TRUST AGREEMENT
PAGE - 3 -
TRUST AGREEMENT
This Trust Agreement is made this 6th day of October 2006, in
the City of Montreal, at 100, Northview (Dollard-des-Ormeaux),
province of Quebec, H9B 3J6, between:
VENELIN TOPOUZOV, domiciled and residing at 100, Northview
(Dollard-des-Ormeaux), province of Quebec, H9B 3J6and
DOLIA IVANOV TODOROV of the same address;
Hereinafter referred to as the Grantors
AND DOLIA IVANOV TODOROV of the same address;
Hereinafter referred to as the trustee
IN CONSIDERATION OF THE MUTUAL COVENANTS AND PROMISES SET FORTH
HEREIN, GRANTORS AND TRUSTEE AGREE AS FOLLOWS.1. This Trust is
hereby created for the benefits of their the following children,
namely:(a) TANIA GIROUX, residing at , and (b) MARIA TOPOUZOV,
residing at 100, Northview (Dollard-des-Ormeaux), province of
Quebec. H9B 3J6
Hereinafter referred to as the beneficiaries
2. The present Trust is made and created by the Grantors for and
in favour of the Beneficiaries in consideration of the
relationships and ties that link the Grantors with the
Beneficiaries.3. This Trust will be named the Todorov Family
Trust.4. The Trust Estate or any part or parts thereof shall never
at any time be liable to seizure or attachment of any nature
whatsoever for any debts of obligations of any and every nature
whatsoever which the Beneficiaries may at any time ever have
contracted or ever become liable for, and/of may at any time
hereafter contract or become liable for.5. Grantors herewith
assigns, transfers, and conveys to Trustee the property described
in Exhibit "A" attached hereto and made a part hereof by this
reference, and receipt of such property is hereby acknowledged by
Trustee. Such property, hereafter designated the Trust Estate,
shall be held by Trustee in Trust for the uses and purposes and on
the terms and conditions set forth herein.6. Trustee shall
administer and manage the Trust Estate in accordance with the laws
and shall have all the powers as provided by the laws. It is
specifically provided that the Trustee shall have the right to use
for her own benefit or for the benefit of the family any motor
vehicle belonging to the Trust Estate, and that she will not be
accountable for any depreciation that is caused by such use.7.
Grantors and any other person shall have the right at any time to
add property acceptable to Trustee to this Trust. Such property,
when received and accepted by Trustee, shall become part of the
Trust Estate.
8. This trust shall be terminated when both beneficiaries are 25
years old. At that time, the assets shall be divided equally
between the beneficiaries.9. The original Trustee hereunder, and
all Successor Trustees, shall be entitled to reasonable
compensation for their services as Trustee.10. The Trustee shall
not be responsible for errors of judgment or of any action or
inaction in or pertaining to the Administration, and shall be
accountable only for clear and intentional fraud and not other
wise.11. The decisions, options, opinions and acts of discretion of
the Trustee on all matters pertaining to the Administration, and
any modifications of such decisions, options, opinions, and acts of
discretion, shall be final and binding upon the Beneficiaries and
all other persons concerned.12. The Trustee shall not be obliged to
render an annual accounting of the Administration. The books,
records and accounts of the Trust shall be supervised by an
Accountant, and such books, records and accounts shall at all times
be deemed to be the account of the Administration.13. The validity,
construction, and effect of this agreement and the Trust created
hereunder and its enforcement shall be determined by the laws of
the province of Quebec.14. The parties hereto have requested that
these presents and all court proceedings thereto related be drafted
in English, Les paries aux prsentes ont demand ce que cette entente
et toutes les procdures judiciaires y affrentes soient rdiges en
anglais.In Witness Whereof, Grantors and Trustee have executed this
Agreement on the date and at the place above written.
VENELIN TOPOUZOV
DOLIA IVANOV TODOROVGrantor
Trustee
DOLIA IVANOV TODOROVGrantorWitness
Parties
Parties
