“Said bonds are to be delivered to you in New York or Toledo, at your option, as follows: $500,000 on September 26, 1921; $500,000 on October 26, 1921; $500,000 on November 26, 1921; and $300,000 dn the 26th day of each month thereafter up to and including August 26, 1922, and the remainder on September 10, 1922, but you have the right to take up all or any part of said bonds earlier than the dates specified.
“We will make arrangements with the Spitzer, Rorick Trust & Savings Bank of Toledo to act as our fiscal agent to deliver these bonds to your firm from time to time according to the terms of this agreement.
“The purchase price of the foregoing bonds to be par and accrued interest.
‘“I‘he state of North Dakota has authorized an issue of $1,000,000 of 6 per centum bonds, mill and elevator series, dated July 1, 1921, due one-half on July 1, 1941, and one-half on July 1, 1946, denominations of $1,000 of which are unsold approximately $590,000. We have made arrangements to secure these bonds and in consideration of the above purchase, you are given an exclusive option on the said $590,000 bonds at par and accrued interest, said option to expire on December 26, 1921, unless exercised by you.
“The state of North Dakota contemplates the issuance during the year of 1922 not exceeding $1,500,000 additional bonds, mill and elevator series, to bear 534, per centum interest per annum, payable semiannually. We have made arrangements to secure these bonds when issued and agree that you are to have the exclusive right to purchase said bonds at par and accrued interest. It is agreed that when said bonds are ready for issuance from time to time that we shall notify you in writing to that effect, and you must exercise your option to purchase at the price within 20 days from the date when you receive written notice from us.
“The state of North Dakota contemplates the issuance during the year 1922 of bonds, home building series, in amounts not exceeding $1,000,000; said bonds are to be in denominations of $1,000 each bearing interest at 534. per centum per annum, payable semiannually. We have made arrangements to secure these bonds when issued and agree that you are to have the exclusive option to purchase the same or any part thereof which are issued, at par and accrued interest, at any time within 60 days from the time when you receive a written notice from us that said bonds are ready for delivery.
“The above option given in consideration of your having this day
