The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-12-18
THEY MUST SELL LAND
They Receive as Compensation, Is
Per Cent OH Net Proceeds.
COMMISSION NOT MORE THAN $4,000 EACH
When The $25, 1000 Has Been Paid the Board
Of Education From Sales, Trustees Are
to Convey All UnsOId Land TO
Vedder, Willis and lsler.

The deed conveying the lands commonly
known as White Oak Swamp in Jones and
Onslow counties, is being recorded in the
office of the State Superintendent of Pub
lie Instruction
This is done in accordance with a law
requiring record of all transfers OF
school lands to be kept in the office of the
State Superintendent of Public Instruc-
ton.
This deed conveys 224, 561 acres of land
belonging to the school fund. The land
consists of p grants by the State
that are recorded in the Old Records
of Jones county at book 8, page 354, the
lands being recorded as $3.50 acres.
The parties of the first part are Charles
S. Vedder and Helen f. Vedder and the
State Board of Education of North Caro-
lima; the parties of the second part are
S. w. Isler, of GOldsboro; Baylus Cade,
of Raleigh. and Edward Willis, of
Charleston, trustee, who hold the land
in trust, primarily for the State Board
of Education of North Carolina, and sec
ondarily for s. w. Isler Edwin Willis and
Chas. s. Vedder
1t shall be the duty of these trustees
to sell the land as rapidly as they rea-
sonably can, it being the purpose of the
Board of Education to realize on the
property for the benefit of the school
fund.
The consideration is $4,000, of which
$1,000 is cash in hand, and the remain
ing $4,000 to be paid on or before July
1st, 1904.
The trustees are entitled to deduct
from the proceeds of gross sales, the
necessary expenses incurred in executing
the trust, such taxes as they are COM
PEELED to pay, and as a compensation TO
themselves fifteen per cent commission on
the net proceeds, provided that the com
pensation of each trustee shall not be
more than $4,000. The trustees shall not
hold moneys derived from sales of this
land longer than thirty days, and shall
promptly render an account of all sales.
and moneys and other things of value
coming into their hands and shall keep
statement of accounts with the cestui
que trusts.
Should the trustees fail to pay the de-
fcrred payment of $25 900 to the State
Board of Education on or before the 1st
day of July, 1904. it shall be their duty to
reconvey whatever of the lands described
remain unsold to the State Board of Edu-
cation. But within twenty days after that
date Vedder Isler and Willis, may demand
in writing that the trustees sell such
lands as remain unsold, and at this sale,
either of the parties named or the State
Board of Education may become purchas-
ers
Messrs Isler Willis and Vedder shall
be entitled to all rights and intrest in
this land over and above $25, 900. After
the trustees shall have paid the $25. 600
to the State Board Of Education and al
ter performing all their duties regarding
rights of said board, the remaining int
ests in the land shall be in the said We'd
der, Isler, and Willis in the following pro-
portions: Isler, 1-6; Willis, 1-6, and We'd
der As.
''It is further understood and agreed
that whenever the State Board of Educa-
ton shall have had paid over to them the
net of $4,000, the trustees hereinunder
shall forthwith convey to the said parties.
when requested by either Vedder, Isler or
Willis, or their respective heirs and as
signs in the proportions as herein before
set forth all and singular the lands herein
before described which shall remain I'M
sold"