CONTRACT TO DELIVER BONDS 47 



equipment located in Section Township ..... Range 



and logging outfit including 



{Here insert descriptions of logging equipment.) 



That said plant is capable of cutting feet of 



lumber, board measure, per day of 10-hour run, and that the 

 plant, planing mill and timber lands above mentioned have 

 a value in excess of dollars. 



(4) That you desire to proceed forthwith to make an 

 issue of Bonds, secured by mortgage which shall be a first 

 lien on all the property heretofore mentioned, said bond 



issue to be on basis of not exceeding per thousand 



on the timber as shall be determined in the manner here- 

 inafter stated and not to exceed in any event the sum of 

 dollars. 



That the Trustee under said mortgage shall consist of 

 one trustee, an individual or trust company, or two trustees, 

 both an individual and trust company as may be chosen 

 and approved by us. 



(5) That said bonds are to be dated 



and bear interest at the rate of 6% per annum, payable 



, and semi-annually thereafter, both principal and 



interest of said bonds to be payable in Gold Coin in 



at the office of the Trustee or such other office as 



may prefer (to be definitely designated in the Mortgage and 

 Bond) and that the said bonds shall be in the denominations 

 of $1,000 and $500 and become due serially as follows: 



(Here insert serial dates.) 



(6) That all said bonds shall be redeemable before 

 maturity on any interest payment date upon ninety days' 

 notice at a premium of 3%. 



(7) That the payment of each and all of said bonds — 



both principal and interest — shall be guaranteed by 



in such legal form as shall be satisfactory to our attorney. 



(8) That you will furnish detailed estimates made by 

 a competent timber cruiser, to be approved by us, showing 

 the amount of merchantable timber upon the tract of land 

 above referred to. 



(9) That you will furnish at your expense an audit of 

 your books and accounts made by an auditor selected by 

 us and satisfactory to us. 



(10) That you will furnish satisfactory abstracts of title 

 to all the above mentioned land and an opinion upon the 

 title from some competent attorney-at-law, to be approved 

 by us, to the effect that the said titles are clear and unen- 

 cumbered and that the mortgage above referred to fur- 

 nishes a first lien for the bonds therein described. 



That you will also pay for the preparation by such at- 



