The purpose of the Trust shall be to provide for the preservation
and creation of affordable housing in the Town of Sudbury for the
benefit of low- and moderate-income households.
A majority of Trustees may exercise any or all of the powers
of the Trustees hereunder and may execute on behalf of the Trustees
any and all instruments with the same effect as though executed by
all the Trustees. No Trustee shall be required to give bond. No license
of court shall be required to confirm the validity of any transaction
entered into by the Trustees with respect to the Trust Estate.
This Trust shall continue so long as authorized under the Laws
of the Commonwealth of Massachusetts. Notwithstanding the foregoing,
The Trust may be terminated by a majority vote of the Town Meeting
in accordance with MGL c. 4, § 4B, provided that an instrument
of termination, together with a certified copy of the Town Meeting
vote, are duly recorded with the Middlesex South District Registry
of Deeds and the Land Court. Upon termination of the Trust, subject
to the payment of or making provisions for the payment of all obligations
and liabilities of the Trust and the Trustees, the net assets of the
Trust shall be transferred to the Town and held by the Select Board
for affordable housing purposes. In making any such distribution,
the Trustees may, subject to the approval of the Select Board, sell
all or any portion of the Trust property and distribute the net proceeds
thereof, or they may distribute any of the assets in kind. The powers
of the Trustees shall continue until the affairs of the Trust are
concluded.
A declaration of trust and any amendments thereto shall be recorded
with the Middlesex South District Registry of Deeds and the Land Court.
The declaration of trust may be amended from time to time except
as to those provisions specifically required under MGL c. 44, § 55C,
by an instrument in writing signed by all of the Trustees and approved
at a meeting called for that purpose, and approved by the Select Board,
provided that, in each case, a certificate of amendment has been recorded
with the Middlesex South District Registry of Deeds and the Land Court.
Every contract, deed, mortgage, lease and other instrument executed by a majority of the Trustees as appears from instruments or certificates recorded with the Registry of Deeds and Land Registration Office to be Trustees hereunder shall be conclusive evidence in favor of any person relying thereon or claiming thereunder that, at the time of the delivery thereof, this Trust was in full force and effect and that the execution and delivery of such instrument was duly authorized by the Trustees except that instruments of amendment pursuant to §
186-7 and an instrument of termination pursuant to §
186-5 hereof shall be conclusive only if it appears that the delegations, amendments or termination have been executed by all of the Trustees. Any person dealing with the Trust property or the Trustees may always relay on a certificate signed by any person appearing from instruments or certificates so recorded to be a Trustee hereunder as to the identity of the then-current Trustees or as to the existence or nonexistence of any fact or facts which constitute conditions precedent to acts by the Trustees or in any other manner germane to the affairs of the Trust.