Minutes - 29

28

Warrants that may in his judgment be or become necessary to
carry out the spirit and purpose of the resolutions his act or
acts in the premises being hereby in all things ratified
and approved.

Mortgage to
Maryland Tr
Co Trustee

Thereupon the following resolutions were presented, seconded and
unanimously adopted.

Resolution
Whereas the Houston Oil Company of Texas has heretofore assigned
and transferred to the Maryland Trust Company of Baltimore
Maryland as Trustee a certain stumpage contract between said
Oil Company and Kirby Lumber Company assignee of John H Kirby
bearing date the ____ day of July 1901 and fully authorized and
empowered the said Mayland Trust Company as trustee to collect
and and receipt for all the avails and moneys due to and become due
under said contract and to hold the amount so collected in
trust for the payment and satisfaction of certain certificates of
beneficial interest to the aggregate amount of Eleven million
($11,000,000) dollars to be issued by the said Maryland Trust
Company against said avails and moneys and from the
same to pay the interest and principal of said certificates as the
same respectively mature and the expenses of the execution of the
Trust and the remainder to pay over to the said Houston Oil
Company and

Whereas as additional security for the prompt and full payment
of the principal and interest of said certificates the said Houston
Oil Company of Texas has agreed to guarantee the prompt and
full payment of each and every of the installments of money
payable by said Kirby Lumber Company under said stumpage
contract as the same severally fall due and as security for
said guarantee to execute and delier to said Trust Company
a deed of mortgage of all its franchises and estate and
property real and personal and mixed of whatsoever kind
and character and wheresoever situated now owned or hereafter
to be assigned by it. Therefore be it.

Resolved by the Board of Directors of the houstonOil Company of
Texas that a deed of mortgage be executed and delivered to said
Maryland Trust Company as trustee by said Houston Oil Company
of Texas wherein and whereby its said guarantee of payment
shall be fully expressed and conveying to said Maryland
Trust Company as trustee as security for the full performance
of said guarantee all of the rights franchises estate and