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This file contains:
Index of Documents related to President's Estate Plan. 1 pg. [Form], n.d.
Final Estate Plan 12 pgs. [Financial Records], 8/4/1972
Agreement of Trust by and between Richard M. Nixon and Patricia R. Nixon as Settlors and Richard M. Nixon as Trustee. 45 pgs. [Financial Records], 8/14/1972
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WHSF: Returned, 9-2
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WHSF: Returned, 9-2
description
This file contains:
Index of Documents related to President's Estate Plan. 1 pg. [Form], n.d.
Final Estate Plan 12 pgs. [Financial Records], 8/4/1972
Agreement of Trust by and between Richard M. Nixon and Patricia R. Nixon as Settlors and Richard M. Nixon as Trustee. 45 pgs. [Financial Records], 8/14/1972
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Richard M. Nixon's Returned Materials Collection
Returned White House Special Files
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Richard Nixon Presidential Library
White House Special Files Collection
Folder List
Box Number Folder Number Document Date
Document Type
Document Description
9
2
n.d.
Form
Index of Documents related to President's
Estate Plan. 1 pg.
9
2
08/04/1972
Financial Records
Final Estate Plan 12 pgs.
9
2
08/14/1972
Financial Records
Agreement of Trust by and between Richard
M. Nixon and Patricia R. Nixon as Settlors
and Richard M. Nixon as Trustee. 45 pgs.
Wednesday, June 17, 2009
Page 1 of 1
INDEX OF DOCUMENTS
1. Letter dated August 4, 1972 to John D. Ehrlichman, together
with Memorandum of Final Estate Plan dated August 4, 1972.
2. Family and Literary Properties Trust - Richard M. Nixon,
Trustee, together with Instrument Appointing Successor
Trustee.
3. Irrevocable Literary Trust - H. R. Haldeman, Trustee,
together with Instrument Appointing Successor Trustee.
4. Patricia R. Nixon Trust - John D. Ehrlichman, Trustee,
together with Instrument Appointing Successor Trustee.
5. Will of Richard M. Nixon.
6. Will of Patricia R. Nixon.
7. Memorandum of Administrative Procedure for Implementing
Estate Plan.
8. Letter dated September 29, 1972 to John Dean.
9. Exemption Application for Irrevocable Literary Trust.
10. Internal Revenue Service Power of Attorney from
H. R. Haldeman as Trustee to John H. Alexander and
Richard S. Ritzel relating to Exemption Application.
11. Letter dated September 27, 1972 from Internal Revenue
Service re Exemption Application of Irrevocable Literary
Trust.
12. Letter dated October 11 to John Dean.
13. Letter dated November 8, 1972 declaring Irrevocable
Literary Trust to be exempt from taxation.
14. Letter dated May 8, 1973 to Miss Rose Mary Woods, together
with copy of Memorandum relating to Irrevocable Literary
Trust and Trustees, Executors and Successors.
15. Letter dated May 14, 1973 to Internal Revenue Service,
together with Form 990 PF for calendar year 1972 for
Irrevocable Literary Trust.
- 2 -
16. Memorandum dated October 23, 1973 re revision of Estate
Plan to include transfer of San Clemente property to
federal government.
August 4, 1272
Monorable John D. Ehrlichman
Assistant to the President
for Domestic Affairs
The White Couse
Washington, D. C.
Dear John:
Inclosed herewith are the following documents re--
lating to the estate nlan.
(1) 7) Memorandius, in the form of the Original and
Povised Patate Ilans, describing in some detail the documents
which will be executed to implement the Final Estate Plan.
(2) Pn Agreement of Trust, vit. the President and
Mrs. Mixon as Settlors, and the President as Trustee. This
is the so-called Family and Literary Properties Trust. At-
tached to the Trust Agreement is an Instrument by which
successor Trustees are appointed.
(3) An Agreement of Trust, with the President as
Settlor, and Mr. Haldeman as Trustee. This is the so-called
Irrevocable Literary Trust. Attached to the Trust Agreement
is an Instrument by which a successor Trustee is appointed.
(4) An Agreement of Trust, with the President and
Mrs. Nixon as Settlors, and yourself as Trustee. This is the
so-called Patricia R. Nixon Trust. Attached to the Trust
Agreement is an Instrument by which a successor Trustee is
appointed.
(5) The President's Vill.
Enclosed By
Mailed By
Delivered By
Delivery No.
Mr.
Wm. Neeven
8/4/72
Non. John D. Ehrlichman
-2-
August 4, 1972
(6) Mrs. Nixon's Will.
(7) A Memorandum describing the administrative steps
which must be accomplished in connection with the execution of
the above documents.
I look forward to hearing from you with respect to
the enclosed documents.
Sincerely,
1114
Richard S. Ritzel
RSR:kw
Enc.
Enclosed By
Mailed By
Delivered By
Delivery No.
FINAL ESTATE PLAN
Dated: August 4, 1972
MUDGE ROSE GUTHRIE & ALEXANDER
20 BROAD STREET, NEW YORK, N.Y.
SUMMARY
The principal objectives of the Plan may be
summarized as follows:
A. - To protect for public benefit Presidential
memorabilia, papers, etc. ("Materials")
B. - To make adequate provision for Mrs. Nixon
if she survives the President.
C. - To accomplish the foregoing without gift
tax during the lifetime of the President and Mrs. Nixon
and without estate tax at death.
It is believed that the attached Final Estate Plan
substantially accomplishes this result with the following two
exceptions:
(1) In order to provide adequately for Mrs. Nixon,
it has been necessary to set aside in trust Materials of a value
not exceeding an aggregate of $2,000,000, so that, if she finds
it necessary, Materials so set aside may be sold by the Trustee
with the proceeds to be used for her benefit. To avoid a gift
tax on these particular Materials, it has been necessary to
give Mrs. Nixon a limited power to direct by her Will that some
part or all of the remaining Materials which were so set aside
be sold after her death and the proceeds used for the benefit
of issue. If this power is not exercised, the remaining Materials
so set aside will be dedicated to public use.
(2) In view of the community property problems and
the nature of the assets, it has not been possible to avoid
estate tax on the death of the survivor of the President and
Mrs. Nixon, but the estate tax will be limited to the value
of the non-Material assets, unless Mrs. Nixon survives and directs
the sale of the Materials for the benefit of the daughters.
The attached Final Estate Plan gives in considerable
detail the provisions of the various documents to be executed
and comments on the tax consequences. The following is a summary
of the essential details set forth in the more comprehensive
attached Final Estate Plan.
Five documents will be executed:
1. The Family and Literary Properties Trust. This
trust will be created by the President and Mrs. Nixon with the
President as Trustee and will be the depository for all Materials
prepared by or for the President or Mrs. Nixon and all "Hard
2
Assets", i.e., all assets owned by the President and Mrs. Nixon
other than Materials and such assets as furniture. It will
thus include community and separate property of each of them.
As to community property, this trust will be revocable only
by the joint action of the President and Mrs. Nixon, but the
President alone will have the power to sell Materials and apply
the proceeds for family purposes. As to separate property,
it will be revocable during their joint lives by either of them.
If the President predeceases Mrs. Nixon (1) her separate property
Materials, and community property Materials of a value not to
exceed $2,000,000, will be retained in this trust, (2) all Hard
Assets will be transferred to the Patricia R. Nixon Trust (3
below), and (3) the balance of all of the Materials will be
transferred to The Irrevocable Literary Trust (2 below). There-
after, Mrs. Nixon will have a limited power to direct sales
of Materials in this trust up to $100,000 a year, with the pro-
ceeds to be used by her or for her benefit. Upon her death,
Mrs. Nixon will have the power to direct that some part or all
of the remaining Materials may be sold and the proceeds turned
over to family members. To the extent she fails to exercise
her power, the Materials will be distributed to The Irrevocable
Literary Trust. If Mrs. Nixon predeceases the President (1)
Mrs. Nixon's separate property Materials and her share of the
community property Materials will be distributed to The Irrevocable
Literary Trust, and (2) the President's community and separate
property Materials, as well as all of the Hard Assets, will
be retained in this trust and the President will have absolute
power of disposition over all of the retained Materials and
Hard Assets. Upon the subsequent death of the President, all
Materials remaining will be distributed to The Irrevocable Literary
Trust and all Hard Assets will be distributed to The Patricia
R. Nixon Trust.
Under these arrangements, through the use of the
charitable deduction and, perhaps, the marital deduction, estate
tax should be eliminated on the death of the first to die.
2. The Irrevocable Literary Trust. This trust will
be created by the President with Mr. Haldeman as Trustee and
will ultimately receive all Materials of the President and Mrs.
Nixon from The Family and Literary Properties Trust which have
not been sold to raise funds for family members. It is also
possible that "sold" Materials will be contributed to this trust
by the purchasers thereof. It can also be the depository of
all Materials prepared by or for members of the Administration
other than the President and Mrs. Nixon.
3. The Patricia R. Nixon Trust. This trust will
be created by the President and Mrs. Nixon with Mr. Ehrlichman
as Trustee and can be revoked by the President and Mrs. Nixon,
acting jointly, during the President's lifetime. If Mrs. Nixon
predeceases the President, the trust will be revocable by him
during his lifetime. If the President predeceases Mrs. Nixon,
3
the trust will become irrevocable. The trust will be inactive
during the joint lives of the President and Mrs. Nixon. If
Mrs. Nixon predeceases the President, it will remain inactive
until the death of the President, at which time all or substan-
tially all of the Hard Assets will be transferred to it from
The Family and Literary Properties Trust. If the President
predeceases Mrs. Nixon, then, upon his death, all or substantially
all of the Hard Assets will be transferred to this trust. The
trust provides for the support of Mrs. Nixon during her life-
time, if she survives the President, and there are further trusts
created upon the death of Mrs. Nixon, if she survives the President,
or upon the death of the President, if he survives Mrs. Nixon,
for Patricia and Julie and their issue. No Materials will ever
be transferred to this trust.
4. A Will for the President. The President's Will
will bequeath any tangible personal property (other than Materials),
such as furniture, etc., to Mrs. Nixon, or if she predeceases
him, to the children. Such Materials as have not theretofore
been transferred to The Family and Literary Properties Trust
are bequeathed to The Irrevocable Literary Trust. All other
assets are bequeathed to The Family and Literary Properties
Trust. Mr. Rebozo and Mr. Ehrlichman are Executors.
5. A Will for Mrs. Nixon. Mrs. Nixon will refrain
from exercising any powers of appointment. All tangible personal
property (other than Materials), such as furniture, etc., will
be bequeathed to the President, or if he predeceases her, to
the children. All Materials and Hard Assets not theretofore
transferred to The Family and Literary Properties Trust will
be bequeathed to that trust. The President is Executor and
Mr. Rebozo and Mr. Ehrlichman are successor Executors.
6. A flow chart is attached.
FINAL ESTATE PLAN
Disposable Assets
A. Materials consisting of memorabilia and papers,
recordings, films, etc., prepared by or for the President or
Mrs. Nixon.
B. Materials prepared by or for other members of
the Administration. Commitments are to be made to permit the
President to dispose of these Materials as he desires.
C. Hard Assets, including residential and other
real estate, cash, life insurance and tangible personal
property, other than Materials.
D. In formulating this Estate Plan, it has been
assumed that the net value of the Hard Assets will be between
$800,000 and $1,000,000 and that the value of Materials will
be substantially larger than these amounts. In light of these
assumptions, the Plan must be reviewed periodically to
determine if any changes are required.
Objectives
A. All Materials are to be sorted, classified and,
where necessary, destroyed, in accordance with directions from
the President. No persons other than those selected by the
President, or through procedures approved by him, should be in
a position to participate in or interfere with the processing
and disposition of Materials.
B. Upon the death of the first to die as between
the President and Mrs. Nixon, a sufficient amount of Materials
will be irrevocably devoted to charitable purposes, so
that there will be no estate or inheritance taxes payable at
that time. If Mrs. Nixon is the survivor, the amount of
Materials which will not be devoted to charitable purposes is
to be limited to all of Mrs. Nixon's separate property
Materials and community property Materials with a maximum value
of $2,000,000. As to these retained Materials, Mrs. Nixon is
to have a power to direct sales of the same and payment of the
proceeds to her, not exceeding in the aggregate the sum of
$100,000 per year. Mrs. Nixon is also to have a limited power,
2
by her Will, to direct sales of retained Materials upon her
death, with the proceeds to be paid over to and among her issue.
A Trustee will, in all cases, determine which Materials are to
be sold.
C. All of the Hard Assets are, upon the President's
death, to be held in trust for the benefit of Mrs. Nixon and,
after her death, for Patricia and Julie. The San Clemente
residence or a substitute home of the same standard is to be
maintained for Mrs. Nixon. Mrs. Nixon is also to be provided
with ample annual amounts to insure her personal well-being and
comfort.
Estate Plan
Three separate Agreements of Trust and two Wills will
be executed at the present time. Two of the Trust Agreements
will be executed by both the President and Mrs. Nixon, as
Settlors, and one of the Agreements by the President alone, as
Settlor. The President and Mrs. Nixon will each execute a Will.
The provisions of the trusts created under the aforementioned
Trust Agreements and of the Wills are as follows:
The Family and Literary Properties Trust. The
President and Mrs. Nixon will create this trust and substantially
all of the President's and Mrs. Nixon's community and non-
community property, including both Materials and Hard Assets,
will be transferred to it at the present time. Materials and
Hard Assets are dealt with under separate provisions of the Trust
Agreement.
The President will be the initial Trustee of this
trust and the Trust Agreement is structured so that the President
will have full control over the selection of successor or
additional Trustees during his lifetime.
This trust will be fully revocable or amendable by
either the President or Mrs. Nixon as to any property, other
than community property, which has been transferred to it. It
will be fully revocable and amendable by the joint action of the
President and Mrs. Nixon as to any community property transferred
to it. If the President survives Mrs. Nixon, it will remain
fully revocable and amendable by the President. If Mrs. Nixon
survives the President, it will be irrevocable, except as to any
separate property of Mrs. Nixon transferred to it. The pro-
visions as to revocability are designed to avoid any gift tax.
3
In the case of Materials, the Trustee, or any person
or persons designated by the Trustee is directed to categorize,
classify and destroy the same, as appropriate, and if it is in
the best interests of the President and Mrs. Nixon to do so, to
make some or all of the Materials held as part of the trust avail-
able for public viewing, study or research. In the case of Hard
Assets, the Trustee is directed to invest and reinvest the same
and pay over so much of the net income and/or principal to or for
the benefit of the President and Mrs. Nixon as the Trustee deems
advisable. (During the President's lifetime, he or a person
designated by him will be the Trustee.) If residential real
property is held as part of the principal of this trust, the
President, regardless of whether or not he shall be acting as a
Trustee, will have the power to direct the retention or sale of
the same and, if he so directs, the replacement thereof with other
residential real property. The President and Mrs. Nixon or either
of them will be entitled to occupy any residential real property
held as part of the principal without payment of any rent.
Upon the death of the President, if Mrs. Nixon survives
him, the principal of this trust will be divided into two shares,
the President's share and Mrs. Nixon's share. Mrs. Nixon's share
will consist of all property which was her separate property at
the time it was transferred to the trust, Materials, selected out
of all of the community property Materials held as part of the
trust, with a maximum value of $2,000,000, and all property,
other than Materials (the Hard Assets), held as part of the prin-
cipalof the trust. (There is a remote possibility, if the estimates
as to the values of Materials are substantially in error, that less
than $2,000,000 of community property Materials would be retained
as part of Mrs. Nixon's share.) The President's share will consist
of all of the remaining property held in the trust (which will be
Materials exclusively). The President's share will then be trans-
ferred to The Irrevocable Literary Trust, described below. If
transfers to The Irrevocable Literary Trust are for any reason not
qualified for an estate tax charitable deduction, provisions are
made for alternative transfers to the Federal Government, for de-
posit in the Presidential Library, or any other qualified charity.
Mrs. Nixon's share shall be disposed of as follows: (a) all Hard
Assets, after payment of debts, funeral, administration and legal
expenses of the President's estate, shall be transferred to The
Patricia R. Nixon Trust, described below, and (b) all other
property (which will be Materials exclusively) will continue to be
held as part of this trust, subject, however, to Mrs. Nixon's
right to direct sales of Materials not exceeding in the aggregate
in any calendar year, the sum of $100,000, with the proceeds thereof
to be paid to her or as she directs, and further, to direct trans-
fers of Materials to The Irrevocable Literary Trust, or if that
trust is not qualified for income, estate and gift tax deductions,
then to the Federal Government, for deposit in the Presidential
4
Library, or, with the consent of the Trustee, to any other qualified
charity. If Mrs. Nixon is not living at the time of the President's
death, then all Materials held in this trust will be transferred to
The Irrevocable Literary Trust or, alternatively, as above, and all
Hard Assets after payment of debts, funeral, administration ex-
penses and taxes of the President's estate, will be paid over and
transferred to The Patricia R. Nixon Trust.
Upon the death of Mrs. Nixon, if the President shall then
be living, the principal of this trust will be divided into two
shares, the President's share and Mrs. Nixon's share. Mrs. Nixon's
share will consist of all Materials which were her separate
property at the time they were transferred to the trust, plus
Materials selected out of all community property Materials held
as part of the trust under a formula designed to provide an estate
tax deduction sufficient to eliminate any federal or state estate
or inheritance tax. The President's share will consist of all
of the remaining property held in this trust. Mrs. Nixon's share
will then be transferred and delivered to The Irrevocable Literary
Trust, or alternatively as above. The President's share, after
payment of any debts, funeral and administration expenses of Mrs.
Nixon's estate, will continue to be held and disposed of as part
of this trust. If the President is not living at the time of Mrs.
Nixon's death (which would mean that he predeceased Mrs. Nixon and
that only a maximum of $2,000,000 of community property Materials
remained in this trust), then Mrs. Nixon will have the power, by
her Will, to direct a sale of all or part of the Materials held in
this trust, with the proceeds to be paid over to her issue. If
Mrs. Nixon does not exercise this power, then all Materials remain-
ing in this trust at the time of Mrs. Nixon's death will be trans-
ferred to The Irrevocable Literary Trust, or alternatively as above.
If the President and Mrs. Nixon die in or as the immediate
result of a common accident or disaster, then without regard as to
who survived the other, all Materials will be transferred to The
Irrevocable Literary Trust, or alternatively, as above, and all
Hard Assets, after payment of debts, funeral and administration
expenses of their estates and all taxes, will be transferred to The
Patricia R. Nixon Trust.
The Irrevocable Literary Trust. The President alone will
create this trust, and Mr. Haldeman will be the initial Trustee
thereof. A power to appoint successor Trustees is vested in the
acting Trustee or Trustees, and Mr. Haldeman, simultaneously with
the execution of this Trust Agreement, will contingently appoint
Mr. Ehrlichman as his successor. The Trust Agreement is structured
so that the President will have full control over the Trustee dur-
ing his lifetime.
5
This trust will be irrevocable, except for amendments
designed to insure the deductibility for estate, gift and income
tax purposes of contributions made to it.
The initial transfer to this trust will be a nominal
amount of Materials to provide the trust with a corpus. The
Materials selected for transfer to this trust should be such
that it or they can immediately be made available for public
display, study or research, since the Trust Agreement requires
that any Materials held as part of this trust be so utilized.
The simplest procedure for satisfying this requirement would
seem to be to have the Trustee arrange for the display of the
Materials transferred through facilities made available by the
Administrator of General Services.
A ruling will be obtained that transfers to this
trust are qualified for income, estate and gift tax charitable
deductions. This trust will ultimately receive all Materials
of the President and Mrs. Nixon, except those Materials which
may be sold under the limited conditions described above, whereby
sales by the Trustees of The Family and Literary Properties Trust
are authorized. It is possible that "sold" Materials could be
contributed to this trust by the purchasers.
The Trustee of this trust is directed to make all of
the Materials held as part of the principal available for public
viewing, study or research, either by loan to, or other custodial
arrangement with, any entity or entities selected by the Trustee,
and subject to such terms, conditions and obligations relating to
the care, preservation and maintenance of Materials as the Trustee
deems necessary or advisable. The Trustee is also authorized to
make a permanent transfer of ownership of some or all of the
Materials held as part of the principal of this trust to any
Presidential Library or other qualified charity.
The Patricia R. Nixon Trust. The President and Mrs.
Nixon will create this trust, and Mr. Ehrlichman will be the
initial Trustee thereof. The Trust Agreement is structured so
that the President will have full control over the Trustee
during his lifetime.
This trust will be fully amendable and revocable by the
President and Mrs. Nixon acting jointly during the President's
lifetime. It will also be fully revocable and amendable by the
President alone if he survives Mrs. Nixon. After the President's
death, this trust will be irrevocable..
6
The initial corpus of this trust will be a nominal sum,
$10, and the trust will be dormant throughout the President's
life. This trust will, however, ultimately be the receptacle for
all of the Hard Assets. Upon the death of the President, all of
the Hard Assets held as part of The Family and Literary Properties
Trust are to be poured over into this trust for administration.
In addition, this trust will be named as the beneficiary of all
insurance policies insuring the President's life.
Under the terms of this trust, upon the President's
death, if Mrs. Nixon survives, all of the trust assets are to be
devoted and used for her benefit. If residential real property
is held as part of the trust, then Mrs. Nixon will have the power
to direct the retention of the same, the sale of the same and,
if she so desires, the purchase of replacement of residential
real property. All of the income from this trust is to be paid
over or applied to or for Mrs. Nixon's benefit. In addition,
any part or all of the principal of this trust may be paid over
to or for Mrs. Nixon's benefit in the Trustee's discretion.
Upon Mrs. Nixon's death, she shall have a general power to appoint
the principal of this trust in favor of any person, corporation
or institution, including her creditors, her estate or the creditors
of her estate. If Mrs. Nixon fails to exercise her general power
of appointment, or if she shall not survive the President, then
the principal of this trust is to be continued in trust for the
benefit of Patricia and Julie during their lives and after their
deaths for the benefit of their respective children until such
child attains 25 years of age at which time the principal of his
or her trust will be paid over outright. If at the time that
The Patricia R. Nixon Trust or any subtrust thereof terminates
there are no issue of the President and Mrs. Nixon living, then
the amounts then payable are to be paid over to The Richard M.
Nixon Foundation.
The President's Will. The Executors of the Will will be
Messrs. Rebozo and Ehrlichman, with full power to appoint suc-
cessors. The Executors or any successors named by them are directed
to set aside all Materials which have not previously been trans-
ferred to The Family and Literary Properties Trust and transfer
the same to The Irrevocable Literary Trust. Determinations made
by the Executors that an item of tangible personal property owned
by the President fits within the definition of Materials are to be
final, binding and conclusive. All tangible personal property,
exclusive of Materials, is to be transferred outright to Mrs. Nixon,
if she is living, or if not, to the children in equal shares. All
of the balance of the President's estate is to be added to the
principal of The Family and Literary Properties Trust.
7
Mrs. Nixon's Will. The President will be the Executor
of this Will. Messrs. Rebozo and Ehrlichman will be his suc-
cessors, with full power to appoint successors. All tangible
personal property, except Materials, is to be transferred out-
right to the President, if he is living, or if not, to the
children in equal shares. All other property, including Materials,
if any, not previously transferred thereto, and Hard Assets are
to be transferred to The Family and Literary Properties Trust.
Estate and Inheritance Taxes
Under the dispositive scheme described above and based
on the assumption as to values mentioned on Page 1, there should
be no Federal or State estate or inheritance taxes payable upon
the death of the first as between the President and Mrs. Nixon to
die. In each case, the decedent's entire estate, albeit in the
form of Materials, will be deemed to have been transferred for
charitable purposes, and hence not taxable. The retained property
not transferred for charitable purposes will represent the surviv-
ing spouse's community property interest in all of their community
property, his or her separate property and, under certain cir-
cumstances, an amount passing to the surviving spouse and qualify-
ing for the marital deduction. Upon the death of the surviving
spouse, there will be Federal and State estate and inheritance
taxes payable, with the amounts thereof to depend upon the then
value of the property passing to or for the benefit of family
members. In this regard, it should be emphasized that if Mrs. Nixon
survives the President and exercises her power to direct a sale of
Materials with the proceeds thereof to be paid over to family
members, the amount so paid over, as well as all Hard Assets passing
under the terms of The Patricia R. Nixon Trust, will be subject
to estate and inheritance taxes. If the power is not exercised,
however, then the Materials in question will automatically pass to
The Irrevocable Literary Trust and will not be subject to any estate
or inheritance taxes.
All Property of President and
Mrs. Nixon, including Hard
Assets, memorabilia and papers
Papers of
Cabinet and
Staff Members
Transferred at present,
Materials trans-
in future and by Will
ferred currently
and in future
FAMILY AND LITERARY PROPERTIES TRUST
Materials to be sorted, classified and,
where necessary, destroyed. Materials
also can be displayed or otherwise
made available to public. After
President's death, Mrs. Nixon to have
limited power to direct sales of
Materials and disposition of proceeds.
Hard Assets to be held and managed
during President's life and subject to
his complete control.
Hard Assets to be
Materials to be
transferred upon
transferred upon
death of President
death of first to
die and upon death
of survivor
PATRICIA R. NIXON TRUST
IRREVOCABLE LITERARY TRUST
Income to Mrs. Nixon for life. Mrs.
Materials to be irrevocably committed
Nixon to have power to direct sale,
to uses which qualify for income,
retention or replacement of residence
estate and gift tax deductions.
Upon death of survivor as
between President and Mrs.
Option in Trustees to transfer
Nixon
or loan to Presidential Library
or other qualified charity
TRUST FOR PATRICIA
TRUST FOR JULIE
Income to beneficiary
Income to beneficiary
or issue for life, with
or issue for life, with
power to invade principal
power to invade principal
Upon death of income beneficiary,
principal to be paid over to her
issue, outright if over 25, or in
trust if under 25
2
Copy No. 6
of 8 copies
AGREEMENT OF TRUST
by and between
RICHARD M. NIXON
and
PATRICIA R. NIXON,
as Settlors
and
RICHARD M. NIXON,
as Trustee
Dated:
August 14, 1972
MUDGE ROSE GUTHRIE & ALEXANDER
20 BROAD STREET, NEW YORK, NEW YORK
THIS AGREEMENT OF TRUST made the 11/11/aay of august
1972 by RICHARD M. NIXON and PATRICIA R. NIXON, his wife, as
Settlors and said RICHARD M. NIXON, as Trustee,
WHEREAS, the Settlors desire, by this Agreement, to
create a revocable trust, to be known as "The Family and Liter-
ary Properties Trust", the principal of which is to consist of
the community and separate property of the Settlors or of either
of them listed in Schedules / AGE through 2AWC annexed
hereto and made a part hereof, and of such other community and
separate property of the Settlors or of either of them as may
hereafter be transferred to the Trustee or to his successor or
successors in accordance with the terms and provisions of this
Agreement, and the purpose of which is to provide for the reten-
tion, management, utilization and disposition of such property
during the Settlors' joint lives and after their respective
deaths;
NOW, THEREFORE, THIS AGREEMENT OF TRUST WITNESSETH:
That, in consideration of the premises and the mutual
covenants herein contained, and other good and valuable con-
siderations, the receipt of which is hereby acknowledged, the
Settlors have granted, conveyed, assigned, transferred, set
over and delivered, and by these presents do hereby grant,
2
convey, assign, transfer, set over and deliver unto the Trus-
tee (which term, whenever it is used in this Agreement, shall
be deemed to mean the original Trustee named above and any
additional or successor Trustee or Trustees at any time acting
hereunder, unless by express provision or necessary implication
another meaning is clearly intended), all of their right, title
and interest, including, where appropriate, any and all literary
property rights, in and to the property listed and described in
Schedules 1Abh through 2460. , inclusive, annexed hereto and
made a part hereof, the receipt of which property the Trustee
does hereby acknowledge, provided, however, that any property
now being or hereafter transferred to the trust created hereunder
which is the community property of the Settlors shall, during the
joint lives of the Settlors, remain such after transfer and de-
livery of the same to the Trustee and upon withdrawal of the same
from said trust or upon revocation of said trust, and any prop-
erty, other than any community property of the Settlors which is
now being or hereafter shall be transferred to the trust created
hereunder shall, upon withdrawal of the same from said trust or
upon revocation of said trust during the joint lives of the Set-
tlors, revert to the Settlors or either of them, as the case may
be, in the same form of ownership as existed at the time such
property was transferred to the trust created hereunder,
3
TO HAVE AND TO HOLD said property, and any other
property as may hereafter be transferred or delivered to the
Trustee in accordance with the provisions of this Agreement
of Trust, in trust, nevertheless, for the following uses and
purposes, and subject to the terms, conditions, powers and
agreements hereinafter set forth:
FIRST: (A) There are included among the items of
property presently being transferred to the trust created under
this Agreement, and there may be included among items of prop-
erty hereafter transferred to such trust, numerous articles of
tangible personal property, including, without limitation,
books, documents, papers, letters, correspondence, memoranda,
pamphlets, pictures, photographs, plats, maps, films, tele-
vision tape recordings, motion pictures, sound recordings,
both on record and on tape, and other similar articles of tan-
gible personal property prepared by or for the Settlors or
either of them, as well as items which are commonly referred
to as memorabilia, including, without limitation, awards,
plaques, medals, membership or achievement certificates, gavels,
symbolic currency, keys and figurines, commemorative and per-
sonal photographs, flags, banners, works of art, including
sculptures, paintings, etchings and drawings, books, both in-
scribed by the author or donor and uninscribed, religious
4
items, jewelry and clothing, all of which, by virtue of RICHARD
M. NIXON's service to the United States of America as the
37th President of the United States, the 36th Vice President of
the United States, a member of the United States Senate and
House of Representatives, and a member of the United States Armed
Forces and because they relate to the events of the Settlors'
official or personal lives, have historical or commemorative sig-
nificance. As to any or all of the foregoing articles of tangible
personal property at any time held as part of the principal of
the trust created under this Agreement, which property is here-
inafter referred to collectively as "Materials", the Trustee,
or any person or persons designated by the Trustee so to act,
shall (i) categorize or classify such Materials as to subject
matter, as to security classification under law or pursuant to
Executive Order, as to sensitivity or confidentiality from the
standpoint of the foreign relations or internal affairs of the
United States of America, or from the standpoint of the personal
or business affairs of any person or entity, or otherwise, such
categorizations and classifications to be the basis for even-
tually making such Materials available for public viewing,
study or research, (ii) destroy or cause to be destroyed such
Materials as the Trustee determines should, for any reason,
be destroyed, subject, however, to full performance of the
directions contained in subparagraphs (C), (D) and (E) of this
5
Article FIRST relating to the disposition, upon the death of the
first Settlor to die or upon the deaths of both Settlors in or
as the immediate result of a common accident or disaster, of a
portion or all of the Materials held hereunder for charitable,
educational, literary, scientific or public purposes, and (iii)
if the Trustee determines that it would be in the best interests
of the Settlors or of either of them to do so, make some or all
of such Materials available for public viewing, study or research
through the facilities of any public or private entity or entities
or institution or institutions selected by the Trustee, whether
located within or outside of the State of California, including
any Presidential Library bearing said RICHARD M. NIXON's name
or any facility held in the name of the United States of
America, either by loan to, or other custodial arrangement with,
such entity or entities or institution or institutions, and sub-
ject to such terms, conditions or obligations relating to the
care, preservation and maintenance of such Materials as the
Trustee deems necessary or advisable. The Trustee shall have
the sole and absolute power to make arrangements for the public
viewing, study or research of the Materials held hereunder and
to impose terms, conditions or obligations relating to the care,
preservation and maintenance of such Materials, and the selec-
tion by said Trustee of a particular entity or entities or
institution or institutions, as aforesaid, shall not be permanent
6
or binding in any way, with the said Trustee also to have the
power at any time and from time to time to cause any Materials
being exhibited or held by any particular entity or entities or
institution or institutions to be removed therefrom and exhibited
by or deposited with another entity or entities or institution or
institutions.
(B) As to any property, other than Materials,
which is held as part of the principal of the trust created
hereunder, the Trustee shall hold and manage the same, includ-
ing any residential real property held as a part of such prin-
cipal, shall invest and reinvest the same, other than any resi-
dential real property being used by the Settlors or either of
them, shall collect the rents, if any, interest, dividends and
other income therefrom and, after the payment of all lawful
charges therefrom, shall pay over or apply so much or all of such.
net income and/or principal as the Trustee shall deem advisable,
to or for the benefit of the Settlors or, if PATRICIA R. NIXON
shall have been the first Settlor to die, to or for the benefit
of RICHARD M. NIXON, in quarterly installments or at such more
frequent intervals as the Trustee may determine, and shall ac-
cumulate the balance, if any, of such net income and add the
same to the principal of the trust created hereunder, upon the
happening of which event such accumulated income so added to
such principal shall, for all purposes, become and be a part
7
thereof. If any residential real property shall be held as part
of the principal of the trust created hereunder, then RICHARD M.
NIXON, regardless of whether or not he shall be acting as a
Trustee hereunder, shall have the absolute and unqualified
power, at any time and from time to time during the continuance
of the trust created hereunder, to direct the retention of such
residential real property, together with all appurtenances,
buildings and/or improvements thereon, or to direct the sale of
any such residential real property, appurtenances, buildings and/
or improvements, or any part thereof, and, if he so directs, the
purchase of other residential real property in replacement thereof.
As to any such residential real property at any time held as part
of the principal of the trust created hereunder, the Trustee shall
make the same available to the Settlors, or either of them, for
their, his or her exclusive use, without requiring the payment of
any rent therefor, and shall pay, out of the income and, if neces-
sary or advisable, the principal of the trust created hereunder,
other than Materials, so much or all of any taxes or assessments
levied on such residential real property, appurtenances, build-
ings and/or other improvements, the cost of insuring the same
against loss, fire, theft and/or liability, and any other charges
or expenses, whether ordinary or extraordinary, as may be in-
curred in maintaining or improving such, residential real prop-
erty, appurtenances, buildings and/or other improvements, as
8
RICHARD M. NIXON shall direct. In no event shall the Trustee be
subjected to any liability for retaining or selling any residen-
tial real property, appurtenances, buildings and/or improvements,
or any part thereof held as part of the principal of the trust
created hereunder, or for paying, out of the income and, if
necessary or advisable, the principal of such trust, other than
Materials, any costs or expenses relating to any such residential
real property, in accordance with directions from said RICHARD
M. NIXON. Further, no person interested in the trust created
under this Agreement of Trust shall have any right to question
any direction relating to such residential real property made
by RICHARD M. NIXON, and his determination to direct a reten-
tion or sale of any such residential real property, appurte-
nances, buildings and/or improvements, or any part thereof,
or to direct a purchase of replacement residential real prop-
erty, as provided herein, or to direct the payment of any
costs or expenses relating to any such residential real prop-
erty, shall be final, binding and conclusive upon all persons
interested in the trust created under this Agreement of Trust,
and the interests of all of such persons are limited accord-
ingly.
(c) Upon the death of RICHARD M. NIXON,
the principal of the trust created hereunder, which term shall
9
be deemed to include any property added thereto under RICHARD M.
NIXON's Last Will and Testament, shall be disposed of as follows:
(1) If PATRICIA R. NIXON shall then be living, then
such principal shall be divided into two separate shares,
hereinafter referred to in this subdivision (1) of this sub-
paragraph (C) as PATRICIA R. NIXON's share and RICHARD M.
NIXON's share. PATRICIA R. NIXON's share, representing all
of her separate property and, in part or in whole, her inter-
est in the Settlors' community property, shall consist of (i)
all property which was PATRICIA R. NIXON's separate property
at the time it was transferred to the trust created hereunder,
(ii) Materials, selected out of all community property Ma-
terials held hereunder, having an aggregate value, as finally
determined for federal estate tax purposes, equal to (x) the
value of PATRICIA R. NIXON's interest in all of the Settlors'
community property reduced by the value of the property
to be allocated to PATRICIA R. NIXON's share under (iii),
immediately following, or (y) Two Million Dollars
($2,000,000.00), whichever shall be the lesser amount, and
(iii) all property, other than Materials, held hereunder.
RICHARD M. NIXON's share shall consist of all of the re-
maining property (which will be Materials exclusively)
held hereunder. The Trustee shall have the sole and abso-
lute power to determine which Materials, other than those
Materials which were the separate property of PATRICIA
10
R. NIXON at the time they were transferred to the trust
created hereunder, shall be allocated to the respective
shares of RICHARD M. NIXON and PATRICIA R. NIXON as afore-
said, and any such determination made by the Trustee shall
be final, binding and conclusive upon any and all persons,
entities or institutions having any interest in the trust
created hereunder, and the interests of all such persons,
entities or institutions are limited accordingly. RICHARD
M. NIXON's share, as so determined, shall then be trans-
ferred and delivered for charitable, educational, literary,
scientific or public purposes as provided in subparagraph
(F) of this Article FIRST. PATRICIA R. NIXON's share shall
be disposed of as follows:
(a) All property, other than Materials, held
as part of PATRICIA R. NIXON's share, shall, subject
to the power hereby conferred upon the Trustee here-
under, in the Trustee's sole and uncontrolled discre-
tion to first use such property, other than Materials,
to pay debts, funeral, administration and legal expenses
of RICHARD M. NIXON's estate, be paid over, transferred
and delivered to the then acting Trustee or Trustees
of that certain trust created under an Agreement of
Trust made and executed the same day as this Agreement
of Trust by and between RICHARD M. NIXON and PATRICIA
11
R. NIXON, as Settlors and JOHN D. EHRLICHMAN, as
Trustee, and referred to therein and hereafter in
this Agreement of Trust as "The Patricia R. Nixon
Trust", thereafter to be held, administered and dis-
posed of as a part of The Patricia R. Nixon Trust
and in accordance with all of the terms and provisions
of the Agreement of Trust, including all amendments
thereto, under which The Patricia R. Nixon Trust was
created; and
(b) All other property held as part of PATRICIA
R. NIXON's share (which will be Materials exclusively)
shall continue to be held, administered and disposed
of in accordance with all of the terms and provisions
of this Agreement of Trust, provided, however, that
as to any Materials held as part of her share, PATRICIA
R. NIXON shall have the power, at any time and from
time to time, by instrument or instruments in writing,
duly acknowledged and delivered to the Trustee, to
direct a sale or sales and payment of the net proceeds
of such sale or sales to her or on her behalf of Ma-
terials then being held hereunder with a value not
exceeding in the aggregate, in any calendar year, the
sum of One Hundred Thousand Dollars ($100,000.00), or
12
to direct that any part or all of the Materials held
as part of her share be transferred and delivered to
the then acting Trustee or Trustees of that certain
trust created under an Agreement of Trust made and
executed the same day as this Agreement of Trust by
and between RICHARD M. NIXON, as Settlor and H. R.
HALDEMAN, as Trustee, and referred to therein and
hereafter in this Agreement of Trust as "The Irre-
vocable Literary Trust", to be held, administered and
disposed of as a part of The Irrevocable Literary
Trust and in accordance with all of the terms and
provisions of the Agreement of Trust, including all
amendments thereto made prior to and after the death
of RICHARD M. NIXON, under which The Irrevocable Lit-
erary Trust was created, or if The Irrevocable Literary
Trust shall not then be in existence or if transfers
to it shall not, for any reason, qualify for the de-
duction allowable under Sections 170, 2055 and 2522 of
the Internal Revenue Code of 1954, as amended, then
either to the United States of America, by transfer
exclusively for public purposes, either to the Adminis-
trator of General Services for deposit in any Presiden-
tial Library theretofore established or proposed, sub-
13
ject, however, to those restrictions, if any, imposed
by the Trustee and agreeable to the Administrator of
General Services as to their use (the categorizations
and classifications of such Materials established
pursuant to the terms of this Agreement of Trust to
be the basis, where possible, for such restrictions),
or otherwise or, with the consent of the Trustee, to
any one or more corporations or trusts meeting the
description which appears in Sections 170 (c) (2),
2055 (a) (2) and (3) and 2522 (a) (2) of the Internal
Revenue Code of 1954, as amended. The Trustee shall
have the sole and absolute power to determine which
Materials, other than those Materials which were the
separate property of PATRICIA R. NIXON at the time
they were transferred to the trust created hereunder,
shall be sold or transferred pursuant to the written
directions of PATRICIA R. NIXON, and any such determina-
tion made by the Trustee shall be final, binding and
conclusive upon any and all persons, entities or in-
stitutions having any interest in the trust created
hereunder, and the interests of all of such persons,
entities or institutions are limited accordingly.
(2) If PATRICIA R. NIXON shall not then be
14
living, then all Materials held as part of such prin-
cipal shall be transferred and delivered for charit-
able, educational, literary, scientific, or public
purposes as provided in subparagraph (F) of this
Article FIRST and the remainder of such principal
shall be disposed of as follows:
(a) The Trustee shall have the power, in
the Trustee's sole and uncontrolled discretion,
to pay, out of such remainder, all debts, funeral,
administration and legal expenses of RICHARD M.
NIXON's estate and all estate, transfer, inherit-
ance or succession taxes, whether federal or state
or other, including any interest and penalties
assessed thereon, payable by reason of the death
of RICHARD M. NIXON. In making any such payment,
the Trustee is authorized to rely upon a certi-
fication from RICHARD M. NIXON's Executor or
Executors as to the amounts to be paid without
further inquiring into the accuracy or correct-
ness of any such certification, and upon making
any such payment, the Trustee shall be released
from any liability for the application of such
funds.
(b) The balance of such remainder after
15
the payments, if any, under subsection (a), immedi-
ately preceding, of this subdivision (2) of this sub-
paragraph (c) of this Article FIRST have been made,
shall be paid over, transferred and delivered to the
then acting Trustee or Trustees of The Patricia R.
Nixon Trust, thereafter to be held, administered and
disposed of as a part of the principal of The Patricia
R. Nixon Trust and in accordance with all of the terms
and provisions of the Agreement of Trust, including
all amendments thereto, under which The Patricia R.
Nixon Trust was created.
(D) Upon the death of PATRICIA R. NIXON, the
principal of the trust created hereunder, which term shall be
deemed to include any property added thereto under PATRICIA R.
NIXON's Last Will and Testament, shall be disposed of as follows:
(1) If RICHARD M. NIXON shall then be living, such
principal shall be divided into two separate shares,
hereinafter referred to in this subdivision (1) of this
subparagraph (D) as RICHARD M. NIXON's share and PATRICIA
R. NIXON's share. PATRICIA R. NIXON's share, representing
all of her separate property and her interest in the Set-
tlors' community property, shall consist of (i) all Materials
held hereunder which were PATRICIA R. NIXON's separate property
16
at the time they were transferred to the trust created
hereunder, and (ii) Materials, selected out of all com-
munity property Materials held as part of the principal
of the trust created hereunder, having an aggregate value,
as finally determined for federal estate tax purposes,
equal to the value of PATRICIA R. NIXON's gross estate
as finally determined for federal estate tax purposes less:
(x) the aggregate amount of deductions actually
allowed under Sections 2053 and 2054 of the Internal
Revenue Code of 1954, as amended, in determining said
PATRICIA R. NIXON's taxable estate for federal estate
tax purposes, and
(y) the value, as finally determined for federal
estate tax purposes, of those Materials held hereunder
which were PATRICIA R. NIXON's separate property at the
time they were transferred to the trust created here-
under.
RICHARD M. NIXON's share shall consist of all of the remain-
ing property held as part of the principal of the trust cre-
ated hereunder. The Trustee shall have the sole and absolute
power to determine which Materials, other than those
Materials which were the separate property of RICHARD M.
NIXON or PATRICIA R. NIXON at the time they were trans-
ferred to the trust created hereunder, shall be allocated
to the respective shares of RICHARD M. NIXON and PATRICIA R.
17
NIXON as aforesaid, and any such determination made by the
Trustee shall be final, binding and conclusive upon any
and all persons, entities or institutions having any in-
terest in the trust created hereunder, and the interests
of all such persons, entities or institutions are limited
accordingly. PATRICIA R. NIXON's share, as so determined,
shall then be transferred and delivered for charitable,
educational, literary, scientific or public purposes as
provided in subparagraph (F) of this Article FIRST. RICHARD
M. NIXON's share shall, subject to the power hereby conferred
upon the Trustee hereunder, in the Trustee's sole and uncon-
trolled discretion, to pay therefrom all debts, funeral,
administration, and legal expenses of PATRICIA R. NIXON's
estate, continue to be held, administered and disposed of
in accordance with all of the terms and provisions of this
Agreement of Trust.
(2) If RICHARD M. NIXON shall not then be living,
then so much or all of the Materials then held hereunder
as PATRICIA R. NIXON shall, by express reference to this
power, specify in her Last Will and Testament duly admitted
to probate or duly established, shall be sold by the Trus-
tee, and the net proceeds of any such sale directed by
PATRICIA R. NIXON shall be paid over, transferred and de-
livered to and among such of the Settlors' issue, and in
such shares, estates and proportions, in trust or otherwise,
18
and with or without further powers of appointment in the
appointees, as PATRICIA R. NIXON shall direct in her Last
Will and Testament duly admitted to probate or duly es-
tablished. If PATRICIA R. NIXON shall fail to exercise
the limited power herein granted to her to direct a sale
of Materials and distributions of the net proceeds of
such sale, or if her exercise thereof shall be ineffec-
tive or invalid, or if she shall only partially exercise
said limited power, or if her exercise thereof shall be
partially ineffective or invalid, then, upon the death of
PATRICIA R. NIXON, the Materials then held hereunder, or
so much thereof as then remain and shall not have been
validly and effectively disposed of by PATRICIA R. NIXON
in exercise of said limited power as aforesaid, shall be
transferred and delivered for charitable, educational,
literary, scientific or public purposes as provided in
subparagraph (F) of this Article FIRST.
(E) If the Settlors shall die in or as the
immediate result of a common accident or disaster then, with-
out regard as to who survived the other, each shall be deemed
to have survived the other for the purpose of disposing of
his or her interest in their community property and in any
other property, including his or her separate property,
held as part of the principal of the trust created hereunder,
19
and all of such property shall be disposed of as follows:
(1) All Materials shall be transferred and delivered
for charitable, educational, literary, scientific or
public purposes as provided in subparagraph (F) of this
Article FIRST.
(2) All property, other than Materials, shall be
disposed of as follows:
(a) The Trustee shall have the power, in the
Trustee's sole and uncontrolled discretion, to pay,
out of such property, other than Materials, all debts,
funeral, administration and legal expenses of the
Settlors' estates and all estate, transfer, inherit-
ance or succession taxes, whether federal or state or
other, including any interest and penalties assessed
thereon, payable by reason of the Settlors' deaths.
In making any such payment, the Trustee is authorized
to rely upon a certification from the Settlors' Exec-
utor or Executors as to the amounts to be paid without
further inquiring into the accuracy or correctness of
any such certification, and upon making any such pay-
ment, the Trustee shall be released from any liability
for the application of such funds.
(b) The balance of such property, other than
Materials, remaining after the payments directed under
20
subsection (a), immediately preceding, of this sub-
division (2) of this subparagraph (E) of this Article
FIRST shall be paid over, transferred and delivered
to the then acting Trustee or Trustees of The
Patricia R. Nixon Trust, thereafter to be held, ad-
ministered and disposed of as a part of The Patricia
R. Nixon Trust and in accordance with all of the
terms and provisions of the Agreement of Trust, in-
cluding all amendments thereto, under which The
Patricia R. Nixon Trust was created.
(F) Any Materials directed, under the pro-
visions of subparagraphs (C), (D) or (E) of this Article FIRST,
to be disposed of in accordance with the provisions of this sub-
paragraph (F), shall be transferred and delivered to the then
acting Trustee or Trustees of The Irrevocable Literary Trust,
thereafter to be held, administered and disposed of as a part
of The Irrevocable Literary Trust in accordance with all of
the terms and provisions of the Agreement of Trust, including all
amendments thereto made prior to and after the death of RICHARD
M. NIXON, under which The Irrevocable Literary Trust was created,
provided, that, if The Irrevocable Literary Trust shall not then
be in existence or if transfers to it shall not, for any reason,
21
qualify for the deduction allowable under Section 2055 of the
Internal Revenue Code of 1954, as amended, then such Materials
shall not be transferred and delivered as aforesaid, but in-
stead shall be transferred and delivered either to the United
States of America, by transfer exclusively for public pur-
poses, either to the Administrator of General Services for
deposit in any Presidential Library theretofore established
or proposed, subject, however, to those restrictions, if any,
imposed by the Trustee or Trustees then acting under this
Agreement of Trust and agreeable to the Administrator of Gen-
eral Services as to their use (the categorizations and class-
ifications of such Materials established pursuant to the terms
of this Agreement of Trust to be the basis, where possible,
for such restrictions), or otherwise, or to any one or more
corporations or trusts meeting the description which appears
in Section 2055 (a) (2) or (3) of the Internal Revenue Code
of 1954, as amended, as the Trustee, in the sole and abso-
lute discretion of such Trustee, shall select. During the
period following the death of the first Settlor to die and
until the Materials required under subparagraph (C) or subpara-
graph (D), as the case may be, of this Article FIRST are trans-
ferred and delivered to the then acting Trustee or Trustees of
The Irrevocable Literary Trust or as otherwise provided in this
22
subparagraph (F), and following the death of the surviving
Settlor or the deaths of both Settlors in or as the immediate
result of a common accident or disaster, the Materials required
to be disposed of as provided in this subparagraph (F), shall
be held, managed and, if necessary, distributed, in a manner
so as not to subject the trust created hereunder to the tax
on undistributed income imposed by Section 4942 of the Internal
Revenue Code of 1954, as amended, and in no event shall such
Materials be held or used for profit. Also, no substantial
part of the activities of the Trustee, in connection with the
Trustee's holding and managing such Materials during such period,
shall consist of carrying on propaganda, or influencing or at-
tempting to influence legislation; and the Trustee shall not,
in holding and managing such Materials, participate in, or
intervene in (including the publishing or distributing of state-
ments), any political campaign on behalf of any candidate for
public office. In addition, the Trustee in holding and managing
such Materials during such period, shall not engage in any act
of self-dealing as defined in Section 4941 (d) of the Internal
Revenue Code of 1954, as amended, nor retain any excess business
holdings as defined in Section 4943(c) of the Internal Revenue
Code of 1954, as amended, nor make any investments in such manner
as to incur a tax liability under Section 4944 of the Internal
23
Revenue Code of 1954, as amended, nor make any taxable expendi-
tures as defined in Section 4945(d) of the Internal Revenue Code
of 1954, as amended.
SECOND: The Settlors and each of them shall have the
right at any time and from time to time during the continued
existence of the trust created hereunder, to add property to
the trust created under this Agreement either by deed, assign-
ment or other conveyance executed during their, his or her
lifetimes, and/or by devise or bequest by his or her Last Will
and Testament, or any Codicil thereto, duly admitted to probate
or duly established. Any such property thus added to and made
a part of the trust created under this Agreement shall be held
by the Trustee subject to and in accordance with all of the terms
and provisions of this Agreement of Trust.
THIRD: In so far as it may be permissible by law so
to provide, no beneficiary of any trust created under this
Agreement shall under any circumstances have any power of aliena-
tion, either voluntary or involuntary, of any of the property
at any time constituting any part of said trust, or any income
or profits arising or to arise therefrom or any part thereof,
prior to the actual receipt thereof by such beneficiary; nor
shall any such beneficiary have any power to encumber the prin-
24
cipal of said trust or any part thereof, or to encumber or
anticipate the income and profits therefrom or any part there-
of; nor shall any such beneficiary have any control of said
income or profits, or any part thereof, until after the actual
receipt thereof by such beneficiary; and neither the principal
of said trust nor any income arising therefrom shall ever at
any time be subject to the claims of creditors of any such
beneficiary, or of the spouse, if any, of any such beneficiary.
FOURTH: It is, in the opinion of the Settlors, desir-
able that the administration of the trust created under this
Agreement of Trust and the administration of their estates
be coordinated to the fullest extent possible. Therefore,
the Trustee at any time acting hereunder is empowered and au-
thorized to purchase property from, to lend money to, or
otherwise to deal with the Executor or Executors or the admin-
istrator or administrators of the Settlors' estates on such
terms and conditions as shall be deemed advisable, and the
propriety of any transaction or transactions to which the said
Trustee and the Executor or Executors or administrator or admin-
istrators of the Settlors' estates may be parties, or in which
they may be interested, shall not in any way be affected by
the fact that the Executor or Executors or administrator or
administrators may be a Trustee hereunder at the time such
25
transactions take place. The foregoing powers shall not,
however, be applicable with respect to any Materials held as
part of the principal of the trust created hereunder. It is
the Settlors' desire that said Trustee and the Executor or
Executors or the administrator or administrators of their
estates shall cooperate in every way to facilitate the prompt
completion of the administration of their probate estates and
the carrying out of the purposes of this Agreement of Trust,
and, accordingly, said Trustee is hereby authorized and em-
powered to do or perform any and all acts deemed necessary
in order to carry out the Settlors' expressions of intention
as herein set forth.
FIFTH: Notwithstanding any provision of this Agreement
of Trust to the contrary, neither the Trustee, nor any successor
Trustee hereunder shall, during the joint lives of the Settlors,
have any powers more extensive than those possessed by a husband
under Sections 5125 and 5127 of the California Civil Code over any
community property of the Settlors that is subject to the terms of
this Agreement of Trust, except as to any property described in
Section 5124 of the California Civil Code which is subject to the
terms of this Agreement of Trust, respecting which latter property
the Trustee's powers shall be no more extensive than those pos-
sessed by a wife under said Section 5124 of the California Civil
Code. RICHARD M. NIXON, as long as he shall be acting as a
26
Trustee hereunder, and any successor Trustee or Trustees at any
time acting hereunder during RICHARD M. NIXON's lifetime, with
express written authorization from RICHARD M. NIXON, shall have
the power to sell, either by private contract or at public
auction, grant options in respect of, exchange, mortgage or
lease for any term of years, or otherwise dispose of any or
all Materials held hereunder, for such consideration, whether
for cash or upon credit or partly for cash and partly upon
credit, and upon such other terms and conditions as deemed
proper, and to make, execute, acknowledge and deliver any
and all deeds, leases, assignments, mortgages or other instru-
ments, and to do all acts deemed necessary and proper to effec-
tuate or in connection with any such disposition of Materials;
and in no case shall any purchaser of property from such Trustee
or other persons dealing with such Trustee be bound to see to
the application of the purchase money or other property or fund
under any of the provisions of this Agreement. The foregoing
powers relating to Materials shall, after the death of PATRICIA
R. NIXON with RICHARD M. NIXON surviving, be subject to full
performance of the directions contained in subparagraph (D) of
Article FIRST of this Agreement relating to the disposition,
upon PATRICIA R. NIXON's death, of a portion of the Materials
held hereunder for charitable, educational, literary or public
purposes. No successor Trustee hereunder shall, after the death
of RICHARD M. NIXON, have any power to sell, lease or borrow
27
against the security of any Materials held as part of the prin-
cipal of the trust created hereunder, except as expressly pro-
vided in subparagraphs (C) and (D) of Article FIRST of this
Agreement of Trust. Subject to the foregoing, the Trustee at
any time acting hereunder, including any additional or successor
Trustee or Trustees appointed under the provisions hereof, in
addition to any power conferred upon the Trustee under any other
Paragraph of this Agreement of Trust and in addition to general
Power or authority which such Trustee would otherwise possess by
law, is hereby given full power and authority:
(A) As to any property, other than Materials,
at any time held as part of the principal of the trust created
hereunder:
(1) To sell, either by private con-
tract or at public auction, grant options
in respect of, exchange, mortgage or lease
for any term of years, or otherwise dispose
of any or all of the trust funds, whether
real or personal, of whatsoever nature or
kind and wheresoever the same may be situ-
ated, for such consideration, whether for
cash or upon credit or partly for cash and
partly upon credit, and upon such other
terms and conditions as deemed proper, and
to make, execute, acknowledge and deliver
any and all deeds, leases, assignments,
mortgages or other instruments, and to do
all acts deemed necessary and proper to
effectuate or in connection with any such
disposition of the trust funds; and in no
case shall any purchaser of property from
the Trustee or other persons dealing with
the Trustee be bound to see to the appli-
cation of the purchase money or other prop-
erty or fund under any of the provisions
of this Agreement;
28
(2) To manage, operate, repair, improve,
mortgage or lease (whether for a period longer
or shorter than ten years and whether expiring
before or after the termination of any trust
created hereunder) any real estate, whether
improved or unimproved, forming a part of the
trust funds;
(3) To adjust, compromise, compound and
settle any and all claims, debts or obliga-
tions due to or from the trust funds to such
extent and upon such terms and conditions as
the Trustee may deem advisable without first
bringing against the claimant or compelling the
claimant to bring any action at law, suit in
equity, or any other legal proceeding to es-
tablish any such claims, and to reduce the rate
of interest on, to extend or otherwise modify,
or to foreclose upon default or otherwise en-
force or to abstain from the enforcement of any
such right, claim, debt or obligation, and
to abandon, if deemed advisable, any property,
real or personal, constituting a part of the
trust funds; to execute and deliver to the
federal or any state or other taxing authori-
ties instruments waiving any statutory or
other time limitations as to any tax matters
in any way relating to the trust funds; and to
execute all agreements, deeds, releases or
other documents necessary or proper in connec-
tion with any adjustment, compromise, compound-
ing, settlement or waiver, and said Trustee
shall not be held responsible for any losses
which may occur to the trust funds by reason
thereof;
(4) To submit to final arbitration any
matter of difference with others;
(5) To borrow money upon the security of
the trust funds or any part thereof for any pur-
pose or purposes deemed necessary or proper for
the management thereof, including, but without
limitation, the purchase of securities or other
property for the account of the trust; and
this power to borrow money shall include
the power to borrow from any corporate Trus-
tee at any time acting hereunder, on terms
no less favorable as to security, interest or
29
other matters related to such borrowing, than
those made available by it to borrowers gen-
erally who or which have credit standing com-
parable to that of the said trust, and such cor-
porate Trustee shall in no event be penalized
in any way on account of such borrowing,
whether by reason of self-dealing or otherwise;
and it is hereby provided that the said Trus-
tee shall, notwithstanding any rule of law
to the contrary, have the power to maintain a
margin account or accounts and to make such
pledges of and other undertakings with respect
to assets of the trust as shall in the judgment
of the Trustee be advisable in connection
with the establishment and maintenance of such
account or accounts;
(6) To continue the trust funds invested in
such stocks, bonds or other securities and prop-
erty delivered to the Trustee upon the execution
of this Agreement or hereafter acquired from any
additions to the trust funds, without any require-
ment for diversification and including the carry-
ing on of any business, joint venture or enter-
prise in which the funds represented by such
stocks, bonds and other securities or property
may be invested at the time the same are received;
(7) To invest and reinvest all or any
part of the trust funds in such manner and
in such securities and other property, real
or personal, as deemed advisable, without
being limited in such investments to that
property or those securities which otherwise
would alone be lawful for trustees' invest-
ments under any laws applicable thereto, and
without being required to diversify such
investments in any manner whatsoever; with-
out in any way limiting the power of invest-
ment and reinvestment herein conferred upon
the Trustee, the Settlors direct that the
foregoing provisions should be construed to
include a power to invest in securities of any
kind of corporation commonly known as an in-
vestment trust company or mutual fund;
(8) To vote in person or by proxy any
shares of stock in any corporation constitut-
ing a part of the trust funds at any meeting
30
of the stockholders of such corporation, to
deposit any stocks, bonds or other securities
with any committee under any plan of reorgan-
ization, recapitalization or readjustment of
any corporation, and generally, as to any
shares of stock, bonds, scrip or other secur-
ities which may at any time form a part of
the trust funds, to enjoy the same powers under
ordinary conditions and also in the case of a
merger, lease, consolidation or reorganization,
readjustment or recapitalization, sale of assets
or other corporate action as might be exercised
by an individual owner who is under no trust
obligation, including the acceptance and holding
thereafter of any securities which may be issued
as a result of such corporate action;
(9) To vote for an individual Trustee, or
for any officer or employee of a corporate Trus-
tee, or for either of them to be a director or
an officer of any corporation in which the trust
funds may be interested, or to be a member of any
committee related in any way to such -corporation,
and any Trustee or officer or employee of any
corporate Trustee may serve as such director,
officer or committee member, and receive proper
remuneration for such services, and may exercise
free and untrammelled discretion with respect to
all matters concerning the affairs of such corpora-
tion, and no Trustec or officer or employee of a
corporate Trustee so acting as a airector or
officer or as a member of such committee shall
be accountable for his acts as such to any person
interested in the trust funds;
(10) To accept or substitute any stocks,
bonds, scrip or other securities in exchange for
any securities which may at any time constitute
any part of the trust funds, and to exercise any
powers incidental to any such acceptance or sub-
stitution; to pay all assessments, subscriptions
or other sums of money for the protection of
the Trustee's interests as holder of any stocks,
bonds or other securities, and to exercise any
31
option contained in any stocks, bonds or other
securities for the conversion of the same
into other securities, and thereafter to
hold any securities thus received;
(11) To cause to be registered in the
name of the Trustee hereunder any securities
which may from time to time comprise the trust
funds, or to take and keep them unregistered,
and to retain them or any part thereof in such
condition that they will pass by delivery; and
to hold securities or other property in the
Trustee's own name or in the name of a nominee
without disclosing any fiduciary relationship;
(12) To pay out of principal or income any
and all claims or demands which properly may
become payable from time to time against the
trust funds, and the Trustee's allocation of
any such charges against principal or income
or partly against principal and partly against
income shall be final and conclusive and binding
upon all persons interested in the trust funds,
and the Trustee's discretion in making the same
shall not be questioned;
(13) In case of securities taken or pur-
chased at a premium, not to be bound to set
apart any portion of the income as a sinking
fund to restore or absorb such premium, but
the same may be done if deemed desirable;
(14) With respect to any and all stocks
and bonds at any time delivered to the Trus-
tee by the Settlors to treat as income any
dividends (except liquidating dividends) de-
clared but not yet paid on any such stocks and
any and all interest accrued on any bonds, at
the time of delivery of such stocks, bonds or
other securities to the Trustee by the Settlors;
and during the term of administration of each
trust created hereunder, to treat as income any
and all cash dividends (whether of the kind
sometimes described as "ordinary dividends" or
"extra-ordinary dividends") except liquidating
dividends, and to treat as principal (a) all
32
liquidating dividends and (b) all distributions
made in the shares of the corporation making
the same, whether in the form of a stock split
or a stock dividend or otherwise, and (c) all
warrants, and (d) all dividends or distribu-
tions made in the stock of a corporation other
than the one declaring the same, and (e) any
and all distributions made other than from
ordinary income by any investment trust company,
mutual fund or real estate investment trust;
and in connection therewith, to determine, in
the Trustee's discretion, whether any cash
dividend is or is not a liquidating dividend;
and to retain or distribute all such dividends
accordingly as herein provided;
(15) To allocate between principal and
income any and all rents from leaseholds and
any dividends or other distributions in respect
of any stock of oil, gas, mining or lumber
companies, and any and all distributions in
respect of the kind of property ordinarily known
as a wasting investment, constituting a part of
the trust fund at any time, in such manner
that there shall be allocated to income only
ordinary income and there shall be allocated
to principal any amounts representing deprecia-
tion, depletion, reserve, or other adjustments
which are necessary or proper to insure the
preservation as principal of the capital in-
vested in such stock or property;
(16) To effect the division of the prin-
cipal of the trust funds or to distribute the
same either in kind or in money or partly in
kind and partly in money, and for the purpose
of such allotment the judgment of the Trustee
concerning the propriety thereof and the form
of such division or distribution and the rela-
tive values for the purpose of such division or
distribution of the securities or the real or
personal property so allotted shall be binding
and conclusive on all persons interested under
this Agreement;
(17) To delegate the power and discretions,
33
or any of them, to any one or more of the other
Trustee, with further power to revoke any such
delegations, and further, to appoint from time
to time, in the Trustee's discretion, an agent
or agents for the purpose of performing any act
which the Trustee is authorized, empowered or
directed to do, whether or not such act may re-
quire discretion on the part of such agent or
agents, and the acts of any such duly appointed
agent or agents shall in all respects be as lawful
and binding upon the trusts as if performed by the
Trustee and the Trustee shall not be personally
liable to any beneficiary hereunder or to any
other person by reason of any act done or omitted
by the agent or agents so appointed, whether such
act required discretion on the part of such agent
or agents or involved a delegation of discretion
by the Trustee;
(18) To commingle the assets of all or
any of the foregoing trust funds the one with
the other so that any one of said trust funds
may consist in whole or in part of an undivided
share or shares in assets, the remaining un-
divided share or shares in which constitute the
whole or a part of any other trust fund, and
to substitute at any time and from time to time
any investment or asset constituting a part or
the whole of. any trust fund for any investment
or asset constituting a part or the whole of
any other trust fund;
(19) So long as there shall be no corpo-
rate Trustee acting under this Agreement, to
employ or retain any bank, corporation or other
institution to act as custodian of the assets
of the trust created hereunder, and to permit
said bank, corporation or institution to hold
said assets in its name, or in the name of its
nominee, and to pay to said bank, corporation
and/or institution its charges for acting as
such custodian, and to charge the same against
principal or income as the Trustee in the Trus-
tee's discretion, shall determine, and the
Trustee shall be entitled to reimbursement for
the same and for such necessary and proper
34
charges and expenses as may be incurred in connec-
tion therewith. Any such bank, corporation or in-
stitution which acts as such custodian shall not be
liable or responsible in any way to any person inter-
ested in the trust created under this Agreement, for
any act performed by it in accordance with the instruc-
tions of the Trustee, or of any of the Trustee's duly
appointed agents; and
(20) To employ any firm of which any individual
Trustee may be a partner or with which any individual
Trustee may be associated and any corporation of which
any individual Trustee may be a director, officer,
stockholder, employee or in any way interested, and to
pay to any such firm or corporation such fees, com-
missions, compensation and/or remuneration for services
rendered from principal or income as the Trustee may
deem proper; and to purchase and/or sell any real
and/or personal property, stocks, bonds and other
securities or property from, to or through any firm
or corporation acting as a principal without regard
to the fact that such corporation is a Trustee or
that an individual Trustee may be a partner of such
firm or may be associated with such firm, or may be
a director, officer, stockholder, employee of or in
any way interested in such corporation, and, in the
case of any such sale or purchase, to accept such
sales price, in the case of a sale, or to pay such
purchase price, in the case of a purchase, as the
Trustee may deem proper.
(B) As to any Materials and any other property
at any time held as part of the principal of the trust created
hereunder:
Without in any way affecting the right of any
Trustee to act as such fiduciary or to receive com-
pensation for so doing, to employ counsel, investment
advisors, brokers, accountants, clerks, secretaries,
assistants and agents, and to pay from income and/or
principal reasonable compensation therefor.
TRN
(C) As to any Materials at any time held as
part of the principal of the trust created hereunder:
(1) To adjust, compromise, compound and
35
settle any and all claims or disputes relating
to any Materials held hereunder to such extent
and upon such terms and conditions as the Trustee
may deem advisable without first bringing against
the claimant or compelling the claimant to bring
any action at law, suit in equity, or any other
legal proceeding to establish any such claims,
to execute and deliver to the federal or any
state or other taxing authorities instruments
waiving any statutory or other time limitations
as to any tax matters in any way relating to any
Materials held hereunder and to execute all agree-
ments, deeds, releases or other documents neces-
sary or proper in connection with any adjustment,
compromise, compounding, settlement or waiver, and
said Trustee shall not be held responsible for any
losses which may occur to the trust created here-
under by reason thereof;
(2) To submit to final arbitration any mat-
ter of difference with others;
(3) To retain any Materials delivered to
the Trustee upon the execution of this Agreement
or hereafter acquired from any additions to the
trust created hereunder, without requirement for
making the same produce any income; and
(4) To delegate the power and discretions,
or any of them, to any other Trustee or Trustees,
with further power to revoke any such delegations,
and further, to appoint from time to time, in the
Trustee's discretion, an agent or agents for the
purpose of performing any act which the Trustee
is authorized, empowered or directed to do, whe-
ther or not such act may require discretion on
the part of such agent or agents, and the acts of
any such duly appointed agent or agents shall in
all respects be as lawful and binding upon the
trust created hereunder as if performed by the
Trustee and the Trustee shall not be personally
liable to any beneficiary hereunder or to any
other person by reason of any act done or omitted
by the agent or agents so appointed, whether such
act required discretion on the part of such agent
36
or agents or involved a delegation of discre-
tion by the Trustee.
SIXTH: A majority of the Trustees at any time act-
ing hereunder or, if there shall only be one Trustee then
acting hereunder, such sole Trustee, shall have the power at
any time and from time to time (i) to appoint an additional
or successor Trustee or additional or successor Trustees to
act hereunder, such appointment or appointments to take effect
immediately or upon the happening of any future event specified
in the instrument or instruments by which the same is or are
made, (ii) to remove any Trustee or Trustees at any time acting
hereunder, and (iii) to revoke any contingent appointment of
any additional or successor Trustee made in accordance with the
provisions hereof. RICHARD M. NIXON, regardless of whether or
not he may be acting as a Trustee hereunder, shall have the
power to remove any Trustee or Trustees at any time acting here-
under, to revoke any contingent appointment of a successor or
an additional Trustee made by a majority of the Trustees or the
sole Trustee acting hereunder, and, in his discretion, to appoint
a successor Trustee or Trustees to act in the place and stead
of the Trustee or Trustees so removed or whose contingent ap-
pointment has been revoked, or an additional Trustee or additional
Trustees to act hereunder. In no event shall there ever be
more than five Trustees acting hereunder at any one time and,
if three or more Trustees shall at any time be acting hereunder,
37
one of said Trustees may be designated, by a majority vote of
the then acting Trustees, as Chairman of the Board of Trustees,
said Chairman to have an equal vote with the remaining Trustees
but to have general administrative control over the actions of
the Trustees hereunder. Each appointment of an additional or
successor Trustee hereunder, and any revocation of a contingent
appointment, shall be made by an instrument in writing, bearing
the signature of the person or persons authorized to make such
appointment or revocation of a contingent appointment. Each
additional or successor Trustee so appointed shall accept his
or her appointment by an instrument in writing, wherein he or
she agrees to perform all the duties of said office and to be
bound by all of the terms and covenants of this Agreement of
Trust. Except as expressly herein provided, each additional
or successor Trustee appointed pursuant to this Article SIXTH
shall have all of the rights, powers, privileges, duties, ex-
emptions and discretions conferred upon the original Trustee
under any of the provisions of this Agreement of Trust.
SEVENTH: During RICHARD M. NIXON's life, the original
Trustee named in this Agreement of Trust shall not be entitled
to receive any commissions and/or compensation for acting as a
Trustee hereunder. From and after RICHARD M. NIXON's death,
said original Trustee, if he shall still be acting as a Trustee
hereunder, shall be entitled to receive such commissions or
38
compensation as shall be allowable by statute or custom to a
Trustee of an inter vivos trust under the law of the State of
California, as the same shall from time to time be in force and
effect, and at the times and intervals provided by statute or
custom. Any additional or successor Trustee appointed pursuant
to the provisions of Article SIXTH of this Agreement shall be
entitled to receive such commissions or compensation as shall
be specified in the instrument appointing such successor or
additional Trustee. In no event shall any Materials be sold,
however, for the purpose of paying such commissions and/or
compensation to any Trustee at any time acting hereunder but
such commissions and/or compensation shall be payable only from
other property from time to time held under this Agreement of
Trust.
EIGHTH: No Trustee acting hereunder, whether named
herein or appointed pursuant to any of the provisions hereof,
shall be required to give or file any bond or other security
for the faithful performance of his or her duties as such
Trustee in any jurisdiction whatsoever.
NINTH: Any Trustee acting hereunder may resign and
be discharged from the trust and obligations hereunder by
giving written notice, duly executed and acknowledged, of
his or her resignation to RICHARD M. NIXON, if he shall then
be living, and to the other Trustees or Trustee then acting
39
hereunder.
TENTH: No Trustee acting hereunder shall be re-
sponsible for any error of judgment or mistake of fact or
law, and shall be fully protected for any action taken in
good faith, in accordance with the advice of counsel, or in
reliance thereon. No Trustee acting hereunder shall be re-
sponsible for the act, default or omission of any other
Trustee, nor for the default or misconduct of any agent or
attorney appointed by the Trustee or Trustees, or any of
them. Each Trustee shall be liable only for his or her own
willful misconduct or gross negligence.
ELEVENTH: The original Trustee, and any successor
Trustee or Trustees at any time acting hereunder, may from
time to time and upon the termination or division of the trust
created hereunder, or upon his, her or their resignation or
removal, render an account of his, her or their proceedings
(or the legal representative of any deceased Trustee may render
an account of the proceedings of his, her or its decedent)
from the date of the last account to the date of said account or
the termination or division of such trust or of such resignation,
removal or death. In lieu of a judicial accounting such account
may be rendered to the Settlors, during their joint lives, or to
the surviving Settlor and/or to the Trustee or Trustees of any
trust or trusts or to any entity or entities or institution or
40
institutions to which any portion of the principal of such trust
is distributable or distributed, and if said account is approved
in writing by the Settlors, the surviving Settlor and/or such
Trustee or Trustees or entity or entities or institution or
institutions, as the case may be, such approval shall be final,
binding and conclusive upon all persons, trusts, entities or
institutions who may then or thereafter have an interest in
the trust created hereunder.
TWELFTH: Wherever in this Agreement of Trust any ref-
erence is made by number and letter symbols to any provisions of
the Internal Revenue Code of 1954, as amended, such reference
shall be construed to refer to any successor provision similar
in import to the one referred to herein, even though referred
to by other number and letter symbols in a succeeding Tax Law
of the United States.
THIRTEENTH: This Agreement of Trust, or any of the
provisions hereof, may be revoked, altered, amended or other-
wise changed, other property may be substituted for any prop-
erty which may at any time be held hereunder, and any property
held hereunder may be withdrawn from the principal of the trust
created hereunder, as follows:
(A) During the Settlors' joint lives,
as to any community property at any time transferred to
the trust created hereunder, by both of the Settlors, act-
41
ing jointly;
(B) During the Settlors' joint lives,
as to any property, other than community property, at any
time transferred to the trust created hereunder, by either
of the Settlors;
(C) After the death of RICHARD M. NIXON,
if PATRICIA R. NIXON shall survive him as to any of PATRICIA
R. NIXON's separate property at any time transferred to
the trust created hereunder, by PATRICIA R. NIXON alone;
and
(D) After the death of PATRICIA R. NIXON,
if RICHARD M. NIXON shall survive her, as to all property
at any time transferred to the trust created hereunder,
by RICHARD M. NIXON alone, subject, however, to full per-
formance of the directions contained in subparagraph (D)
of Article FIRST of this Agreement of Trust relating to
the disposition, upon the death of PATRICIA R. NIXON, of a
portion of the Materials held hereunder for charitable,
educational, literary, scientific or public purposes.
Except as aforesaid, this Agreement of Trust and the trust created
hereunder shall be irrevocable.
FOURTEENTH: The Settlors and the first Trustee here-
under are domiciled in the State of California. Accordingly, all
questions pertaining to the construction, regulation, validity
42
and effect of this Agreement of Trust and/or of the trust cre-
ated hereunder shall, during the entire term thereof, be deter-
mined in accordance with the law of the State of California.
FIFTEENTH: Should any provision of this Agreement of
Trust be or become invalid or unenforceable, the remaining pro-
visions hereof shall be and shall continue to be fully effective
and enforceable.
SIXTEENTH: All powers of administration granted under
this Agreement shall be exercisable only in a fiduciary capacity.
SEVENTEENTH: The Trustee, by joining in the execution
of this Agreement of Trust, signifies his acceptance of the
trust.
IN WITNESS WHEREOF, RICHARD M. NIXON and PATRICIA R.
NIXON have hereunto set their hands and seals the day and year
first above written.
Richard M. Nixon, Tamily Settlor [L.S.]
Tatricia R. [L.S.]
Patricia R. Nixon, Settlor
Minth Richard M. Nixon, huhpen Trustee [L.S.]
STATE OF
COUNTY-OF
Histmel of Potunion SS.:
On the 4th day of August , 1972, before me
personally appeared RICHARD M. NIXON and PATRICIA R. NIXON,
to me known and known to me to be the persons described in
and who executed the foregoing Agreement of Trust, and they
duly acknowledged to me that they executed the same.
Notary Public
Say Commission Expires Noy 37, 1973
SCHEDULE A
Attached to and made a part of that certain
Agreement by of and lingual between of Trust , RICHARD 1972, made at M. and Jashington NIXON executed and PATRICIA the H. 14th R. NIXON, day
as Settlors, and said RICHARD M. NIXON, as Trustee.
Inventory of Presidentials The Potsidential
Pagers
/ Tab A through Tab E
2 Tab A Misough Tal-C
Robl Richard M. Nixon, 2nne Settlor L.S.
Fatricia R. Information [L.S.]
Patricia R. Nixon, Settlor
Richard M. Nixon, Trustee Unform