138 TIMBER BONDS 



provisions of Article VII hereof and redeema- 

 ble in the manner therein provided; such re- 

 demption shall be made on the first interest 

 pajonent date occurring ninety days or more 

 after the receipt of such funds by the Trustees. 

 No bond which may be paid, bought or re- 

 deemed under this or any other Article hereof 

 shall be reissued, but the same shall be can- 

 celled by the Trustees and delivered to the 

 Company for preservation. 



ARTICLE XII. 



While the Company shall not be in default 

 in the performance of any of the covenants 

 in this instrument contained it may from time 

 to time, subject to the conditions hereinafter 

 stated, sell, free from the lien of this instru- 

 ment, (a) the property by it mortgaged here- 

 under, lying in Lane and Linn Counties, as a 

 whole but not otherwise, upon the payment in 

 cash of a sum equalling One Dollar and fifty 

 cents ($1.50) per thousand ft. on the estimated 

 stumpage on said lands as shown by the *' Es- 

 timated Stumpage List" referred to in Arti- 

 cle VIII hereof; (b) all or any part in parcels 

 of forty acres or more of the property by it 

 mortgaged hereunder, lying in Coos, Curry, 

 Douglas and Lincoln Counties, upon the pay- 

 ment in cash of such sum or sums of money 

 as the Company, the Trustees and Lyon, Gary 

 & Company may agree upon which shall not 



