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52
<br />ARTICLE V I I I.
<br />5r;c,rfo, I. Any of the property covered by this In-
<br />denture, or ally interest therein, may be sold or emchango l
<br />for other property, and upon the request of the (_Anpmny,
<br />approved b,- its hoard of Directors, the Trustee:, shall re-
<br />lease the same from the lien and effect of this Indenture,
<br />Provided that
<br />(a) .Phis section shall not be eoustmed to authorize
<br />the Trustees to release the property covered hereby- as
<br />an entirety, or substantially as an entirety.
<br />(b) \o such property shall he released unless the
<br />Comr,any shall have sold or exchanged, or contracted to
<br />sell or exchange, the same.
<br />(c) The request for the release of any such property
<br />shall be accompanied by the sworn statement of the
<br />President or Vice- President of the ComPany showing
<br />the terms of the sale or exclhange of the property to be
<br />released and also showing that in the opinion of such
<br />President or Vice- President the price realized or to be
<br />realized from such property is the full value thereof or
<br />that the value of the property exchanged or to be ex-
<br />changed therefor is at least equal to that of the pro1wrty
<br />to he released; and that such sale or exchange is advisable
<br />from the standpoint of the Comip(.uiy, the Trustees and the
<br />bondholders.
<br />(d) In case of any suer side of any prol�)erty, or of
<br />any interest therein, the Price or proceeds of sale, not
<br />less than the value of such property as aforesaid or of
<br />such interest ( less the actual necessary expcn,cs of such
<br />stile), shall he deposited with the 'Trust Coulpan,v to be
<br />held for the further security of the bowls hereby- socured
<br />until paid over or ,iI)plied, as hereinafter provided, or
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<br />if the 1"(qurty sold be subject to a inortgage or other in-
<br />strnnient constituting a lien thereon prior to that of
<br />this lwiciitur+% such Inweeods may he disl)osed of ill such
<br />niaiuier as shall he required by tale term• of such prior
<br />mortgagc or other instrument, the Gouipauv Here by a'grree-
<br />ing that upon final release of any- such prior mortgage
<br />or other instrument all such proceeds shall be fortfiN 411
<br />paid over to the Trust Corupany hereunder.
<br />(o) [u case of ally exchange, other lroperty of equal
<br />value as aforesaid shall be subject to the lien and opera -
<br />tion of this Indenture, and shall be forthwith trans-
<br />ferred to t1w Trustees for that purpose, and the Trustees
<br />shall concurrentty he furnished with the opinion of coun-
<br />sel satisfactory to the Trustees, who maN- he the counsel
<br />to the C'onil, any, that the C nq u y has absolute title to
<br />such property subject to no An or ineumbrance prior to
<br />the lien of this Indenture, except taxes for the then
<br />current year, well that this Indenture is a valid first lien
<br />thereon subject only to such taxes; In vided, however,
<br />that if the In•operty released be subject to it mortgage
<br />or other instrument constituting alien thereon prior to
<br />that of this Indeniture, the property received in exchange
<br />therefor nay be snbjecte(l to such prior lien anal con -
<br />yeyei to the 'Trustees under this Indenture subject
<br />thereto.
<br />Tho net iwoceeds realized by the ('�� ninny from any
<br />prolwl.t� takelt or daraa�,ed in eminent douiaiu I)roceed-
<br />in,s shall ho, for the I,url)oses of this .Article, treated as
<br />though realized from a yoluntar, sale thereof, uiado in
<br />conforniit%- to the Ilroyisiolis of Obis Section.
<br />The 1,roceods received by tale Trust Company upoltany
<br />snW, s;de or condemnation, shall he applied, as and "lien
<br />directeii by the coiopany, ns foilovV-s:
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