Spa Trust Agreement
Spa Trust Agreement
This Spa Trust Agreement (“Agreement”) is entered into as of [Date], by and between [Your Company Name] (the “Trustor”), located at [Your Company Address], and [Trustee Name], located at [Trustee Address] (the “Trustee”). This Agreement sets forth the terms and conditions under which the Trustee will manage and administer the trust assets for the benefit of [Your Company Name].
RECITALS
WHEREAS, [Your Company Name] desires to create a trust (the “Trust”) to ensure the proper management and operation of its spa services and facilities;
and
WHEREAS, the Trustee agrees to accept the appointment and to hold and administer the Trust assets in accordance with the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, the parties agree as follows:
1. CREATION OF TRUST
1.1 Trust Property. The Trustor hereby transfers and delivers to the Trustee the property made a part hereof (the “Trust Property”). The Trust Property includes all assets, both tangible and intangible, related to the spa operations of [Your Company Name]. This encompasses the physical spa facilities, equipment, and furnishings, as well as all intellectual property, customer databases, and proprietary operating procedures. Additionally, the Trust Property includes any financial assets allocated for the maintenance and development of spa services.
1.2 Title to Trust Property. Title to the Trust Property shall be held in the name of the Trustee, in trust for the benefit of the Trustor, subject to the terms and conditions of this Agreement.
2. PURPOSE OF TRUST
The purpose of the Trust is to ensure the proper management, maintenance, and operation of the spa facilities owned by [Your Company Name]. The Trustee shall manage the Trust Property in a manner that supports and enhances the spa services provided by the Trustor.
3. TRUSTEE’S POWERS AND DUTIES
3.1 General Powers. The Trustee shall have all the powers necessary to manage and administer the Trust Property, including, but not limited to, the following:
a. To invest and reinvest the Trust Property in any property, real or personal, wherever located, as the Trustee deems advisable;
b. To sell, exchange, lease, or otherwise dispose of any Trust Property at such times and upon such terms as the Trustee deems appropriate;
c. To collect, hold, and distribute the income and principal of the Trust in accordance with the terms of this Agreement;
d. To borrow money and to pledge or mortgage any Trust Property as security for the repayment of any such loan;
e. To employ and compensate agents, attorneys, accountants, and other advisors as the Trustee deems necessary or advisable for the proper administration of the Trust.
3.2 Duties of Trustee. In addition to the general powers described above, the Trustee shall have the following specific duties:
a. To manage the spa facilities owned by the Trustor, ensuring that they are operated in a professional and efficient manner;
b. To maintain accurate records of all transactions involving the Trust Property, including income received and expenses incurred;
c. To provide the Trustor with an annual accounting of the Trust Property, including a statement of receipts and disbursements;
d. To ensure that all spa employees are properly trained and qualified to perform their duties;
e. To comply with all applicable laws, regulations, and industry standards relating to the operation of spa facilities.
4. DISTRIBUTION OF TRUST PROPERTY
4.1 Income Distribution. The Trustee shall distribute all net income from the Trust Property to the Trustor on a quarterly basis, or at such other intervals as the Trustor and Trustee may agree.
4.2 Principal Distribution. The Trustee may distribute principal from the Trust Property to the Trustor as necessary to support the operation and maintenance of the spa facilities, provided that such distributions do not impair the ability of the Trust to achieve its stated purpose.
5. TRUSTEE COMPENSATION
The Trustee shall be entitled to reasonable compensation for services rendered under this Agreement, as agreed upon by the Trustor and Trustee In addition, the Trustee shall be reimbursed for all reasonable expenses incurred in the administration of the Trust.
6. TRUSTEE LIABILITY
6.1 Standard of Care. The Trustee shall perform its duties under this Agreement with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.
6.2 Indemnification. The Trustor agrees to indemnify and hold harmless the Trustee from any and all claims, liabilities, and expenses, including reasonable attorney’s fees, arising out of or in connection with the performance of the Trustee’s duties under this Agreement, except to the extent such claims, liabilities, or expenses are caused by the Trustee’s gross negligence or willful misconduct.
7. TERM AND TERMINATION
7.1 Term. This Agreement shall commence on the date first written above and shall continue in effect until terminated as provided herein.
7.2 Termination. This Agreement may be terminated by either party upon 30 days’ written notice to the other party. Upon termination, the Trustee shall transfer all remaining Trust Property to the Trustor, or to such other person or entity as the Trustor may direct.
8. MISCELLANEOUS
8.1 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the state of [State].
8.2 Severability. If any provision of this Agreement is held to be invalid or unenforceable, such provision shall be severed from this Agreement, and the remaining provisions shall continue in full force and effect.
8.3 Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, understandings, and representations, whether oral or written.
8.4 Amendments. This Agreement may be amended only by a written instrument executed by both the Trustor and the Trustee.
8.5 Notices. Any notice required or permitted to be given under this Agreement shall be in writing and shall be deemed given when delivered personally, sent by registered or certified mail, return receipt requested, or sent by a nationally recognized overnight courier service, to the addresses of the parties set forth above or to such other address as a party may specify by notice given in accordance with this provision.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.
[Your Company Name]
[Trustor Name]
[Title]
[Trustee Name]
[Title]
