TRUST DEEDS 133 



the Trustees shall and are hereby authorized 

 to release unto the Company and to permit the 

 Company to cut and remove free from the lien 

 of this mortgage, or deed of trust, any of the 

 timber conveyed hereby, or the timber on any 

 or all of the lands conveyed hereby, which the 

 Company may select, when the Company shall 

 have first paid to the Corporation Trustee Two 

 Dollars and fifty cents ($2.50) per thousand 

 feet on the estimated stumpage for the timber 

 on each description or group of descriptions 

 which the Company then desires the right to 

 cut, as the estimated stumpage thereon is shown 

 on a list called '' Estimated Stumpage List" 

 signed in quadruplicate by the Grantors herein, 

 by the Corporation Trustee and by said Lyon, 

 Gary & Company; and one original of which 

 list is deposited with each of the signatories 

 thereto. Consideration for the privilege of ob- 

 taining such releases may be given by the Com- 

 pany in any of the following three ways : 



(a) By payment in cash. 



(b) By delivery to the Trustees of any 

 of the bonds hereby secured and then out- 

 standing, which it may have acquired; in 

 which case, for the purpose of obtaining re- 

 leases the amount of the principal of such 

 bonds so delivered shall be treated the 

 same as if a like amount had been paid to 

 the Trustees in cash. 



(c) By the payment of any of the bonds 

 secured hereby, — treating only the amount 



