Business/Financial - Agreement with Sterling Mining and Milling Company, 31 March 1898
Salt Lake City, Utah, .
In consideration of One Dollar to each of the undersigned in hand
paid by the Zion's Savings Bank & Trust Company, the receipt of which is
hereby acknowledged, we or either of us guarantee to the said Zion's Sav-
ing Bank & Trust Company unconditionally the payment of the principal and
interest of that certain note dated March 31st 1898, in words and figures
as follows, to-wit:
$96,533.44 Gold.
Salt Lake City, Utah, March 31st, 1898.
On demand, after date, for value received, The Sterling Min-
ing & Milling Company promises to pay to the order of Zion's Savings Bank
& Trust Company, of Salt Lake City, at its banking house, Ninety-six thou-
sand five hundred and thirty-three & 44/100 Dollars, in U.S. Gold coin,
with interest payable on demand at the rate of eight (8) per cent per
annum from date until paid, having deposited as collateral security for
the payment of this note, and of any and all claims, demands or other in-
debtedness due or not due by us to said bank at the maturity of this note
150 first mortgage bonds of the Sterling Mining & Milling Co., dated
July 1, 1896, payable July 1st 1901 with interest at 6 per centum per an-
num from date until paid, interest payable semi-annually, which said
bonds are numbered from 1 to 150 respectively and are secured by deed of
trust recorded in Book C of mortgages, page 378 to 392 inclusive, records
of Nye Co. Nevada, with authority to sell the same, or as much thereof as
may be necessary, at public or private sale at the option of said bank,
on the failure to pay either principal or interest on any of said claims
when due, and without notice, and with the right of said bank or the hol-
ders of this note to become purchasers at such sale. If this note is
placed in the hands of an attorney for collection, we agree to pay ten
per cent additional as an attorney's fee. In case default be made in
payment of interest as above provided, both principal and interest shall
at once become due and payable at option of holder of this note.
By order of the board
of Directors.
The Sterling Mining & Milling Co.
By Jos. F. Smith, President.
Hugh J. Cannon, Secretary.
and the payment of any and all other sum[s] of money as hereinafter limited
now due or owing to the said bank or that may become due or owing to the
said bank between the date hereof and the 31st day of July 1901 from and
by the Sterling Mining & Milling Company, a corporation.
This guaranty shall be an open and continuous one until the said last
mentioned date. The liability of the undersigned shall be for, and shall
not exceed the sum of One Hundred and Twenty-five thousand dollars and
shall be declared to be primary and shall attach at once, unconditionally
upon default by the said Sterling Mining Company.
Wilford Woodruff
Geo. Q. Cannon
Jos. F. Smith