) rods West to the point of beginning. Together with and including all Improvements thereon and all water and water rights thereto belonging or in anywise used for the irrigation thereof and all easements and appurtenances held and enjoyed therewith. EXCEPTING THEREFROM: That part of the N ½ SE ¼ of Section 26, Township 32 North, Range 119 West, 6th P.M., Wyoming being part of thal tract of record in the Office of the Clerk of Lincoln County in Book 105 PR, Page 435. described as follows: Beginning at a corner of the East line of NE ¼ SE ¼ of said Section 26, identical with the center-line of the AIIred County Road No. ;12-135, N00° 32.1'W, 1.29 feet from the Southeast corner of said NE ¼ SE ¼; thence S89°45.5'W, 30.00 feet to a point on the West right-of-way line of the said County Road; thence continuing S89°45.5'W, 246.24 feet along an existing fence line to a point; thence N00°32.1'W, 177.44 feet parallel to the said East line to a point; thence N89°53'E, 246.24 feet parallel to said fence line to a point on the said West right-of-way line; thence continuing N89°53'E, 30.00 feet to a corner on the East line of the said NE ¼ SE ¼, identical with the said center-line of the County Road; thence S00°32.1 'E, the base bearing for this survey 176.84 feet along said East line and center-line to the corner of beginning; ENCOMPASSING an area of 1.12 acres, more or less; each "corner" marked, by a 3/8"x12" steel spike; each "point" marked by a steel T-shaped stake 24" long with metal cap inscribed "PAUL N. SCHERBEL RDL 164 SURVEY POINT"; EXCEPTING THEREFROM any portion of the foregoing described tract that may be in the SE ¼ SE ¼ at such time as Section 26 is legally subdivided; All in accordance with the plat prepared and filed for record in the office titled "KENNETH ASTLE VAL ASTLE PLAT OF TRACT WITHIN THE E ½ SE ¼ SECTION 26 T 32 N 4 119 W LINCOLN COUNTY WYOMING" dated 11 August 1982. ' Prior recorded document: Warranty Deed, Doc. No. 0854521, Book 420, pages 644- 645 of Lincoln County records. Page 2 of 3 679 That said instrument provides for the appointment of LADEEN ASTLE as successor Trustee of the trust, said successor Trustee hereby files this certificate and accepts the trusteesh p of said trust. DATED this· ~' ~day of_ STATE OF WYOMING ) ) ss COUNTY OF LINCOLN ) · ~ On this q- day of QT~ , 20~4, before me, a notary public, personally appeared LADEEN AS onally known to me (or proved to me on the basis of satisfactory evidence), to be the person whose name is subscribed to the within instrument and acknowledged to me that she executed the same in her authorized capacity, and that by her signature on the instrument, the person or entity upon behalf of which person acted, executed the instrument. NOTARY PUBLIC Page 3 of 3 OF ~EAL~'TH AND WELFARI~? POLI~CY AND ,VITAL STATISTICS, Sta Ilahc . :' ?I'; ,': :;L :,;? :! Au~'~s~ 16 ~=: :i9:24 O ~.~r~,.~ D u.~.~ Mary .!iam A~tle . ' gast~rn"id ¢,,,? i: 'Med: ¢~m~tA~y : .... P.O. BOx Alton, 83110 Buck-Mil ler~Hann Fun~f~i "Home 825 East 17th Street .: ?'.L:_.~:): , __Idaho Falls, Idaho PLACE OF DEATH ~daho Falis~ " 8340~ , : Bon~evlil~:;~ ;::. ,,, , ,, .,::,~ ~:~.,,, De;Cember ~9~r 2003~ 27. CAUSE OF DEATH ; ,, i : ~:: :.: :, ~o~ en~fav~dbord~r:,; · :, ,. :,::.'.:i:i '.: , -. ....> . Article Seventeen Our Trustee's Administrative and Investment Powers Section 1. Introduction to Trustee's Powers Except as other~vise provided in this agreement, our Trustee shall have both the administrative and investment powers enumerated under tiffs Article and' any other powers granted by law with respect to the various trusts created by this agreement. Section 2. Powers to Be Exercised in. the Best Interests o[ the Beneficiaries& Our Trustee shall exercise the following administrative and investment powers without the order of any court, as our Trustee determines :in its sole and absolute discretion to be in the best interests of the beneficiaries. Notwithstanding ~nytliing to tile contraly in this agreement, our Trustee shall not exercise any power in a manuer inconsisteut with the bem..ficianes right to the beneficial enjoynlent of the trust property in accordance with the general principles of the law of trusts. Section 3. Administrative and Investment Powers Our Trustee is hereby granted the following administrative a.nd investment powers: a. Agricultural Powers Our Trustee may retain, sell, acquire, and cOntinue any' farm or 'ranching operation whether as a sole proprietorship, partl~ership, or corporation.' 17 -1 It may engage in tile production, harvesting, and marketing of both farm and ranch products either by operating directly or with lnanagement ageucms, hired labor, tenants, or sharecroppers. It may engage and participate in any government farm progrmn, wliether state or federally sponsored. It may purchase or rent machinel),, equipment, livestock, poultry, feed, and seed. It may improve and repair all farm and ranch properties; construct buildings, fences, and drainage facilities; acquire, retain, improve~ and dispose of wells, water rights, ditch rights, and priorities of any nature. Our Trustee may~ iii general, do all things customary or desirable to operate a farln or ranch operation for the benefit of the beneficia- ries of the various trusts created ullder this agreelnent. b. Business Powers Our Trustee may retain and continue any business in which one or both of us have or had all interest as a shareholder, partner~ sole proprietor, or as a participant in a joint venture, even though that interest may constitute all or a substantial portion of the trust property. It may directly' participate in tile conduct of any such business or employ others to do so on behalf of the beneficiaries. It may execute partnership agreements, buy-sell agreements, and any amendments to them. It may Participate in the incorporation of any trust prol?erty; any corporate' reorganization, merger, consolidation, recapitalization, liquidation, dissolution; or any stock redenlption or cross purchase buy-sell agreeillellt. It may hold the stock of any corporation as trust property, and may elect or employ directors, officersI elliployees, and agents and compensate tliem roi' their services. '17 -2 -'It may sell or liquidate any business interest that is part c,f the trust property, It may cany out tile provisions of ally agreement entered into by one or both of us for tile sale of any business interest or the stock thereof. Our Trustee may exercise all of tile business powers granted in this agreenlent regardless of whether our Trustee is persollally illterested or an involved party with respect to ally business enterprise forming a part of tile trust property. c. Environmental Powers Our Trustee shall have the power to inspect any trust property to determine compliance with any environmental law affecting such ln'operty or to respond to any environmental law affecting property held by our Trustee. "Environnlental Law" shall mean any federal, state, or local law, rule, regulatiol~, or ordinance relating 'to protec- tion of the environlnent or of human health. Our Trustee shall have file power to refuse to accept property if our Trustee determines that there is a substantial risk that sudi property is contaminated by any hazardous substance or has previously, or is currently, being used for any activities directly or indirectly involving hazardous substallces which could result in liability to the trust assets. '"Hazardous. substance" shall mean any substance defined as hazardous or toxic by any federal, state, or local law, rule, regulation, or ordinance. Our Trustee shall have the 'power to take any necessary action to prevent, abate, clean up or °them, ise respond to any actual or threatened violation of any environmental law affecting trust property prior to or after the initiation or enforc, ement of any action by any governmental body. Our Trustee nlay disclaim or release any power granted: to it or implied by any.document, statute, or rule of law which the Trustee determines may cause the Trustee to incur liability under any ellvironln en tali aw. 17-3 Our Trustee may charge the cost of any inspection, review, preven- tion, abatement, response, cleanup, or remedial action authorized under this power against the trust property. Otlr Trustee shall llOt be liable to ally beneficiaiy or to any other party for any decrease in value of the trust property by reason of our T ' rustee sg anyC°mplianCereporting with any environmental law, specifically includin_ requirement under such law. d. Commoil Fund Powers Fol- the purpose of convenience with regard to the administration and investnient of the trust property, our Trustee may hold the several trusts created under this agreement as a common fund. Our Trustee may make joint investnmnts w/th respect to the £unds comprising tile trust property. Our Trustee may enter into any transaction thor/zed by this Art/cle w/th fiduciaries of other trusts or es at:~., . ' ' l benef, icialy hereunder has all interest ........ tat, es iii which a ~y "' , cyril tllOtlgll sucll fiduciaries are also Trustees under this agreement. e. Compensation Powers Our Trustee shall pay from incon~e or principal all of the reasonable expenses attributable to the administration of the respective trusts created in this agreement Our Trustee shall pay itself reasonable compensation for its services as fiducimy as provided in this agreement, and shall reasonably compensate those persons enlpl0yed by our Trustee, i:ncluding agen ts, a uditm-s, accou n tan ts, alid at torneys. f. Distribution Powers Our Trustee is specifically authorized to make divisions and distributions of the trust property either in cash or iii kind, or partly m cash and partly iii kind, or in any proportion it deems advisable. 17-4 It shall be under no obligation or responsibility to make pro rata divisions and distributions in kind Our Trustee may allocate specific property to any beneficiary or share although the property may differ in k/nd from tim property allocated to ally other beneficiary or share. The foregoing.powers may be exercised regardless of the income tax basis of any of the property. g: Funeral and Burial Expenses Our Trustee may iii its sole discretion pay the funeral and burial expenses, expenses of the last illness, and valid Claims and expenses of all income beneficimy of any trust created under this agreement. Funeral and burial expenses shall include, but not be limited to, the cost of memorials of all types and memorial seiWices of such kind as our Trustee shall approve. Valid claims and expenses shall include, but not be limited to, all state and federal death taxes. The payments shall be paid fi'om the assets'of the trust or trusts from which tile beneficialy was receiving income. h. Income and Principal Powers Our Trustee may determine in a fair, equitable, and practical manner h0xv ali Trustee's fees, disbursements, receipts, and wasting assets shall be credited, Charged, or apportioned between principal alld income. Our Trustee may set aside from tl'ust income reasonable restores roi' taxes, assessments, insurance premiums, repairs, depreciation, obsolescencei depletion, and for the equalization of pa)qnents to or Tot the benef/Ciaries; it may select any and all accounting periods with regard to the trust property. 17-5 i. Investment Powers m General Our Trustee may invest and reinvest iii such classes of stocks, bonds, securities, commodities, options, metals, or other property, real or personal, as it shall determine. It may invest in investment trusts as well as in common trust funds. It may purchase life, annuity, accident, sickness, and medical insurance on the behalf of and for the benefit of any trust beneficia- ly. j. Life Insurance Powers Our Trustee shall have tile powers with regard to life insurance as set forth in this Paragraph j, except as .othelwise provided in this agreement. Om' Trustee may purchase, accept, hold, and deal with as owner policies of insurance Oil otlr individual or joint lives, the life of any trust beneficiary, or on the life of any person in whom any trust beneficiaiy has an insurable interest. Our Trustee shall have the power to execute or cancel any autonmtic premium loan agreement with respect to any policy, and shall have the poxver to elect or cancel any automatic prenlium loan provision in a life insurance policy. Our Trustee may borrow money with which to pay premiums due oll any policy either fi'om the company issuing the policy Or from any other source and may assign any such policy as security for the loan. Our Trustee shall have the power to exercise any option contained ill a policy with regard to any dividend or share of sm'plus apPof tioned to the policy, to reduce tile amount of a policy or convert or exchange the policy, or to surrelldef a policy at any time fo~ its cash value. Our Trustee may elect any paid-up insUrance or any extended-term insurance nonforfeiture option contained in a policy. 17-6 Our Trustee sl!alI have the power to sell policies at their I~air market value to the insured or to anyone having ail insurable interest in tile policies. Our Trustee shall have the right to exercise any other right~ opt/on, or benefit coatained in a policy or permitted by the insurance COmpany issuing that policy. Upon termination of any trust created under this agreement, our Trustee shal/have the power to transfer and assign the policies held by the trust as a distribution of trust property. k. Loan, Borrowing, and Encumbrance Powers Our TrUstee may loan money to any person, including a beneficiaiy,. with or without interest, on any term or on demand, with c.r without co/lateral, as it deems in the best interests of the trust beneficiaries. It may borrow money upon such terms and conditions aS it shall deem advisable, including, in the case of a corporate fiducialy, the Power to borrow fi'om its own banking or cOmmercial department. It shall have the power to obligate tl!e trust property for the repayment of any sums borrowed where the best interests of the beneficiaries have been taken into consideration. Our Trustee shall have the power to encumber the trust properS, in whole or in part, by a mortgage or mortgages, deeds of trust, or by pledge, hypothecation or othelwise, even though such encumbrance may continue to be effective after the term of any trust or trusts created in this agreement. 1. Margin; Brokerage, and Bank Account Powers Our Trustee is authorized to buy, sell, and trade in securities of' any nature, including short sales and oil margin. Our Trustee niay main- rain and operate margin accounts with brokers, and may p/edge any securities hekl or purchased by our Trustee with such brokers as securities roi' loans and ad.vances made to otlr Trustee. Our Trustee is authorized to establish and maintain bank accounts of all types iii one or more banking institntions that our Trustee may Choose. 17-7 m. Mortgage Powers Our Trustee shall have tile power to enter into any mortgage yvhether as a mortgagee or mortgagor, to purchase mortgages on the open market, and to otheiwise buy, sell, or trade iii first or subordi- nate mortgages. It may reduce the interest rate oil any mortgage and consent to tile modification or release of any guaranty of any mortgage. Our Trustee may continue mortgages upon and after maturity with or without renewal or e~ension, and may foreclose any mortgage. It may pm'chase tile mortgaged property or acquire it by deed fi'om tile Inortgagor without foreclosure. n. Nominee Powers Our Trustee may hold any trust property in tile name of our Trustee, or in the name of a nominee, and may enter into agreements to facilitate holding such property. It inay accomplish st, ch with or without disclosing its fiducialy capacity. o. Nonproductive Property Our Trustee may hold property which is non-income producing or is othelwise nonproductive if tile holding of such property is, in the sole and absolute discretion of our Trustee, in tile best interests of tile beneficiaries. p. Oil, Gas, Coal, and Other Mineral Powers Our Trustee may do all things necessaly to maintain in fl~ll force and effect any oil, gas, coal, or other mineral interests comprising part or all of the trust property. It may purchase additional oil, gas, coal, and other mineral interests when necessary or desirable to effect a reasonable plan of operation or development with regard to the trust property. 17-8 h may buy or sell undivided ~n[erests hi oH, gas~ coa~, and od]er mineral inte~'ests, and may exchange any of such interests for interests in other properties or for services. It may execute oii, ga~s, coal, and other mineral leases on such terms as our Trustee may deem proper, and may enter into pooling, unitization, repressurization, and other types of agreements relating to the development, operation, and conseivation of mineral proper- ties. ~y lease or other agreement may have a duration that our Trustee deems reasonable, even though extending beyond the duration of any trust created in this agreement. It may execute division orders, transfer orders, re/eases, as:ignments, farmouts, and any other instruments which it deems proper. It may drill, test, explore, m/ne; develop, and othenvise exploit any and all oil, gas, coal, and other mineral interests, and may select, employ, utilize, or participate in any bus/ness, form, including Pal'tnerships, joint ventures, co-owners' groups, syndicates, and corporations, for the purpose of acquiring, holding, exploith~g, developing, operating, or disposing of oil, gas, coal, alld Other mineral interests. ' It may employ the services of consultants or outs/de specialists in coimection w/th the evaluation, management, acquisition, disposition, or development of any mineral interest, and may pay the. cost of such smvices fi'om the principal or income of the trust property. Our Trustee may use the general assets of the trusts created under this agreement for the purposes of acquiring, holding, managing, developing,' pooling, unitizing, repressurh~g, or disposing of any mineral interest. q' POwers of Attorney Our Trustee may execute, deliver, and grant to any individual or corporation a revocable or irrevocable power of attorney to transact any and all bus/ness on behalf of the various trusts created iii this agreement. 17-9 !:::.!;!:::': '.:;-.>:.:,:., ....... ...: -. ':'::-:::i:i:?' The power of attorney may grant to the attm'ney-in-fact all of the rights, powers, and discretion that our Truslee could have exercised. r. Powers to Merge Similar Trusts Our Trustee may merge and consolidate any trust crealed iii this agreelllellt with ally other trust created by both or either of tis, or any other person at any other time, if the other trust contains substantially the same terms for the sanle beneficiaries, and has at least one Trustee iii common with the trust or trusts created iii this agreenlent. Our Trustee may administer such merged and consolidated trusts as a single trust or unit. If, however, such a merger or consolidation does not appear feasible, as determined in the sole and absolute discretion of our Trustee, the Trustee may consolidate the assets of such trusts for purposes of mvestnlent and trust administration while retaining separate records and accounts roi' the respectiw~, trusts. s. Powers of an Interested Trustee An interested Trustee .is any Trustee who has an interest as a beneficiaiy iii this trust agreenlent or ally trust created by it. Ill all instances where an interested Trustee distributes, or participates in the distribution, of trust income or principal to or for the benefit of such Trustee, then the distribution shall be limited by the ascertain- able standards of education, health, nlaintenance, and Support. Notwithstanding anything iii this agreement to the contraly, in making such distributions, tile interested Trustee shall not use discretion iii applying those ascertainable standards. No individual Trustee shall exercise or participate in the exercise, of such discretionaly power with respect to distributions to art'}, person or persons such Trustee is legally obligated to support, as to that support obligation. 17-10 t. Powers of an Insured Trustee A~ly individual Trustee under this agreement, other tha, either of us, is prohibited flora exercising any power conferred ol~ the OWner of any policy which insures the life of such individual Trustee and which is held as part of the trust property. If our Trustee holds any such policy or poi/c/es as a part of the trust property, the powers conferred on the OWner of such a policy shall be exercised only by the other then acting Trustee. If tile illsm-ed Trustee is tile only then act/ng Trustee, then such powers shall be exercised by a substitute Trustee designated pursuanttrusteeship.tO th.e provisions of this agreement deal/ng w/th the If any nde of law or court dec/sion construes tile ability of tile insured Trustee to name a substitute Trustee as ail incident of OWnership, tile substitutioj~ process shall be implemei.lted by a majority ~f 01e then current mandatmy and discretionaw income beneficiaries, excluding tile insured Trustee if tile insured -I'rustee is a benef/cialy. u. Real Estate Powers Our Trustee may purchase, sell, transfer, exchange or othelwise acquire or d~spose of any real estate. Our Trustee may make leases and grant options to lease for any term, even though the term may extend beyond the termi.[mtion of any trust created under this agreement. It may grant or release easements and other interests w/th respect to real estate, enter into party wall agreements, execute estoppel certificates, and develop and subdivide any real estate. It may dedicate parks, streets, and alleys or vacate any :street or alley, and may construct, repair, alter, remodel, demolish, or abandon improvements. It may elect to insure, as it deems advisable, al/ act/ohs contemplated by this subsection. 17-11 Our Trustee may take all), other action reasonably lleces;saly roi' the preservation of real estate alld £ixtures COlllprisillg a part of tile trust property or tile income therefron~. ' v. S Corporation Stock If any stock of an S corporation becomes distributable to a trust created under this agreement, and such trust is not a qualified Subchapter S~trust, our Trustee may implement any Of the following alternatives with respect to the S COl'potation stock: 1. A SOle Beneficiaiy Where the original trust is roi' a sole beneficialy, our Tl'ustee may create roi' that beneficialy a separate trust that qualifies as a Subchapter S trust, and then distribute such stock to the newly created trust. 2. Multiple Beneficiaries Where the original trust is fol' multiple beneficiaries, our Trustee may divide tile trust into separate trusts for each of the beneficiaries. Each.newly created trust shall ]~old that benef/cialy's pro rata share of the S corporation stock, and shall qualify as a Subchapter S trust. 3. Outright Distribution If circunlstances prevent our Trustee fl'onl accomplishing the first two alternatives u!lder this paragraph, our Trustee may, ill /ts sole and absoi'ute discretion, distribute such stock to the beneficiaries as if the trust had terlninated, while continuing to hold any other non-S corporation property ill trust. ' Each newly created S cOrporation trust shall have lnaudatoly distributions of illCOlile alld shallnot provide for powers of appoint- lnellt that call be exercised by the beneficialy during the beneficialy'S lifetime. Ill all other respects, tile newly created trusts 17-12 shall be as consistent as possible with the original trusts and sti~il qualify as Subchapter S trusts. Our Trustee may take any action necessaiy with regard to S corporations, including making any elections required to qualify stock as S corporation stock, and may sign all required 'tax returns and forms, w. Sale, Lease, and Other Dispositive Powers Our Trustee may sell, lease, transfer, exchange, grant options with respect t©, or othenvise dispose of the trust pr°perry. It may deal witli the trust property at such time or tin]es, for such purposes, for such considerations and upon such terms, credits, and conditions, and for such periods of time, whether ending before or after tile term of any trust created under this agreement, a:; it deems advisable. Our Trustee may make such contracts, deeds, leases, and any other instruments it deems proper under tile hmnediate circumstances, and may deal with the trust property iii all other ways in which a natm-al person could deal w/th his or her property. Xo Securities Powers Ill addition lo those other secm'ities powers granted througllout this Article, otu' Tru.stee may retain, exerOse, or sell rights of couversion or subscription with respect to any securities held as part of the trust property. Our Trustee may vote or refi'ain fi'om voting at corporate meetings · either iii person or by proxy, whether general or limited, and with or with°ut substitutions. Y' Settlement Powers Our Trustee may compromise, adjust, arbitrate, alter tile terms of, or abandon any claiin iii favor of or against any trust created under this agreement, and may take deeds in lieu of foreclosure. 17-13