314 TIMBER BONDS 



the Trustees may be exercised from time to 

 time as often as may be deemed expedient. 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 XXIV. 



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 iDurpose 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 or foreclosure after 

 demand by the holder or holders of such bonds 

 or coupons and the production of such bonds 

 or coupons by the holder thereof to the Trus- 

 tees, or the furnishing by such holders of other 

 evidence satisfactory to the Trustees that they 



