ment and delivery to him by the Comptroller, at the rate of thirty cents per acre in lawful money of the United States, and at the same time depositing with the Comptroller stocks or bonds to be approved by him, to an amount equal to an additional thirty cents per acre, as security (for the fulfillment by said party of the second part of the conditions of this agreement, on the fulfillment of which such stocks or bonds shall be returned to said party of the second part).

2d. That whenever any parcel of scrip, sold and delivered to the said party of the second part under and by virtue of this agreement, shall have been located by him, or his agents, the said party of the second part hereby agrees that he will, without delay, furnish to the Commissioners of the Land Office of this State, or to some member thereof, to be designated by a resolution of the Board, a full and complete list, and description of the land so located.

And said Board of Commissioners shall, within at least sixty days thereafter, and from time to time subsequently, as may be found. expedient, affix to each quarter section, or fractional part thereof, a minimum valuation at which the same may be sold by said party of the second part; and said party of the second part further agrees that he will from time to time, whenever required by the Commissioners of the Land office, render for their information to the Comptroller, a full, just and true account of all sales made by him, and will pay into the Treasury of the State the whole of the net profits arising therefrom, which shall be ascertained by deducting from the gross receipts on sales, the original cost of thirty cents per acre, the cost and expenses attending the location and management of said lands, the taxes assessed and paid on the same by the party of the second part, and the interest at the rate of seven per cent per annum, on the several amounts actually expended for such purposes. But it is expressly agreed by the party of the second part, that he will not sell any portion of said lands at a price below the minimum valuation thereon, which may from time to time be fixed by the Commissioners of the Land office.

3d. That the foregoing stipulations and conditions shall apply to each and every parcel of scrip assigned and delivered to said party of the second part, under this agreement, and the Comptroller shall defer or suspend further assignments and deliveries of scrip whenever the party of the second part fails to perform such stipulations

and conditions, in respect to any scrip sold and delivered to him, until they have been complied with.

4th. That as often as, and whenever the party of the second part shall furnish a description of any of the lands selected and located by him under and by virtue of said scrip, he shall immediately execute a mortgage thereon to the people of this State, to be approved by the Attorney General, conditioned that the said party of the second part will fully keep and perform, each and every of the terms and conditions which by this agreement he is required to do, keep and perform. And this agreement is declared to be a continuing agreement, and a suit or suits at law, or in equity may be from time to time instituted and maintained thereon and upon any or all of said mortgages, for any violation of such terms or conditions, whenever such violation may occur.

Said mortgages shall be delivered to the Comptroller, or to the Commissioners of the Land Office.

5th. That whenever the party of the second part shall sell or dispose of any portion of the lands acquired by him under this agreement, and pay into the treasury of the State the net profits resulting from such sales after the deductions herein before mentioned and provided for, the parties of the first part shall execute and deliver a full and sufficient release of the portion sold from the lien of the mortgage, so that a clear title can be vested in the purchaser or purchasers.

6th. That of the moneys arising from sales made by the party of the second part, and paid into the State Treasury as herein provided, a proportion equal to thirty cents per acre shall be added to and form a part of the fund, known and distinguished on the records of the Comptroller's office as the "College Land Scrip Fund," and the remainder shall constitute a separate and distinct fund, to be known as the Cornell Endowment Fund, the principal of which shall forever remain unimpaired, the income to be from time to time, and as the same shall be appropriated by the Legislature, paid over to the Trustees of the Cornell University to be by them devoted to the purposes of the Institution.

7th. That the said party of the second part further agrees to purchase the whole of the aforesaid scrip, and select and locate land under and by virtue thereof, and execute mortgages thereon, as hereinbefore provided within four years from the date hereof, and that he will sell the said lands and pay the, net profits arising from such

sales, into the treasury of this State within ten years from the date hereof, and that until the same shall be so sold and the net profits so paid, he will pay all taxes which may be assessed thereon, and preserve and maintain a title thereto unimpaired, to which the liens created by said mortgages shall attach.

And if any event shall occur making it needful for the people of this State to incur any expense to preserve the lien of said mort. gages, the same shall be paid by the party of the second part, and payment may be enforced against him personally and by the foreclosure of any or all of said mortgages.

And if, after the expiration of the period herein before fixed, any of said scrip shall remain with this State, or any of said lands shall remain unsold, the said scrip shall revert to the people of this State, to be sold to such persons, and for the benefit of such institutions, as under the act of Congress donating such scrip, the Legislature may designate; and the said mortgages may from time to time be foreclosed and the lands covered by the same may be sold for such prices as they may bring at public sale, without any liability to the party of the second part, for deficiencies or the inadequacy of the proceeds to reimburse him for the cost of said scrip, or expenses incident to the selection, location, or management of said lands or taxes thereon.

The Lieutenant-Governor offered the following resolution:

Resolved, That the draft of the agreement between the Commissioners of the Land Office, of the one part, and Hon. Ezra Cornell of the other part as above read, be engrossed and with the approval of the Comptroller executed on the part of the State by the Deputy Secretary of State, as ex-officio Secretary of the Commissioners of the Land Office, upon its due execution by Hon. Ezra Cornell on his part.

On motion, the resolution was adopted.

At a meeting of the Commissioners of the Land Office, held September 18, 1866:

Present-Lieutenant-Governor, Comptroller, Treasurer, AttorneyGeneral, State Engineer and Surveyor,

The Comptroller offered the following resolution:

Resolved, That the resolution of this Board, adopted July 24, 1866, providing for the execution of an agreement with the Hon. Ezra Cornell for the sale to him of the College Land scrip, held by this

State, be rescinded, and that in lieu of said agreement, this Board accepts the modified agreement this day submitted, and the Deputy Secretary of State, as ex-officio Secretary of the Commissioners of the Land Office, is hereby anthorized to execute said last mentioned agreement upon the due execution by Hon. Ezra Cornell on his part. On motion, the resolution was adopted.

This agreement made this fourth day of August, eighteen hundred and sixty-six, between the People of the State of New York, through their Commissioners of the Land Office, acting under and by virtue of chapter 481 of the Laws of 1866, of the first part, and Ezra Cornell of Ithaca, New York, of the second part, witnesseth:

That the said party of the first part hereby agree to sell and assign and deliver to the party of the second part, all of the Agricultural land scrip now in the possession or ownership of the State of New York, consisting of five thousand and eighty-seven certificates, each representing one hundred and sixty acres, on the following terms and conditions:

1st. That said party of the second part shall receive said scrip from time to time as the same can be judiciously located, in parcels representing not less than twenty-five thousand acres, paying therefor into the Treasury of the State, on its assignment and delivery to him by the Comptroller at the rate of thirty cents per acre in lawful money of the United States, or of the State of New York, or in other good and safe stocks or bonds, to be approved by the Comptroller, and drawing not less than five per cent interest per annum, and at the same time depositing with the Comptroller stocks or bonds to be approved by him, to an amount equal to an additional thirty cents per acre, as security for the fulfillment, by the party of the second part, of the conditions of this agreement, so far as they relate to the execution of a mortgage to the State on the land to be entered and located with said scrip, on the fulfillment of which, said stock or bonds so deposited as security shall be returned to said party of the second part.

2d. That whenever any parcel of scrip sold and delivered to the said party of the second part under and by virtue of this agreement shall have been located by him, or his agents, the said party of the second part hereby agrees, that he will, without delay, furnish to the Commissioners of the Land Office of this State, or to some

member thereof, to be designated by a resolution of the Board, a full and complete list and description of the land so located.

And said Board of Commissioners shall within at least sixty days thereafter and from time to time subsequently, as may be found expedient, fix a minimum valuation by quarter sections at which the same may be sold by said party of the second part.

And said party of the second part further agrees, that he will annually and from time to time, whenever required by the Commissioners of the Land Office, render for their information to the Comptroller a full, just and true account of all sales and leases made by him, said report to be made in such form and under such oath as the Comptroller shall direct, and will pay into the Treasury of the State the whole of the net profits arising therefrom, which shall be ascertained by deducting from the gross receipts on sales the original cost of thirty cents per acre, the cost and expenses attending the location, management and sale of said lands, the taxes assessed and paid on the same by the party of the second part, and the interest at the rate of seven per cent per annum on the several amounts actually expended and liabilities incurred for such purposes. But it is expressly agreed by the party of the second part that he will not sell any portion of said lands at a price below the minimum valuation thereon, which may from time to time be fixed by the Commissioners of the Land Office, without first obtaining their consent to do so in writing. 3d. That the stipulation and conditions of this agreement shall apply to each and every parcel of scrip assigned and delivered to said party of the second part under this agreement, and the Comptroller shall defer or suspend further assignments and deliveries of scrip whenever the party of the second part fails to perform such stipulations and conditions, in respect to any scrip sold and delivered to him under this agreement, until they have been complied with.

Except, nevertheless, that stocks or bonds as security for the return and mortgage of lands located under scrip to the party of the second part, shall in no case be required when there shall remain in the hands of the Comptroller by virtue of this agreement, mortgaged lands not released, equal in quality to the scrip which may be issued to the party of the second part and remain not located and mortgaged as provided by this agreement.

4th. That as often as and whenever the party of the second part shall furnish a description of any of the land selected and located by him under and by virtue of said scrip he shall immediately exe