451
*
the survey limit (together with corresponding title deeds) are to be transmitted by the Railway Head Office under the direction of the Viceroy to the local Agent of the Corporation for record and preservation in its office in Hongkong and for the purpose of establishing the first mortgage security until the time when the same are to be retired to the Viceroy as hereinafter in this Article provided.
All lands, the title deeds of which are lodged with the Corporation as part of the first mortgage security of the Loan, shall not be disposed of in any way by hire, lease or sale to any party, for any purpose whatsoever, without the written consent of the Viceroy, except only in the event of the Imperial Chinese Government failing to pay the interest or principal of the Bonds and then in accordance with the powers in the deed of mortgage.
The lands thus bought shall be free from all encumbrances, liabilities and entanglements, and shall be conveyed by full and sufficient deeds of assignment according to Chinese law, all of which are to be kept and recorded in the Hongkong Office of the Corporation, and are to be held by it as a first mortgage security for the Bonds under the provisions of this Agreement until such time as principal and interest of the Bonds together with all indebtedness shall have been paid off, when the same shall then be returned to the Viceroy, except only in the case of the Imperial Chinese Government's failure to pay the interest or principal of the Bonds and consequent realisation under the powers of the mortgage security.
For the proper protection of the first mortgage security the Chinese Government undertakes that until the Bonds shall have been redeemed, no part of the lands comprised in the mortgage security of the Railway with its appurtenances shall be transferred or given to another party, or shall be injured, or that the rights of the first mortgage shall be in any way impaired, unless with the consent in writing of the Corporation which shall only be given if in the opinion of the Corporation the interests of the Bondholders will not be affected.
And