do on their part further covenant and agree, that the
said parties of the second part shall only be answerable 
under this deed for gross and wilful negligence and breach
of trust, and that each shall be answerable only for such
sums of money as shall actually come into his hands and
that neither shall be answerable for the acts of the other.
   And it is further covenanted and agreed that in the
event of the death of either of the parties hereto of the second
part, the survivor shall act as sole trustee unless the said
party of the first part shall desire to name a new trustee
to act conjointly with such survivor, in which event they shall
be at liberty to do so; and the person so named shall be
invested with the same powers rights and priviledges and
shall be liable to perform the same duties as if originally
                            person
named herein, unless the purposes so nominated shall be
objected to by the holders of at least one third of the out-
standing bonds within six months from the time of
such nomination, but in the event of any such objection
the said party of the first part shall be at liberty to
to nominate a third trustee in the place of the one ob-
            subject
jected to, such always to the same right of objection on the
part of the bond holders.
                    And it is further covenanted and agreed
by and between the parties hereto, that in the event of any
failures or defaults on the part of the parties of the first
part, by reason whereof the said parties of the second part
or either of them shall be subject to any extraordinary
trouble labour or expense, they shall be entitled to a
fair and reasonable compensation for such extra-
ordinary labour trouble and expenses. And the said
parties of the second part do further covenant and agree
that they will from time to time and as near the first day of
April and October in each and every year as may be, render
to the said parties of the first part a true and just ac-
count of all lands and lots sold, leased or otherwise con-
veyed by them with a description of such lands and lots
sufficient to identify the same, and will further render
an account of all payments made by them, whether
an account of expenses, interests on bonds, improve-
ments or investments in the sinking fund, and whenever
they shall purchase any of the said bonds, that they
will, having first cancelled the same, return them to the
said party of the first part; and further, that whenever
the sinking fund in their hands shall amount to a sum
sufficient to pay the principal and annually accruing
interest on all the outstanding bonds, they will recover
such of the lands and lots as may remain unsold
to the said party of the first part, or to such person or
persons as they may appoint.
  And it is further covenanted and agreed by and
between the parties hereto, that the said parties of the
second part will reserve from sale all such lands
and lots, both at Fernandina and Cedar Key, and