136 TIMBER BONDS 



or to pay for it without taking, shall be ac- 

 cordingly extended; provided, however, that 

 the time for removal shall never become less 

 than two years without the Company paying 

 the Corporation Trustee therefor. 



ARTICLE X. 



In case before the payment in full of all the 

 bonds hereby secured with interest thereon, 

 any timber hereby mortgaged or the timber on 

 any portion of the premises hereby mortgaged 

 (except such as may have been theretofore re- 

 leased under the provisions of this instrument) 

 shall be injured or damaged by the action of 

 fire, or by wind or the elements to an extent 

 sufficient in the opinion of the Trustees or of 

 Lyon, Gary & Company, to appreciably affect 

 the value of the same as security for the pay- 

 ment of the bonds and coupons then outstand- 

 ing, the Companj^ shall within sixty days after 

 the extent of such loss shall be determined, pay 

 to the Union Trust Company for the benefit of 

 the bondholders the sum of One (1) Dollar per 

 thousand feet stumpage on the timber so in- 

 jured or damaged, the land descriptions on 

 which the timber has been injured or damaged 

 being ascertained by investigation under direc- 

 tion of the Trustees, and the amount of timber 

 thereon, on which the payments of One (1) 

 Dollar per thousand feet shall be made as above 

 expressed, being determined by the estimates 

 shown on said ''Estimated Stumpage List." 



