second part shall from time to time as may be
required by the said parties of the first part, ex
ecute deeds leases and other conveyances of the
same or any portion or parcel thereof, at prices
not less than the appraised prices or values of each
particular lot or parcel of said land as herein-
after provided for, and shall receive the purchase
money for said lands when sold, and the rents
when leased or otherwise conveyed (provided how-
ever, that the said parties of the second part, shall
not be at liberty to make titles for any portion of
said land, until the entire consideration money
              fully
shall have been^paid to them) and with the
proceeds of said sales and leases to pay first
all the expenses of the management of their trust
in which expenses are contemplated to be embraced
the salaries of such resident or other agents, as the
said party of the second part my find it necessary
to employ, and also all necessary expenses of sur
veys, examinations, locations and appraisements of
lots, with the surveying, marking out and numbering
of blocks streets and lots in the towns of Fernandina
and Cedar Key
Secondly, to pay the interest on the above described
bonds or such of them as may remain due and out-
standing from time to time as the same may become
due and payable
Thirdly, to pay the necessary expenses of all such
grading and other improvements of streets and squares
in the said town of Fernandina as may 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 expendi-
tures in the improvements and development of the
town of Cedar Key.
Fourthly, with the residue of said proceeds of sales and
leases, together with all other monies which may from time
to time be paid to them by the said parties 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 obtained at the lowest rate
without reference to priority of number or date
Fifthly: When none of the said bonds can be obtained
at or below par, then to invest such surplus proceeds
in such good and safe stocks as to them may serve
most advisable as a sinking fund for the ultimate re-
demption 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 bonds to be made, and the same to be
divided into convenient parcels for sale, and will further