SAE
344
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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 realization 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 or 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 further, that until the interest and principal of the loan and all indebtedness shall have been paid off, or unless with the express consent in writing of the Corporation, the Chinese Government, or the Viceroy shall not again mortgage the above properties to another party whether Chinese or foreign,
During