The producers news. [volume] (Plentywood, Mont.) 1918-1937, 1921-10-14
fContinued from Page {

payments ale made thereon it will
remit monthly therefor to said Trus-
tee, which shall from time TO time APP
ply said payments in amounts of not
less than 100000 pro rata upon the
obligations so held by the non-stock
owning creditors Of said Farmers
Trust Company as admitted by it. It
is also contemplated that for the pro-
lection Of said first party he will en-
deavor to cause to be forwarded to
said Trustee, in the near future, APP
proximately SIS, 100000 of commission
mortgages, Tax Certificates and 9TH
er securities, now belonging to the
Middlewest Securities Company, which
are to be held by said Trustee as adj
ditional security for the benefit of the
Merchants National Bank of Saint
Paul and the First National Bank in
Minneapolis, for obligations Of the
Middleswest Securities Company bear
ing the endorsement Of T. L. Beisek-
er, which payments shall likewise be
from time to time applied pros rata
upon the obligations SO owned by said
Merchants National Bank of Saint
Paul and said The First National
Bank of Minneapolis. xs
IT IS FURTHER UNDERSTOOD
AND AGREED that at all times dur
ing the life of this Trust Agreement
that the said Country Banks, said
Farmers Trust Company and the said
Farm Home Credit Company shall be,
and they are, subject to examination,
inspection and auditing by the said
party of tbs second part, Trustee, and
that in such examination, inspection
and auditing the said party of the
first part will fully cooperate: and
lend to said second party, Trustee,
his personal assistance and that of
the officers and the employees of said
banks; and other corporations to the
end that at all times and at any time
the said party Of the second part,
Trustee, shall be able to ascertain the
true condition of either assets or IL
abilities of the said bank and other
corporations.
Among the assets aforesaid are
lands situated in sundry counties OF
North Dakota, deeds to all of which
have been prepared and said deeds
have been fully executed except that
the name Of the Grantee therein has
been omitted and revenue stamps
have not been placed thereon; and It
is understood and agreed that said
party of the second part is hereby
authorized to insert in said Deeds its
own name or the name of any other
person or corporation which it may
deem to be for the best interest OF
said Trust Estate and to record said
Deeds at such time or times as it may
deem best. It is agreed that said first
party will ,forthwies cause to be or
panized a corporation under the laws
of North Dakota, said corporation te
be known as T. L. Beiseker Land Co.
and that the lands described in Exhib.
it "a" or such parts thereof as said
may deem best, shall be transferred
to said corporation; that all OF thu
stock Of said corporation shall be left
with the said second party as collat;
eral hereunder that the control Of
said corporation shall remain in salo
Trustee and that the officers and dl-
rectors of said corporation shall DC
| designated by said second party as
long as this contract remains IN
force, it being understood and agreed
however that until such time as saio
Trustee shall deem it best that 8
change be made, that said 7. L. Reis-
eker and A.. L. Netcher Of Fessenden
n, D., shall be the president ane
secretary respectively Of said corpor
alton. A mortgage note for $500, OOt
secured by sundry lands in North Ia
kota has been given to said SECOND
party to be held hereunder, the mort
page securing which are referred Il
in said Exhibit "a" and upon tn
1 organization of the corporation u
this paragraph referred to-, and tn
deciding to it of said lands, said not
of $500 100000 and the mortgages sc
curing the same shall at the reques
| of said first party be satisfied OF re
cora.
| Said first party furthermore agree
that he will cause to be prepared
soon as reasonably may be com
lplete statement, showing details Q
any membranes against any Of tn
i lands so conveyed, and also givin
copies of any and all contracts to
purchase, and contracts for sale {
/ said lands, the same to show tn
i name and address of the vendor
from whom purchased by him, an
names and addresses Of the vende'
| when sold by him, the amounts uI
paid on each Of said contracts, tn
/ rate of interest thereon and when ii
balance of the unpaid purchase prie
is payable.
this contract can be at any tin
amended IN any reasonable mann'
by a four ifths majority of said Con
| mittee of Five, said amendment to !
limited to such changes in operatio
|; or in the handling Of this matter :
. NAV be deemed necessary or exped
| ent or which may have not been spt
officially provided for and which dot
. not violate the spirit Of this agrea
ment, and Of which amendment
. least a FIVE days notice in writin
i must be given to all members OF sal
/ Committee Of Five providing sue