300 TIMBER BONDS 



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. 



AETICLE XI. 



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, the timber on all or any part of the prop- 

 erty by it mortgaged hereunder, in parcels of 

 forty acres or more, upon the payment in cash 

 of such sum or sums of money as the Company, 

 the Trustees, and Lyon, Gary & Company may 

 agree upon, which shall not be less than One 

 and Fifty One-hundredths (150-100) Dollars 

 per thousand feet stumpage based upon the 

 estimates of the stumpage on said lands as 

 shown in the Estimated Stumpage List re- 

 ferred to above. 



And with the written consent of the Trus- 

 tees and of said Lyon, Gary & Company, the 

 Company may sell free from the lien hereof, all 

 or any portion of the property hereunder mort- 

 gaged (excepting the mill plants) at such price 

 and on such terms as may be approved in writ- 

 ing by the Company, the Trustees and Lyon, 

 Gary & Company. 



Either the Trustees or Lyon, Gary & Com- 



