FUTURE ESTATE VESTED SUBJECT TO COMPLETE DEFEASANCE UNDER ESTATE POWERS AND TRUSTS LAW SECTION 6-4.9

That the party of the first part, in consideration of Ten Dollars, lawful money of the United States, and other good and valuable consideration, paid by the party of the second part, does hereby grant and release unto the party of the second part, and his assigns for and during the natural life of the party of the second part and upon his death to the party of the third part, her heirs, distributees, and assigns forever; ……………….

[Description and other applicable text]

Reserving unto the party of the second part the use and possession of the premises hereby conveyed during his life without requiring him to pay any sum for such use and possession to the party of the third part or to give any bond or other security.

Furthermore, the party of the second part is hereby authorized to sell, transfer, convey, mortgage or lease the premises free and clear of any right, title and interest of the party of the third part therein and without any joinder or consent of the party of the third part and to retain for the party of the second part, free of the remainder interest of conveyed hereby to the party of the third part, all consideration and proceeds received from any such sale, transfer, conveyance, mortgage or lease. Any purchaser, mortgagee or lessee of the premises shall be entitled to deal with the party of the second part as if he were the sole and exclusive owner of the premises and shall have no responsibility to inquire into the application or reinvestment of the sales, mortgage or lease proceeds or any other matter involving the rights or interest of the party of the third part.

The party of the second part is authorized to alter or improve the premises in such manner as he shall deem appropriate without the consent of the party of the third part but subject to such limitations concerning the same set forth in the Declaration and By-Laws.

The party of the second part shall not be liable for waste in respect of the premises to the party of the third part and shall not be under any duty to account to the party of the third part.

The party of the second part may at any time relinquish and terminate his life estate in whole or in part of the premises by an executed, acknowledged instrument of release recorded in the office of the City Register, New York County.