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 or any
of the aforesaid bonds herein secured and no default continuing
for ninety days in the payment 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 that 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 for 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 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,
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 thereunder, 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 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.