Common use of FOR TRUSTS Clause in Contracts

FOR TRUSTS.  Trustee’s(s’) Certificate from the aforesaid Trustee(s) that certifies that the Realty Trust is in full force and effect and has not been terminated, amended or revoked, that the beneficiaries of the Trust have consented to the transfer of title to the property to the proposed Insured Owner/granting of a mortgage on the property to the proposed Insured Lender and have authorized the Trustee(s) to deliver the deed/mortgage to the proposed Insured Owner/Lender and that none of the beneficiaries of the Trust are (i) a minor, (ii) a corporation, nonprofit, a limited or general partnership, a limited liability company, joint venture or business selling all or substantially all of its Massachusetts assets or classified as a corporation for federal income tax purposes, (iii) a partnership, (iv) a trust, or (v) a personal representative of an estate subject to estate tax liens, deceased or under any other legal disability. FOR CORPORATIONS:  Documents must be executed by the President or Vice President and the Treasurer or Assistant Treasurer of Corporation. Alternatively, corporate resolutions which authorize the signatories on the documents must be obtained and recorded, together with a Clerk's Certificate of incumbency.  Certificate of Legal Existence from the Secretary of State evidencing the legal existence of Corporation.  If the proposed conveyance is all or substantially all of the assets of Corporation within the Commonwealth of Massachusetts, a corporate excise tax waiver pursuant to M.G.L. Ch. 62C, § 52 must be obtained and recorded.  If Corporation owns other assets in Massachusetts at the time of the conveyance, the following paragraph should be included in the deed in lieu of obtaining a corporate excise tax waiver: "This conveyance is not a conveyance of all or substantially all of the assets of Corporation within the Commonwealth of Massachusetts."  If the proposed conveyance is a conveyance of all of the assets of the corporation, shareholders' resolutions authorizing the conveyance must be obtained. FOR NON-PROFIT CORPORATIONS:  Evidence of compliance with M.G.L. Chapter 180, § 8A regarding approval of proposed sale by stockholders and approval by the Massachusetts Attorney General.

FOR TRUSTS.  Trustee’s(s’) Certificate from the aforesaid Trustee(s) that certifies that the Realty Trust is in full force and effect and has not been terminated, amended or revoked, that the beneficiaries of the Trust have consented to the transfer of title to the property to the proposed Insured Owner/granting of a mortgage on the property to the proposed Insured Lender and have authorized the Trustee(s) to deliver the deed/mortgage to the proposed Insured Owner/Lender and that none of the beneficiaries of the Trust are (i) a minor, (ii) a corporation, nonprofit, a limited or general partnership, a limited liability company, joint venture or business selling all or substantially all of its Massachusetts assets or classified as a corporation for federal income tax purposes, (iii) a partnership, (iv) a trust, or (v) a personal representative of an estate subject to estate tax liens, deceased or under any other legal disability. FOR CORPORATIONS:  • Documents must be executed by the President or Vice President and the Treasurer or Assistant Treasurer of Corporation. Alternatively, corporate resolutions which authorize the signatories on the documents must be obtained and recorded, together with a Clerk's Certificate of incumbency.  • Certificate of Legal Existence from the Secretary of State evidencing the legal existence of Corporation.  • If the proposed conveyance is all or substantially all of the assets of Corporation within the Commonwealth of Massachusetts, a corporate excise tax waiver pursuant to M.G.L. Ch. 62C, § 52 must be obtained and recorded.  • If Corporation owns other assets in Massachusetts at the time of the conveyance, the following paragraph should be included in the deed in lieu of obtaining a corporate excise tax waiver: "This conveyance is not a conveyance of all or substantially all of the assets of Corporation within the Commonwealth of Massachusetts."  • If the proposed conveyance is a conveyance of all of the assets of the corporation, shareholders' resolutions authorizing the conveyance must be obtained. FOR NON-PROFIT CORPORATIONS:  • Evidence of compliance with M.G.L. Chapter 180, § 8A regarding approval of proposed sale by stockholders and approval by the Massachusetts Attorney General.