3

and has delivered to him the possession thereof, but the title thereto is reserved by and
remains vested in the said party of the second part, until the payment in full of the sum
of One Hundred and Five Dollars, which sum is unpaid on the
purchase price of the said personal property, and is evidenced by Ten monthly
promissory notes of Ten .50 Dollars each, bearing
even date herewith and payable One month apart from date, all executed by said
J. E. WELCH
and all bearing interest at the rate of six per cent. per annum

And it is further agreed, That in the event of default in the payment of the said
sum of One Hundred and Five Dollars, or any part thereof, at
maturity, the said party of the second part may, without process of law, take possession of
said property, sell the same at public auction, after ten (10) days' notice, and out of the
proceeds of sale, pay the expenses of said sale, and the amount due and owing on the
purchase-price of the said property, the balance to be paid to the said J.E. WELCH.

And it is further agreed, That the party of the first part shall have the property
insured for the benefit of the party of the second part and turn the policy over to them.

Witness the Following Signatures and Seals
J. E. Welch (SEAL)
PELOUZE PAPER AND TYPE CO.
E. C. Pelouze (SEAL)

TEST:
J. H. H[?]

STATE OF NORTH CAROLINA - GUILFORD COUNTY.

I, W. G. Brown, a J.P. of said County, do
hereby certify that J. E. WELCH, grantor, personally appeared before
me this day and acknowledged the execution of the foregoing Deed of Trust.

Witness my hand and seal this the 15th day of Sept 1903.
W. G. Brown, J. P. (Seal.)

STATE OF NORTH CAROLINA - GUILFORD COUNTY

The foregoing certificate of W. G. Brown Justice of the Peace
of said County, is adjudged to be correct. Let the said Deed of Trust and the certificates be registered.

Witness my hand this the 16 day of Sept 1903.
Ernest [Clary?] Depty. C.S.C

[stamped in center of page: SEP 5 1904
Satisfied
PELOUZE PAPER & TYPE CO.
J. H. H[?], Cashier
AMERICAN TYPE FOUNDERS CO.
SUCCESSORS TO]