payable. Thirdly, to pay the necessary expenses of all
                                             and
such grading and other improvements of streets^squares
in the said town of Fernandina as my be mutually agreed
by the said parties of the first and second part to be neces-
sary the better to develop the value of the unsold lots and squares
and in like manner to make similar expenditures in the im-
provement and development of the town of Cedar Key.
                                said
  Fourthly with the residue of thisproceeds of sales and
leases, together with all other moneys which may from 
time to time be paid to them by the said party of the
first part for that purpose to purchase such of the
bonds herein before mentioned as can be obtained at
or below par, at all times in such purchases giving
the preference to such of said bonds as can be ob-
tained at the lowest rate without reference to prior-
ity of number or date.
  Fifthly, When some of the said bonds can be ob-
tained at or below par, then to invest such sur-
plus proceeds in such good and safe stocks as may
to them seem most advisable as a sinking fund
for the ultimate redemption of the principal of said
bonds. And the said parties of the first part, do on
their part further covenant and agree that they
will with all convenient dispatch cause suitable
lists or schedules of the said lands to be made, and
the same to be divided into convenient parcels for sale
and will further cause the town of Fernandina and
Cedar Key to be more fully laid out according to the
plans now adopted or which they may hereafter adopt
for the said towns and their extensions and suitable
lists or schedules of the said lots to be made and
furnished to the said "parties of the second part, and
will immediately proceed concurrently with the said
parties of the second part or their agent to affix a value
for each of the said lots, pieces or parcels of land ac-
cording to its actual or true value as near as may be
and will furnish to the said parties of the second part 
lists of such values and does further covenant and
agree that the said parties of the second part may at
once proceed to sell all or any of the lots pieces or
parcels of land at the prices in said lists or schedules
named, whether any portion of the interest or principal
of the above mentioned bonds shall remain in ar-
rear and unpaid or not,
       And the said parties of the second part
on their part, do covenant and agree for them
selves and successors, that they will receive all such
sum of money as may from time to time be paid
to them on account of this conveyance and the
matters and things therein contained and will
safely and securely invest the same according to
the true intent and purpose of this deed
           And the said parties of the first part