254 TIMBER BONDS 



effect as if this instrument had been entered 

 into in said State and were to be performed 

 there. 



AETICLE XX. 



Except as may be herein expressly provided 

 to the contrary, no right or remedy herein con- 

 ferred upon or reserved to the Trustees shall 

 be, or is intended to be such right or remedy 

 herein provided shall be cumulative, and 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 instrument to 

 the Trustees may be exercised from time to 

 time as often as may be deemed expedient. No 

 delay or omission of the Trustees or bondhold- 

 ers 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. 



AETICLE XXI. 



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 num- 

 ber of such holders, have any right to institute 

 any action at law or any suit or proceeding in 



