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Conourrently with mnking eaoh oonveyano e to the truetee the Company ah!.ll file wi th the
tl'ustee oertified atatement sho ..ing the valuation of the propertios oonveyed. In the
OSBe 01' eaoh deposit of mortgage not s, or llsnd o')lltrl:O~e, ho~(unJer. the ~om"pnny, oovenanta
unless the Sb[OO shall be payable at the oftioe of the trustee, it will notify the roepeotive
partiee liable thereon to !l1llke all p8~nnents ther<:on (It such office. All such notoa end
oontraots shall be 8ssi~ed to the trU,Stee by ondol'~e:.',ent or utherwise. In the event that
the "prinoipal of Dny sooh notee. or land oontrllots, eLl:ll romnln unpaid, for a >>eriod
of more than ninety doys after maturity thereof, or of the last instl11ment thoreo:f, the
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oom>>eny oovenants to withdreW such notes, Dnd oontrficta, and concurrently therewith. to
r~ke u~ uny defioienoy oreated by auoh withdra~nl, by additlonr.l ueal ~st~te, unmatured
mortgage notes, oontraots, or sto~ks or publlo bonds, so that the sggtegate amount of
~ property held by the truetee here~nder. sh:il1 be the liffiOunt requb'cd by the provisions
of thh l:rticle. All l\eel l:.stl,te, notes, 1t;n.l oontrticts, bonds sr.d funis received by the
trustee he::"ou''1del' sb:ll be. held by it for the equal and. pro rata benefit of the persons
then and thereafter holding .i:'referrfJd :;)tOCiC of the vompsll.V, subjeot. howe-:er, to the right
01 withdr~wal snd substitution hereinufter oont~ineJ.
2. The Company at finy time upon depositlng with the ~rustee an amount of
money equal to the ~l:l~tlon ut which any real estute was conveyed to the ~rustee here-
ll..'1d.er s);811 i:ave the right to direct the '..'rustee _to convey such real estate to the i.:om-
pany, ita s.8sii!nec or noninee. and. the trustee thereupon shr:ll so conve:l the sa!l:e by its
~arronty deed. ~h6 ~omp8r~ way aloo et tiny time vithdruw froe deposit herewlder ~ny
:nortictge notes, Ian..: ;;ontr;cts or public bond!;, or stoo1:, by depositir.;r \".ith the ....ru.stee
the 1ace vaIu~ thereaf.
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3. Vle ~oopany at any t1:oo may sub~titute for an:, or ell of the real estate,
mortgage notes, lllnd contract::: or publi~ bonds, or stocks held by the ".l.rustee hereunder,
other re~l estate. l:lOrtgnge notes, 1enli contrllctc, or public bonds, or stocks or one kind
of said property, for any o~ the other kinds, In whole or in pL:rt, nrovided that the ag-
gregBte amount of said property, as required by ~rtlcle 1 hereof be mainttiined; and the
irustee 18 r.ereby authorized to convey Buch real estate or to deliver 01 assign suoh ae-
posi ted mortgage no~es, land contracts, or public bondo, or stocks to or upon the order
01 the ~o~ny, upon reoeivinK conveyanoes o~ other re~l est~te or deposits of other mort-
gage notes, land con tracts, or public bonds, or stocks, to the amount at the time required
by the provisions o~ ~rtiole 1, hereof,
~'he Gompony ~y also s~bstitute anyone or
more of said kinds o~ property for any sum. of money deuoslted with the Trustee under
~rtio1e 2 hereof, or any BUms received by the ~r~6tee on uocount of deposited notes,
land contracts, public bonds, or Ot~k6, provided thvt ~,e aggregate amount of property
held by the ~rustee 00 in the amount required by ~rtiole 1 hereol. In the event that
the Company shall expend any suns of money in constructing improveoents on any of the
real eatete. held,by the ~ruBtee, then tho valuation 01 such real estute for the >>urpose
of thlB agreef.1011t shall be deemed to be the sum of list value of such real eatate as of
the time o~ conveyance to the Trustee plus the a~tu.sl amount 01 money 8})ent for sooh im-
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~ .provemente. 'rhe trustee is hereby authorized to pay to the order of the Oompany any sums
of money at any time held by it hereunder 80 long as the remaining property in its hands
complies with the provisions of trtiole l hereof. in the event that the ~roperty held
by the ~rustee hereunder at any time exoeeds the aggregate par value of the preferred
stock outstanding at .ny ~ime, whether such COndition be o&used by Qle redemption of pre-
ferred steok or otherwiee, then the ~ruBtee, upon the order of the Company, shbll oonvey or
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