HomeMy WebLinkAboutL 11841 P 834 r ( S,.nd.,d N.Y.B. —eargaln an 1 Sale Deed,wish Covename against Gramm',A,,—Wividual or Coremzaz.on. (angle sh«)
CONSULT YOUR LAWYER BEFORE SIGNING THIS INSTRUMENT-THIS INSTRUMENT SHOULD BE USED BY LAWYERS ONLY
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THIS INDENTURE, made the 9 day of July nineteen hundred and ninety—seven
BETWEEN William T. Swanson as surviving tenant
790 Ship's Drive
Southold, NY 11971
William T. Swanson's wife Alyce B. Swanson died on
December 10, 1995 a resident of Suffolk County
party of the first part, and
William T. Swanson, II, as Trustee pursuant to the trust agreement
of The William T. Swanson Qualified Personal Residence Trust
dated July 9, 1997
1345 Ship's Drive
Southold, NY 11971
party of the second part,
WITNESSETH, that the party of the first part, in consideration of ten dollars and other valuable consideration
paid by the party of the second part, does hereby grant and release unto the party of the second part, the heirs
or successors and assigns of the party of the second part forever, I
ALL that certain plot, piece or parcel of land, with the buildings and improvements thereon erected, situate,
lying and being2iaRbe at Bayview, near Southold, in the Town of Southold, County of
Suffolk and State of New York, known and designated as Lot No. Five (5) on a
certain map entitled, "Subdivision Map of Bayview Woods Estates" filed in the
Suffolk County Clerk's Office on September 9, 1970 as Map No. .5.520 (Abstract
N
Dist. 1000 o. 6669) .
Sec. 79 SUBJECT to Zoning Ordinances of the Town of Southold.
SUBJECT to the covenants and agreements set forth in a certain Declaration
Blk. 3 dated June 29, 1970 and recorded in Liber 6776 cp 194.
Lot 26 BEING AND INTENDED TO BE the same premises conveyed by Deed dated December 7,
1970 and recorded in the Suffolk County Clerk's Office in Liber 6877 page 446
on January 29, 11971.
1
Di =IR1,T SECTION BLOCK LOT
TOGETHER with all right, title and interest, if any, of the party of the first part in and to anv streets and
roads abutting the above described premises to the center lines thereof; TOGETHER with the appurtenances
and all the estate and rights of the party of the first part in and to said premises; TO HAVE AND TO
HOLD the premises herein granted unto the party of the second part, the heirs or successors and assigns of
the party of the second part forever.
AND the party of the first part covenants that the party of the first part has not done or suffered anything
whereby the said premises have been encumbered in any way whatever, except as aforesaid.
AND the party of the first part, in compliance with Section 13 of the Lien Law, covenants that the party of
the first part will receive the consideration for this conveyance and will hold the right to receive such consid-
eration as a trust fund to be applied first for the purpose of paying the cost of the improvement and will apply
the same first to the payment of the cost of the improvement before using any part of the total of the same for
any other purpose.
The word "party" shall be construed as if it read "parties" whenever the sense of this indenture So requires.
IN WITNESS WHEREOF, the party of the first part has duly executed this deed the day and year first above
written.
IN PRESENCE OF:
William T. Swanson
RECORDED ��� �$ � cLJER°OF SUFFOLY- ntINTV
THE WILLIAM T. SWANSON
QUALIFIED PERSONAL RESIDENCE TRUST
TRUST AGREEMENT made J"�-Y ! , 1997, between William T.
Swanson, 790 Ship's Drive, Southold, NY 11971 (the"Grantor") and William T. Swanson, II,
1345 Ship's Drive, Southold, NY 11971 (the"Trustee").
1. TRUST PROPERTY. The Grantor hereby transfers and delivers to the Trustee the
property listed in the schedule attached hereto, and the Trustee accepts the property and agrees to
hold, manage and distribute the property under the terms set forth in this agreement.
2. TRUST TERM. The term of the trust shall begin on the date of this agreement and
end the earlier of three (3) Years or the Grantor's death.
3. LIMIT ON TRUST ASSETS. During the entire trust term, the trust shall not hold any
asset other than one residence to be used as a personal residence by the Grantor, except that the
trust may hold:
(A) cash not in excess of the amount required for the payment of trust expenses
(including mortgage payments, taxes and insurance) already incurred or reasonably expected to be
incurred within the next three months, for improvements to the residence to be paid within the
next three months if the Trustee has previously entered into a contract to buy the personal
residence; .
(B) any proceeds from the sale of the personal residence(including any income on
these proceeds) for a period not to exceed two years from the date of sale, if the Trustee intends
to use the proceeds for repair, improvement, or replacement of the personal residence.
4. CONVERSION TOiGRANTOR RETAINED ANNUITY TRUST.
(A) If the residence held by the Trust ceases to be a personal residence of the Grantor,
the trust principal shall thereafter be held by the Trustee, IN TRUST, NEVERTHELESS, for the
balance of the trust term on the terms and conditions set forth in paragraph ®of this article (4).
(B) If the residence held by the trust is sold and the proceeds of the sale are used
within two years from the date of sale to buy another residence to be used by the Grantor as a
personal residence, any excess proceeds after the other residence is bought shall thereafter be held
by the Trustee, IN TRUST, NEVERTHELESS, for the balance of the trust term on the terms and
conditions set forth in paragraph ( C ) of this Article (4).
(C) In each taxable year of the trust created under this Article (4), the Trustee shall pay
to the Grantor an annuity amount equal to the value of all interests retained by the Grantor as of
the date of this agreement, divided by the annuity factor determined under Section 7520 of the
Internal Revenue Code as of the date, and for the original term of the Grantor's interest. The
li
annuity amount shall be paid in equal quarterly installments from income and, to the extent income
is insufficient, from principal. Any income of the trust for taxable year in excess of the annuity
amount shall be added to principle. The first taxable year of the trust shall begin on the earlier of
the date of receipt of the proceeds of sale of the residence held by the trust or the cessation of the
use of the residence held by the trust or the cessation of use of the residence as a personal
residence of the Grantor.
5. DISPOSITIVE PROVISIONS. (A) During the trust term:
(I) The Grantor shall be entitled to use of the personal residence held by the Trustee.
(ii) Cash held in the trust in excess of the amounts permitted under Article (3) shall
be distributed at least quarterly to the Grantor.
(iii) No distribution of income or principal shall be made from the trust to any person
other than the Grantor during the trust term.
(B) Upon expiration of the trust term, the trust property shall be disposed of as
follows:
(I) If the Grantor is then living any cash in the trust held for the payment of expenses
of the trust shall be distributed to the Grantor. All other property then belonging to the
trust shall be distributed to William T. Swanson II.
(ii) If the Grantor is not then living, all property then belonging to the trust shall be
distributed to the legal representative of the Grantor's estate, to be disposed of by the
Grantor's estate.
(iii) If the Grantor is then living, the grantor may lease the house, at fair market rent.
6. NO ADDITIONAL PROPERTY. No additional contributions may be made to the trust
after the initial contribution otproperty.
7. NO COMMUTATION. The Grantor's interest shall not be subject to commutation
(prepayment).
8. QUALIFIED INTEREST. The Grantor intends that the trust hereby created shall be a
"qualified personal residence trust" within the meaning of Section 2702 of the Internal Revenue
Code, as amended from time to time, and Proposed Treasury Regulations Section 25.2702-5 (e),
or the final version thereof. The provisions of this agreement shall be interpreted to carry out that
intention.
9. IRREVOCABILITY. The trust shall be irrevocable, and the Grantor hereby expressly
waives all rights and powers, whether alone or in conjunction with others, and regardless of when
or from what source he may heretofore or hereafter have acquired such rights or powers, to alter,
amend, revoke or terminate the trust, or any of the terms of this agreement, in whole or in part.
However, the trustee shall have power, acting alone, to amend the trust in any manner required
for the sole purpose of ensuring that the trust qualifies and continues to qualify as a"qualified
personal residence trust" within the meaning of section 2702 of the Internal Revenue Code, as
amended from time to time, and Proposed Treasury Regulations Section 25.2702-5 (e), or the
final version thereof.
10. SUCCESSOR TRUSTEE. William T. Swanson I1 shall be the trustee during the term of
the trust. If William T. Swanson II shall fail or cease to serve as Trustee hereunder, then Anne J.
Swanson shall become Trustee in his place. If at any time during the continuance of the trust,
there is no Trustee available to act, Patricia C. Moore shall act as successor trustee. Any Trustee
at any time may resign by written instrument delivered to the Grantor and to the Trustee who may
succeed that resigning Trustee under the provisions of this Article. No bond or other security
shall at any time be required of any Trustee acting under this agreement. No successor Trustee
shall be liable or responsible in any way for the acts or defaults of any predecessor Trustee, nor
for any loss or expense caused by anything done or neglected to be done by any predecessor
Trustee, but such successor Trustee shall be liable only for his or her own acts and'defaults with
respect to the trust funds actually received by him or her as Trustee.
11. TRUSTEE'S POWERS. hi the administration of the trust, the Trustee shall have the
following powers and discretion, in addition to those now or hereafter conferred upon the Trustee
generally, all of which, subject to any limitation stated elsewhere in this agreement, shall be
exercised in a fiduciary capacity, primarily in the interest of the beneficiaries:
(A) to sell (for cash or credit) at public or private sale, mortgage, exchange, or
otherwise dispose of or deal with any property, in such manner and upon such terms and
conditions as the Trustee may deem advisable and without first getting a court order;
(B) to erect, renovate, alter or demolish buildings or otherwise improve and manage
property and buildings;
(C) to compromise and arbitrate claims;
(D) to make ordinary and extraordinary repairs;
(E) to grant easements and make party wall contracts; and
(F) to subdivide, adjust boundary lines, partition and otherwise do everything with
respect to interests in any property that any individual owner may do.
11841 R834
12. GOVERNING LAW. The validity, effect and interpretation of this instrument and the
Trust herein created shall be governed by the laws of the State of New York.
IN WITNESS WHEREOF, the Grantor has signed and sealed this agreement and, to
evidence his acceptance of the terms and conditions of the trust, t11e Trustee has signed and sealed
this agreement.
Witnes� � William T. Swanson, Grantor
William T. Swanson, Il, Trustee
As to William T. Swanson
Sworn to before me this
�nt
day of 1997.
No ary Public
WILLIAM D.MOOR
Notary Public,State of New York
No.4832728
Qualified in Suffolk County
Commission Expires January 31, 1999'9
As to William T. Swanson II
Sworn to before me this
JL�-day of(��, 1997.
No ary Publi ,
WILLIAM D. MOORE
Notary Public,State of New York
No.4832728
Qualified in Suffolk County
Commission Expires January 31,19W9 g'
, � a
11841 K834 I Qi 43214 ❑ ®ED
RECEIVED
$C) 97JUL 13 FN 2: 54
REAL ESTATE
Number of pages
TORRENS JUL 1 8 1997 LU'JS',r, , P, ROi`1''.;.?=
r
TRANSFER TAX 5U'FUI.I( uCUi11"Y
Serial# SUFFOLK
Certificate# COUNTY
Prior Ctf.# 43214
Deed/Mortgage Instrument Deed/Mortgage Tax Stamp Recording/Filing Stamps
4+ FEES
Page/Filing Fee 2' Mortgage Amt. _
Handling _5._ 1. Basic Tax
TP-584 5 . 2. Additional Tax
Notation // Sub Total
EA-5217(County) 5- ._ Sub Total ' t0 Spec./Assit.
or
EA-5217(State) ._ Spec./Add.
R.P.T.S.A. �_._ �yC�«� TOT.MTG.TAX
Dual Town Dual County
Comm.of Ed. 5 • 00 =ti, Held for Apportionment
m
Affidavit a �1:, Transfer Tax
Certified Co v7�� Mansion Tax
Copy —j The property covered by this mortgage is or
Reg.Copy C� will be improved by a one or two family
Sub Total dwelling only.
Other YES or NO
GRAND TOTAL �.— If NO, see appropriate tax clause on page #
of this instrument.
` ` t'r1a. Real Property Tax Service Agency Verification 6 Title Company Information
r �x Dist. Section Block Lot
Peconic Abstract, Inc.
1000 079 00 o 3 00 c) 26 ot90 Company Name
Dal 77
Title Number
Ini '
8f1 FEE PAID BY:
L315
C. Moore, Esq. Cash Check Charge
phalia Road Payer same as R&R
483 (or if different)
k, NY 11952 NAME:
ADDRESS:
RECORD& RETURN TO
7 (ADDRESS)
91 Suffolk County Recording & Endorsement Page
This page forms part of the attached Deed made by:
(SPECIFY TYPE OF INSTRUMENT)
William T. Swanson The premises herein is situated in
SUFFOLK COUNTY,NEW YORK.
William T. Swanson,
TIOI In the Township of Southold
In the VILLAGE
or HAMLET of Southold
BOXES 5 THRU 9 MUST BE TYPED OR PRINTED IN BLACK INK ONLY PRIOR TO RECORDING OR FILING.
RECOn^ EDWARD P.ROMAINE 12-0104..MWA
M-1 JUL 18 1991 CLFR1(Of SUFFax mi ihrry