Minutes - 17

16

and $5 00 per thousand feet for the remainder of said timber
until the whole of said yellow pine timber to an amount not
exceeding 8.000.000.000 shall have been purchased and paid for
measurements shall be taken and made in accordance with the
Sherring or Beaumont rule so called.

The party of the second part shall purchase in each year from
and after the 1st day of July 1901 during the continuance of this
contract - as follows - not less than 350,000,000 feet in each year
for the first five years: not less than 400, 000, 000 feet in each year
for the second five years: not less than 450,000,000 feet in each year
for the third five years: not less than 500,000,000 each year there-
after - and pay for the same at and after the rates above mentioned -
in equal semi-annual installments on the 10th day of January
and July in each year at the office of the party of the first part
in the City of Houston, Texas.

In case payments made by party of the second part in any
one year shall exceed the minimum payments hereinabove
provided - such excess up to but not exceeding the minimum
payments provided to be made in the year then next
succeeding shall be accepted by the party of the first part
as payment pre-tants of the minimum payments
provided to be made in such year in case said party
of the second part shall so desire.

In case the party of the second part should in any one year
pay for more timber than he cuts and removes from said lands
he shall have the right any any time thereafter to cut and remove
the timber so paid for without additional payments but
this shall not be construed as changing or modifying in any
seuse the obligation of the party of the second part to purchase
and pay for the minimum amount of timber in each year
as above provided.

Fourth the merchantable yellow pine trees of said lands to the
amount of not exceeding 8.000.000.000 feet which are in diameter
twelve (12) inches and upwards at the stumps when cut and all
dead and down timber thereon from which merchantable lumber
can be sawed - and the merchantable parts of such trees and
timber as may be felled or cut without regard to diameter - from
which merchantable lumber can be sawed - shall be taken from said lands
by the party of the second part - scaled and paid for at the rate
per thousand feet herein stipulated.

All stumps shall be cut to an average height of 24 inches from
the ground line - except in cases of a swell butt or other defective
trunk which may be cut higher if it can be done without loss of timber