TRUST DEEDS 137 



The salvage of any timber so injured or dam- 

 aged, and on account of wliicli damage pay- 

 ments are made as above provided, shall re- 

 main subject to the terms of this instrument 

 notwithstanding such payments ; but should the 

 Company desire to cut and remove such timber, 

 free from the lien or encumbrance of this in- 

 strument, it shall have the right to do so upon 

 paying the Union Trust Company for the bene- 

 fit of the bondholders, the additional sum of 

 one dollar and fifty cents ($1.50) per thousand 

 feet stumpage for any such damaged timber. 



ARTICLE XI. 



All sums of money paid to the Trustees by 

 the Company for the release of any portion of 

 the timber hereby mortgaged, in accordance 

 with any Article hereof, and all other sums 

 which may come into the hands of the Trus- 

 tees for the benefit of the holders of the bonds 

 issued hereunder, shall be applied by the Trus- 

 tees from time to time to the purchase of out- 

 standing bonds issued hereunder at such price 

 as may be agreed upon by the Company and the 

 Trustees. If none of the bonds secured hereby 

 can be so purchased the Trustees in the man- 

 ner provided in Article VII hereof, shall by 

 lot select bonds to be redeemed to an amount 

 sufficient to approximately exhaust the funds 

 so held by them; after which the bonds so se- 

 lected shall in all things be subject to the 



