343
THE AUSTIN PAPERS
On which sum of..________________________________________ __________ an immediate advance of Ten per cent is to be paid to the parties of the first part. Article 2d The loan is to be made for Five years from the date of this contract and to 'bear an Interest of Six per cent p annum payable in the City of New York. Article 3d The parties of the Second part are to have the option of taking land in payment of said loan at Twenty five cents per acre, provided the government of Texas, approve and ratify this provision, of this Con- tract.- Article 4- th Whenever it is made Known that the Government of Texas, in the manner following to wit Ten per cent on the receipt of Said ratifica- tion by the Government and Ten p Cent monthly thereafter, until the whole of the ninety per cent is paid.. • Article 5 th Certificates of Stock are Lo be issued by the party of the first part, or by some other authorized Agent or agents of Texas, to the parties of the second part in such sums as may be deter[J\ined on by the parties of the Government of Texas, is made known in this City, the remaining ninety per Cent being first paid, or satisfactorily secured.- Article 6 th Should the Government of Texas, decline ratifying this con- tract, then the Ten per Cent at first advancd 'is to be refunded to the parties of the second part by the Government aforesaid with Interest at the end of Five Years, at the rate of Six p cent per annum, payable annually in the City of New.York.- Article 7 th If after the ratification of this Contract by the Government the parties of the Second part should decline the option of taking land at Twenty five Cents per acre then, and in that case they are to be paid in money by the Government of Texas, at the end of Five Years from the date of this contract with interest at the rate of Six per Cent per·Annum to be paid annually in the City of New York, but in case the parties of the second ·part require to be reimbursed in money, they must give notice of that fact to the Government of Texas, one year before the expiration of the Five years, to which this Loan is limited.- Article 8 th The expence of issuing the Certificates of Stock and of Surveying, locating, Deeding the Lands etc. shall be borne by the parties of the second part.- Article 9 th The Bonds of said Government of Texas to the amount loaned and a certified copy of the authority under which said Commis- sioners act shall be deposited in the hands of such Trustees as the parties of the Second part may designate as a Security for the amount loaned.- And for the faithful fulfilment of this Contract the said parties of the first part hereby pledge the public faith and lands of Texas, as they are empowered to do, and the parties of the Second part hereby obligate them- selves their heirs and assigns.-
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