TRUST DEEDS 325 



carrying out tlie purposes of this bond issue 

 and the negotiation and sale of the bonds is- 

 sued hereunder, are hereby declared to be and 

 shall in all things be deemed and treated as an 

 Oregon contract entered into between the par- 

 ties hereto and the purchasers or holders of 

 all or any portion of the bonds issued here- 

 under and shall be governed by the laws of the 

 said State of Oregon, to the same effect as if 

 all the negotiations above described, occurring 

 ))otli before and after the execution of this in- 

 strument (instead of but a portion of them) 

 had been had in that State, 



And each Article of this instrument is hereby 

 declared to be and shall be held to be a sep- 

 arate and independent clause thereof. 



ARTICLE XXXIII. 



Union Trust Company and John K. Lyon 

 Jiereby accept tlie trusts herein and hereby de- 

 clared and created, and agree to perform the 

 same upon the terms and conditions hereinbe- 

 fore set forth. 



In Witness WnEKEor, the said Fischer Lum- 

 ber Co. and the said Union Trust Company 

 liave caused this instrument to be executed in 

 duplicate in their corporate names by their re- 

 spective Presidents or Vice-Presidents and 

 their corporate seals to be hereunto affixed 

 and attested by tlieir respective Secretaries, 

 and the said John K. Lyon has likewise exe- 



