University of Virginia Library

Article 9.

And it is further provided that, while the said Rector
and Visitors shall remain in possession, and there shall be
no subsisting default in the payment of the principal of any
of the aforesaid bonds herein secured and no default continuing
for ninety days in the payment of any of the interest
thereon, the said Rector and Visitors shall have power from
time to time to sell and dispose of, free from the lien, operation
and effect of this indenture such portion of the movable
property conveyed and assigned in the second paragraph of the
granting clause of this indenture as may at any time be, or
become, undesirable or unsuitable for the uses and purposes
for which it is now held, or which may be more valuable for
sale than for use; provided that the same shall be adequately
replaced and substituted by other similar property to be placed
upon the premises of a value equal to or greater than so sold
or disposed of; and such property so acquired shall be and remain

in all respects subject to the provisions and lien of
this indenture as if specifically included and conveyed herein;
and such right of sale or exchange shall only be exercised upon
condition of substitution being made as aforesaid.

And until such default in the payment of said principal
or some portion thereof, or such default of ninety days in the
payment of said interest, or some portion thereof, the said
Rector and Visitors shall have the full right and power to demand,
sue for, receive, give acquittance for and collect the
aforesaid legacy bequeathed by the will of the said Arthur W.
Austin, and to compromise, compound, adjust and commute the
same free from the lien, operation and effect of this indenture;
save and except, however, that the principal amount of
any and all monies, funds and securities received by said Rector
and Visitors from and on account of the said legacy, shall
be and remain in the hands of said Rector and Visitors in all
respects subject to the lien and operation of this indenture;
but until such default be made as aforesaid the said Rector
and Visitors shall be permitted to hold the said principal of
all such monies, funds and securities, and place and invest
the same in some safe, interest-bearing securities, and from
time to time to change such investments so made, and to use
the interest and income thereof in and about the current business
of the University; or the said Rector and Visitors may,
with the approval and consent of the said Trust Company, or
acting trustee first obtained in writing for that purpose, invest
and expend a portion of such monies, funds and securities

in, buildings, improvements and betterments of a permanent
nature upon the said premises of the said University. But
if under the terms and conditions of this indenture, it shall
have become necessary and proper for the said Trust Company,
or the acting trustee hereunder, to make sale of said legacy,
then, and in that event, the said Trust Company, or the acting
trustee, shall be authorized, in the discretion of such trustee,
to sue for and collect such legacy, and, with the consent
of the said Rector and Visitors, to commute and compound the
same instead of making sale thereof; and the proceeds of any
such collection or commutation shall be disposed of in the
same manner that the proceeds of a sale of such legacy would
be disposed of hereunder.