in each year, but only upon presentation and surrender of the respective interest coupons hereto attached as they severally mature.

Taxes and assessments.

All payments on this bond, both of principal and interest, shall be made without deduction of any tax or assessment which the said obligor, or its successors or assigns may pay or be required to pay, deduct, or detain under any law or regulation heretofore or hereafter enacted by the United States or any political community whatsoever.

Description of bond.

This bond is one of a series of two hundred (200) of like form, tenor, effect, amount and date, and numbered consecutively from one (1) to two hundred (200), both inclusive, which said series of bonds is limited in amount to two hundred thousand dollars ($200,000.00) and issued in pursuance of and in accordance with the terms of and is secured by a certain trust deed or mortgage of even date herewith, duly executed by said. obligor to the National Trust Company, as trustee, conveying by way of security the property hereinafter described, to wit: (Insert description of property.)

Authority to issue.

This bond and said trust deed or mortgage securing the same were duly authorized by the stockholders and board of directors of the obligor company at meetings of said stockholders and directors, respectively, duly conveyed and held at, on the -day of A. D. 19—.

Default-Sale of securing property.

In case of default in payment of the principal, or any instalment of interest due hereunder, for a period of six months after the same shall respectively mature, the property secured by said trust deed or mortgage may be sold and the proceeds applied toward the payment of this series of bonds in the manner specified in said trust deed or mortgage. No recourse shall be had for the payment of the principal or any instalment of interest of or upon this bond against any stockholder, officer or director of the obligor company.

Transfer.

This bond shall be transferable by delivery, unless registered in the owner's name on the books of said National Trust Company, such registry being noted on the bond by said trust com

pany, after which no transfer shall be valid, unless made on the said books and likewise noted on the bond; but the same may be again made transferable by delivery by being registered on said books in the name of bearer. Registration, however, shall not affect the transferability of the coupons hereto attached by delivery merely; and the payment to the bearer of any of such coupons shall discharge the obligor in respect to the interests therein mentioned, whether the bond shall have been registered or not.

Certificate of trustee.

Neither this bond nor any coupon or interest thereon shall become or be valid until authenticated by the certificate indorsed hereon, duly executed by the said National Trust Company, the trustee named in said trust deed or mortgage.

In Witness Whereof, the obligor company has caused these presents to be signed in its corporate name by its president and its corporate seal to be hereunto affixed, attested by its secretary, and coupons for such interest, bearing the engraved facsimile signature of its treasurer, to be attached hereto, at the city of

this

day of

19-.

state of

$25.00.

This coupon for twenty-five dollars ($25.00) gold coin of the United States of America, is payable to bearer on the 1st day of, A. D. 19-, at the office of the National Trust Company, in the city of without deduction for taxes for six months' interest due on that day on its one-thousanddollar, twenty-year five Per Cent. Gold Bond No., subject to the terms of said bond and the trust deed or mortgage therein mentioned.

By

-COMPANY.

Treasurer.

Six years after date, for value received, the undersigned promises to pay, at the office of the United States Trust Company of Detroit, trustee, in the city of Detroit, Michigan, to the bearer, or if this bond is registered, then to the registered holder hereof, the sum of in gold coin of the United States of America of the present standard of weight and fineness, or its equivalent, together with interest from date at the rate of five per cent. per annum, payable semi-annually, in like gold coin, or its equivalent, and with interest after maturity until paid at the rate of six per cent. per annum, payable semiannually, in like gold coin, or its equivalent.

Number and amount-Security.

This bond is one of a series of bonds numbered from one to four hundred fourteen, both inclusive, of even date herewith, amounting in the aggregate to the sum of one hundred thousand dollars ($100,000.00), all of which bonds are equally secured by second mortgage bearing even date herewith, made by the undersigned to the United States Trust Company of Detroit, of Detroit, Michigan, as trustee, to which trust mortgage reference is hereby made for description of the property, the nature and extent of the security, the rights of the holders of the bonds under the same and the terms and conditions under which the bonds are issued and secured.

Registration.

This bond shall pass by delivery, unless registered in the owner's name on the registration books kept at the office of the United States Trust Company of Detroit, of Detroit, Michigan, trustee, but after registration, no transfer shall be valid except on said books, unless the last transfer be to bearer, which shall restore transferability by delivery, but this bond shall con

tinue subject to successive registrations and transfers at the option of each holder.

Authentication.

This bond shall not be valid in the hands of any person unless authenticated by the certificate of the United States Trust Company of Detroit, trustee, or its successor in trust, indorsed on the back hereof.

Voluntary redemption.

This bond may be paid before maturity upon payment of accrued interest and one hundred one per cent. of the principal; provided such redemption and payment shall be made in the manner provided in said trust mortgage.

In Witness Whereof, has caused this bond to be executed by its president or vice-president, and attested by its secretary, and its seal to be hereto affixed, and the coupons hereto attached to be executed by the facsimile signature of its treasurer, at Detroit, Michigan, as of the day and year first above written.

Second Mortgage Seven Per Cent. Serial Gold Bond. Young Women's Christian Association of Los Angeles, California, hereinafter called "the Association," a corporation organized and existing under the laws of the State of California and having its principal place of business in the city of Los Angeles, county of Los Angeles, State of California, for value received hereby promises to pay to the bearer hereof, or if this bond be registered to the registered holder hereof, on the

day of, 19-, at the Head Office of Security Trust & Savings Bank, in said city of Los Angeles, dollars ($- -) in gold coin of the United States of America of or equivalent to the present standard of weight and fineness, together with interest thereon from the date hereof at the rate of seven per cent. per annum, payable semi-annually in like gold coin at the same place on the first days of December and June of each year in accordance with and on presentation and surrender of the interest coupons hereto attached as they severally become due, without deduction from either principal or interest for any taxes, assessments or other governmental charges that the association may be required or permitted to pay thereon or retain therefrom under any present or future law of the United States of America, or of any state, territory, county, municipality or other taxing authority thereunder, except taxes on gifts or inheritances and any excess of Federal Income Tax or taxes over two per cent.

This bond is one of an issue of two hundred fifty Second Mortgage Seven Per Cent. Serial Gold Bonds of the association, all of like date, interest rate, denomination and tenor, except for the variations necessary to express their numbers and maturities. Said bonds are two hundred fifty in number, are of the denomination of one thousand dollars ($1,000.00) each, and are numbered consecutively from 1 to 250, both numbers inclusive. Said bonds are due and payable serially on the first days of June of each of the following years, to wit: Bonds numbered 1 to 50, 19-; 51 to 112, 19-; 113 to 175, 19—; 176 to 212, 19; and 213 to 250, 19-. All of the foregoing bond numbers are inclusive.

All of said bonds are issued or are to be issued under and are equally secured by and are subject to the terms and conditions of the second mortgage or deed of trust dated as of 19-, duly executed and delivered by the association to Security Trust & Savings Bank, as trustee, to which mortgage or deed of trust reference is hereby made for a description of the properties mortgaged or deeded in trust, the nature and extent of the securities, the right of the holders of said bonds under the same, and the terms and conditions under which said bonds are issued and secured.

In case an event of default as defined in said mortgage or deed of trust shall occur, the principal of all of said bonds, including this, may become or be declared due and payable in