152 TIMBER BONDS 



shall be in addition to every other right or 

 remedy given hereunder, or now or hereafter 

 existing at law or in equity or by statute ; and 

 every power and remedy given by this instru- 

 ment to the Trustees may be exercised from 

 time to time and as often as may be deemed ex- 

 pedient. No delay or omission of the Trustees 

 to exercise any right or power arising from any 

 default shall impair any such right or power, 

 or shall be construed to be a waiver of any 

 such default or an acquiescence therein. 



ARTICLE XXV. 



Every holder of any of the bonds secured 

 hereby accepts the same subject to the express 

 understanding and agreement that every right 

 of action, whether at law or in equity, under 

 this instrument, is vested exclusively in the 

 Trustees, and under no circumstances shall the 

 holder of any bonds or coupons, or any number 

 of such holders, have any right to institute any 

 action at law or any suit or proceeding in 

 equity, or otherwise, under this instrument, or 

 upon any bond or coupon secured hereby, for 

 the purpose of enforcing any covenant or rem- 

 edy herein or in said bonds or coupons con- 

 tained, or to foreclose this mortgage, except in 

 case of refusal on the part of the Trustees to 

 comply with any duty imposed on them in re- 

 spect of any such covenant of foreclosure after 

 demand by the holder or holders of such bonds 



