Page 15 - Estate Planning Documents

MAIN RESIDENCE TERMS SCHEDULE

21. Life Interest for the Main Residence Life Tenant

21.1 Where a person is nominated as a Main Residence Life Tenant of the Main Residence Fund
under this Will:
a) My Executor shall hold the Main Residence Fund on trust for sale, but with the power
to postpone such sale without any liability for any loss as a result of such
postponement; and
b) I declare that the terms provided in this Schedule shall apply to the Main Residence
Fund.

21.2 The Main Residence Life Tenant shall be the life tenant of the Main Residence Fund for the
Main Residence Term, provided that the Main Residence Life Tenant shall be responsible for:
a) Paying the rates, taxes, insurance policies and outgoings including water usage, gas,
electricity and telephone in respect of the Main Residence; and
b) Keeping the Main Residence in a good state of repair to the reasonable satisfaction of
My Executor.

21.3 In this Schedule,
a) “Main Residence Life Tenant” has the same meaning as defined in the Main Provisions
of My Will;
b) “Main Residence” has the same meaning as defined in the Main Provisions of My Will;
c) “Main Residence Fund” means the fund initially comprising the Main Residence, the
terms of which are outlined in this Schedule;
d) “Main Residence Term” means the period of time from the date of my death until:
i) The death of the Main Residence Life Tenant; or
ii) Such earlier time as may be agreed between the Main Residence Life Tenant
and My Executor.

22. Discretionary Power to limit Life Interest

My Executor shall have the express power to limit the life interest the Main Residence Life
Tenant has in the Main Residence Fund to a mere personal right to reside in the Main
Residence (or if applicable, a Substituted Main Residence), the term of which shall also be the
Main Residence Term, with the consent of the Main Residence Life Tenant, in which case, only
the clause headed “Right of Residence in respect of Main Residence” of this Schedule shall
apply to the Main Residence (or if applicable, a Substituted Main Residence).

23. Distribution of Net Income

23.1 For the purposes of this Schedule, the Net Income (if any) of the Main Residence Fund shall

be determined in accordance with generally accepted accounting principles.
23.2 During the Main Residence Term, My Executor shall determine the Net Income of the Main
Residence Fund at the end of each Accounting Period and may, in their absolute discretion
with respect to any part, parts or category of Net Income:

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