226 TIMBER BONDS 



trust, and their assigns in fee simple forever. 

 And tlie party of the first part covenants that 

 it is seized and possessed of the property above 

 described and conveyed in fee simple ; that the 

 same is unencumbered and that it has a good 

 right to convey it; and it warrants to forever 

 defend the title thereto unto the said Trustees, 

 their successors and assigns, against the law- 

 ful claims of all persons whomsoever — 



In trust nevertheless for the purpose of se- 

 curing the prompt and punctual payment of all 

 and every of the bonds above described and 

 of the interest coupons thereto attached, with- 

 out preference or priority of one bond over an- 

 other, or of bonds over coupons, or of coupons 

 over bonds, with the same effect as if all of 

 said bonds matured upon the same date, and 

 regardless of the date or time of the issue or 

 negotiation thereof; and subject to the follow- 

 ing provisions, restrictions and conditions, to 

 wit: 



ARTICLE I. 



All of the bonds issued and certified here- 

 under shall stand upon equality without regard 

 to date of issue, certification, negotiation or 

 delivery. Only such bonds as shall bear there- 

 on endorsed the certificate of the Corporation 

 Trustee or its successor hereunder, by it duly 

 executed, shall be valid or obligatory for any 

 purpose or shall be secured by this instru- 

 ment or entitled to any lien or benefit here- 



