21

And it is further agreed by the parties, and the said Presi-
dent, Directors, and Company of the Baltimore and Potomac
Railroad, stipulate and contract that the said sum of two mil-
lion nine hundred thousand dollars hereinbefore agreed to be
paid to the parties of the second part, shall be payable in the
bonds of the company at par, secured by a pledge of the pro-
perty and profits of the said company, said bonds to bear a
legal rate of interest, payable semi-annually from the time of
the final completion of the said road, and the principal of
said bonds payable in twenty years from their date, and said
bonds shall be converted into the stock of the company within
thirty days from the issuing of the said bonds, at the par
value of said stock and bonds, the bonds to be delivered as
follows, to wit: on the completion of the grading of every five
miles of said road, fifty thousand dollars; on the completion
of the bridging and superstructure ready for the iron, on
every five miles of the ro'ad, twenty-five thousand dollars; on
the completion of every five miles of the track in good run-
ning order, with rails, sixty thousand dollars, and the bal-
ance on the completion of the whole work and the equipping
of the railroad with the necessary rolling stock, and the con-
struction of the additional depots, switches, &c., as hereinbe-
fore provided.

And the said parties of the second part further covenant
and agree to take the amount of the stock already subscribed
to the said company, and to pay to the said stockholders the sum
of six dollars per share, provided the said stockholders shall
agree to sell the same, at any time within ninety days after
public notice given to the said stockholders by the President
and Directors of the said company or by the parties of the
second part, of the obligation of the parties of the second
part to purchase the said stock.

And it is further covenanted and agreed that the present
Directors of the said Baltimore and Potomac Railroad Com-
pany residing in Prince George's county shall not be remov-
ed from their position of Directors of the said company by
the vote of the stock issued to the parties of the second part
upon the conversion of the aforesaid bonds, until the said
road shall be completely furnished and equipped with rolling
stock, switches, depots, and so forth, as hereinbefore provided,
from the aforesaid points on the Annapolis and Elkridge
Railroad, to a point at or within one mile of Upper
Marlboro'.

And it is further covenanted and agreed by and between
the parties, that the parties of the second part shall pay and
discharge all expenses of every kind and description hereafter
to be incurred in the surveying, location and construction of
the said road.