Minutes - 12

11

total of the properties embraced in the attached schedule marked
Exibit "A" but further provided that you are from time to time
to make delivery to me of such proportions of said Twenty Million
Dollars of common stock as the several said properties I shall
convey or cause to be conveyed to you as aforesaid from time to
time may bear to the total in value of the properties mentioned
in said schedule marked Exhibit "A"

And as a further consideration to you for your accepting and
carrying out the terms and conditions herein proposed by me. I hereby
further propose to and do hereby assign to you all and every right
or option in and about all that certain list of property
mentioned in the schedule hereto attached and marked Exhibit "B"
without however any guaranty upon my part of any value in such
rights or without any guaranty upon my part that the persons,
firms or corporation interested in said properties embraced
therein upon your tendering to him it or them the purchase
price thereof according to my said rights or options will make
conveyance of said properties - but I do hereby bind and obligate
myself to use earnest endeavor to cause the persons, firms and
corporations mentioned in said Exhibit "B" within the limit of time
within which I hereby agree to convey or caused to be conveyed
to you the properties set out in said Exhibit "A" attached hereto-
upon your payment or tender of payment of the consideration
therefor to convey to you the properties set out in said Exhibit "B"
It shall however be expressly understood that I hereby reserve
from the properties mentioned in both Exhibit "A" and Exhibit "B" each
and every of the lumber mills to the number of about sixteen situated on
said properties - together with stocks of lumber on hand at the present
day and at the date of delivery to you of said properties and any and
all team [wads] and all other appurtenances and sufficient land
upon which the said mills are located for the purposes of their
business and with the right of access to the same - all of which is
hereby expressly excepted from this proposal and reserved to myself
in the schedule hereto attached.

As I understand you will desire to dispose at once of the pine
timber upon these lands as set out in the annexed contract marked
Exhibit "C" I hereby offer to purchase such timber upon the land
to the amount of (8,000,000,000) Eight billion feet and to pay therefor
the aggregate sum of Thirty eight million two hundred and fifty
thousand ($ 38,250,000.00) Dollars in semi-annual installments under
the terms of the contract the form of which is herewith submitted
attached hereto and marked Exhibit "C".