Laurence, five per cent to be deducted for highways and all lakes whose area exceeds one thousand acres, to be also deducted, for which after the above deductions, I will give eight pence per acre, to be paid in tlie following manner, to wit : One sixth part of the purchase money at the end of one year from the day on which this proposal shall be accepted, and the residue in five equal annual instalments on the same day, in the five next succeeding years. The first payment to be secured by bond, to the

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IN THE STATE OF NEW- YORK. 1071

satisfaction of your honorable Board, and if paid on the time limited and new bonds to the satisfaction of the board executed for another sixth of the purchase money, then I shall be entitled to a patent for one sixth part of said tract, to be set off in a square, in one of the corners thereof, and the same rule to be observed as to the payments and securities and grants or patents, until the contract shall be fully completed. But if at anytime I shall think fit to anticipate the payments, in whole or in part, in that case I am to have a deduction on the sum so paid, of an interest at the rate of six per cent, per annum, for the time I shall have paid any such sum before the time herein before stipulated. I have the honor to be, gentlemen,