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latiVG pre~erred stook the holders whereof wlcll be entitled to the benefits of thiB
agreement.
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now THARE~~RE. 1~ oonaideration of the premises and the mutual oovenants
herein contained. the parties hereto have agreed as follows:
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The uompany oovenants thfit at 011 times ao long as ony of its Preferred
stook remains outstanding It will maintain in the name of the ~rustee, or other banks or
trust oompe.n1ea actin" as trustees. 11.ea1 Estate selected by the Company. and 10cc-ted in
the COt1pany'e development in st. Luoie "ounty, :tlorida. whleh sh1il1 have a valu!,",tion
j of not less than the aggregate in par v&lue of the pret.erred ~toot< then outstonding.
! plUS subeoribed preferrej stock to the oxtent thllt the sOme sholl be paid for to the Com-
; )~any whether issued or not. The valuation of such Heal ~state, or propertiel:!, sht!ll be
i 3O"p. less than that shovn on the \.:ompany's selling prioe list~, ,copies of all prioe
'listc shell be filed with the ~rustee aa issued) plus an llmount for increment In value
; of not to exceed 5j,) thel'eof. for eaoh aix months period elapsinl! between the dato of
. this a'.9'eemcnt ani the tlme of eaoh sever(:l oonve:wnces, together with tr.e 6mount
jexpended or invested by thc ~ompany in i~prove~nte, buildin~s. or deve10pme~t on
:auoh properties, ~he amount of such expenditures lor such improve~cnts, Lnu develop-
;ment shall be evidenoed by the Sborn atfit9ment of ~n officcr 01 the ~ompany. ~he amount
:of payments r~de to the ~ompany on subscribed but unissued preferred ~tocY. shell be
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~ evidenoed by & like stfitement. In event of the properties 01' the Oompany, be 1ng nlaC'ed
; in this trust, for the guarantee of the Preferred ::itOM. and ,.hic:: properties It is aot
; the intentlon of the ~')mpany to list on its selling: 11ste, and offer for sale, bt:.'. 'nthrr
properties for development which will produoe good revenues. continuously gro~ing in
value, ~uch properties shall be placed in the trust on the B6lOO basis of valuation 'as
other proper'ties placed in the trust. 'ihe presf'nt dbY vulue 01' I;uch properties being
certified to by at le~st three o:fioers of th.:; ~omp8ny, or it will kee'P on deposit with
,the trustee hereunder, notes 01' purohasers of relil prol>erty, 100,.ted in said deyelownent,
secured by firat mortgage, or 111nd contr-,cts, or bonds of Cities, or oti;er political
sub-divisions 100ated within th'" oon:1ines of, or adJacGnt to real pro'Pcrty. whie!: the
"Com])8ny has for Bttle (SUC~Ondl3 being herein',fter aouotimo6 c;,111.:d >>ublio bondsl or
:BtOO'~B, in corporations already orgnni::ed af' aubsideraries to, or ~orporetiom: .~o be 01'-
g&nize~ as subsider&ries to, ~nd being b part of the development of ~he ~omp~ny, or ~ny
:une or more of the various kinds 01 prolE rt.l. find socuri tie 6, hCl'eln recit.eJ. EO 1.1:&1.
"the aggregate of the list valUe of such r,es1 ..state or propertie B l:l0 held by the trustee.
plUS the face value of such uortgage ~otes, Land Uont~otB, and plUS the actual value
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'of suoh stocks and bonde, shall at all times be equal to at letst the argregate amount
in par valuo of the Preferred ~took outstsnding 'Plus subsoribed Preferred Stook to the
extent that the same shsll be ~aid for to tpe ~ompany whetr.er issusd or not. By the
'flloe value of such notes, and Land ~ontroots, is meant the amount apneering- due threron;
lin the event that such .i.and .;ontraota, sholl relate to lan,j whioh itself is hold- by the
trustee hereunder then only the faoe vulus of suoh ~and contraots, and not the vQluation
:of the land shall be considered in deterc1ning the aggregate a::X)'jut of proJl8 rty held hereun-
,der. In 1"urtheranoe of the foregoing ooveJlfint the UODJpany &grees thbt unless at the
)time of lssuing Preferreu stook from time to time the "eal Lostete llotea. Land Gontraots,
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~tock and ~onds, to the requ1red aggregate amount sh~ll then be held by the trustee. the
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Company. immediately u~on issuing its preferred stook from time to ti:oo, will oonvey to
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ithe trustee, suffioient of said deal "Btnte, or will denoslt suffloient of said mortgage
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potes. land oontruo',;e,' si;oo.l<s or !'Ubll~ond8 to oomply with the foregoing oovensnt.
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