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HomeMy WebLinkAboutScan_2143 285 .... deliver to~ompany or its nominee suoh of the property a8 the Uompany may designate to the extent of suoh 6x008S. (-~ U 4. ~he Gompeny agrees that it will p8J ell taxes anJ assessments of ell resl estfite held by the ~rustee hereunder. &nd will hold the ~~ustee harmlest 1rom any and ell ooste ino ident to the holding of Buoh propert~1 in the J.'ruBtee' s nom". ~'he Trus- tee's obligoti~n to make any conveyances unael' this agreement shall be deemed to re- quire it to execute and deliver epecial warranty deeds only, and not deeds containing olauses of general warranty. 1,11 re-assign1lents of notes and lend contraots by the 1Tustee may be made by it without reoourse. 6. The Company shell hnvo the right at 1~ny time to make i:nprovements on the ren1 property held by the ~rustee. and to ~o upon the same 1n order to exhibit it to prospeotive purohasers. and for 611 other p~pose8 not inconsistent with the rights of the preferred atockholders herGur.der. 6. ~he ~'ruatee. itE egente and ettomeys, 6nd also any party or parties .Ieaignated by a maJori ty in interr.8t of the preferred Ftookholders ma:: at t;11 rOl'sonab1e times hawe acoess to the vompany's books end vocount8 in order to procure information ~ relevant to thia agreement en1 the Company's fulfillment of its obliRstions hereunder. '. 7. llhenever dema~lded by the :':rustee. the ;';ompsny ahall execute, acknowledge 1 and de1i~r to the ~rustee Euch 1urther ncts. deels, transfers, end assignment~ as may ;be reasonable ne~essarJ for'the better issuing Dnd conveying to the trustee the nroperty ; agreed to be conveyed hereunder. ~ 8. The trustee shell not be obllgated to er.foroe any 01" the covennn ts on \,- l the rart of the Uompnny to bo performed es in this agreement prov!:led; the '.irustee, however, as the :&.'rustee of an ex~ess trust for the benefit of the ure:;.errel stoo i:ho1d- 'ors, shall have full power oold authority to en~o~e such coven~nts bJ suits in law or : in equity without Joining in &ny suoh ~uit the preIerrei ato~olderEI provided however, i that the ~Tustee si:a~l not be required to take any aotton hereu:1der which Is likely to 11nvolve it in exoenBe or liability until it shall hDve been inde~nified by the nreferred ~stockholders or any of them to ite ~tisf~ction. 9. In the event of the liquidation or dissolution of the Company, 611 reol :estate. notes. oontracts, bonds anj funds then held by the ~ructee hereunder ahall be ~he1d thenoe forth for the equal and pro retn benefit of the preferred stockholdere of t the Company; in that event three fourths in interest of the preferred st')ckhoHere shell ~have power to direot'the sale of said property in whole or in U8rt at such prices ond :on such teliD.8 as they may deem best for 611 interest oon~erned, provided that all payments ;thereforj be made at the office of the xrustee; ani the iruutee shell be authorized to -make oonveyances and deliveries thereof as such three fourths in interest or their repre- ~eentatives may request, and to distribute the prooeeds of such sales pro rate among all : the holders of preferred stock. i'hen the holders of the preferred stock shell have re- ....- lceived from such soles and :from other assets of the COmp8ny the a:nount to which they &re jentitled 8S prOVided in thelr stock certificates. ~e r€moining prop~rty in tne hands !of the ~rustee shall be oonveyed by the ~ructee to the Company, its successors or assigns, j 10. ~fuenever all of th~ preferred, stock of the Company outs~njing at any (i- t ~t1me shell have been retired or redeemed, the ~ruBtee, upon written request of the i lcompeny. shall oonvey and trans:ler to the Uompeny, its suooessors or assigns, for the Ibeneflt of the Common ~tookholders. ell roal estate, mortgage notes, oontraots for deeds. I land bonds. and funde or any end ell other assets of the Company, then held by it hereunder. I I , ' -, - " ~,~'t::~.~,';'<.,::~:/'::'~l~ > '."/u'}:,\;,~, ,,".,,:'.