The Settlor runs a Foundation under the name and style “Joyfulmoments (Goodheart Foundation)” for the purpose of providing relief materials (trust property) for the benefit of widows, Orphanages, and Less Privileges in our society.
The Settlor is desirous of appointing the Trustee to administer the trust property and the Trustee has agreed on subject to the terms and conditions contained hereinafter.
NOW IT IS HEREBY AGREED as follows: COMMENCEMENT & DURATION This Agreement shall come into force on the date of execution by the Parties hereto and shall remain in full force and effect for a period of the contract assigned.
DECLARATION OF TRUST
The Trustee irrevocably and unconditionally declares that he holds all rights, titles, interests and benefits, present and future in, to and under the TrustProperty, upon trust absolutely for the benefits of Widows,
Widowers, Orphanages and Less Privileges across all countries of the
world (hereinafter called "the
RUSTEE’S DUTIES & COVENANTS
To hold the trust properties solely for the Beneficiaries. To manage and administer the trust property in utmost good faith, with reasonable care, loyalty, and prudence.
Not to allow his personal interest to conflict with his role as the trustee and to act in the best interest of the Beneficiaries. To act impartially in the distribution and or disbursement of the trust property to the Beneficiaries and to ensure that one Beneficiary does not benefit at the expense of another.
To be transparent, detailed information, detailed video recording, and live video during the distribution of trust property should be sent to the Settlor. Failure to do this amounts to a breach of trust.
To render account to the beneficiaries for all trust property upon request.
To render a detailed account to the Settlor during and after every project with video evidence and to indemnify the Settlor to the extent of an incomplete account.
To indemnify the Beneficiaries against loss or damage to, the trust property or any part thereof caused by act or default, omission, or negligence of the Trustee.
On no account would a representative incur extra expenses on behalf of joyfulmoment without their knowledge. A presentative has no right to request a refund, should their extra expenses made were not agreed upon with both parties.
If a preventative wishes to give support to Joyfulmoments, the person informs joyfulmoment about their intentions.
A representative must not divert the JoyfulMoments fund elsewhere. But must complete the purchase of all the items listed or agreed with JoyfulMoments (GoodHeart Foundation).
A representative must purchase the complete items listed and give an accurate account of his or her expenditures.
To indemnify the Settlor and the Beneficiaries against cost of any legal actions taken against by reason of the act or default, omission or negligence of the Trustee.
TRUSTEE’S COMPENSATION
The Trustee shall be entitled to reasonable compensation for ordinary services, for any extraordinary services performed by the Trustee pursuant to this Agreement.
REVOCATION AND AMENDMENT
Without prejudice to already accrued rights, the Settlor may revoke this Trust Agreement at any time by delivering written notice of revocation to the Trustee. Upon revocation, the Trustee shall promptly deliver to the Settlor all the property then constituting the trust estate. This Agreement may be amended at any time only by a written instrument executed by the Settlor and delivered to the Trustee. PROVIDED that where the amendment increases the Trustee’s duties or liabilities under this Trust Agreement, the Settlor shall first obtain the consent of the Trustee to any such amendment.
TERMINATION
This Agreement may be terminated by either Party. In the event where the Trustee want to terminate, Trustee shall give the Settlor six (6) month’s prior written Notice, SUBJECT to satisfaction of all accrued rights and obligations under the Agreement.
FORCE MAJEURE
No party shall be liable to the other for any loss or damage arising from Force Majeure situations. “Force Majeure” means such circumstances and conditions beyond the control of any party that would render it impossible for that party to fulfill his obligations under this Agreement, or delay such fulfillment. Any of the following matters are considered “Force majeure” only if strictly in accordance with the definitions above, viz; acts of God, war, national emergencies/lockdown, civil unrest, Government policy or directives. A party claiming to be affected by such an event shall give immediate notice in writing of the commencement and cessation of any such event.
8. WAIVER
No delay or omissions by a party herein to exercise any right or power hereunder shall impair such right or power or be construed to be a waiver thereof. A waiver by any of the parties hereto of any of the covenants to be performed by the other or any breach thereof shall not be construed to be a waiver of any succeeding breach thereof or any other covenant herein contained. All remedies provided for in this Agreement shall be cumulative and in addition to and not in lieu of any remedies available to either party at law or equity or otherwise.
9. SEVERABILITY
If any provision of this Agreement is deemed to be unenforceable by a
court of competent jurisdiction, the remaining provisions of this Agreement
shall remain in full force and effect and it is the intention of the Landlord
and the representative that such unenforceable provision be enforced upon
terms as near as practicable to the original terms thereof.
10.COUNTERPARTS
This Agreement may be executed in multiple counterparts, each of which
shall be deemed an original and all of which shall be one and the same
instrument.
11.GOVERNING LAWS
12.1. This Agreement shall be construed and interpreted in accordance with
the Laws of the Federal Republic of Nigeria.
12.NOTICES
Any Notice or Notification required to be given by any of the Parties
hereto, shall be deemed to have been sufficiently given if it is delivered by
hand or sent by courier to the principal place of business or residence (as
aforementioned) of such party to be notified or to such other address as
the party to be notified shall have earlier given in writing to the other party.
Any notice sent by hand or by courier shall only be deemed to have been
given if the party receiving the notice shall have signed an
acknowledgement of receipt of the notice. Any notice sent by electronic
mail shall only be deemed to have been given upon receipt of an
electronic mail from the recipient, confirming that the said notice has been
duly received..
IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seal
the day and year first above written.
SIGNED, SEALED AND DELIVERED