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W <br />the qualities and incidents of negotiable instruments under the law <br />merchant and the Laws of the State of Florida. <br />The Obligations may be registered at the option of. the <br />holder as to principal only, at the office of the Clerk of the.Board <br />of County Commissioners of Indian River County, as Registrar, or <br />such other Registrar as may be hereafter duly appointed, such <br />registration to be noted on the back of the Obligations in the space <br />provided therefor. After such registration as to principal only, no <br />transfer of the Obligations shall be valid unless made at such office <br />by written assignment of the registered owner, or by his duly <br />authorized attorney in a form satisfactory to the Registrar, and <br />similarly noted on the Obligations, but the Obligations may be <br />discharged from registration being in like manner transferred to <br />bearer and thereupon transferability by delivery shall be restored. <br />At the option of the holder, the Obligations may thereafter again <br />from time to time be registered or transferred to bearer as before. <br />Such registration as to principal only shall not affect the <br />negotiability of the coupons which shall continue to pass by delivery. <br />SECTION 10. OBLIGATIONS MUTILATED, DESTROYED, STOLEN OR <br />.LOST. In case any Obligation shall become mutilated, or be destroyed, <br />stolen or lost, the Issuer may in its discretion issue and deliver a <br />new obligation with all unmatured coupons attached, if any, of like <br />tenor as the Obligation and attached coupons, if any, so mutilated, <br />destroyed, stolen or lost, in exchange and substitution for such <br />mutilated Obligation, upon surrender and cancellation of such muti- <br />lated obligation and attached coupons,.if any, or in lieu of and <br />substitution for the Obligation and attached coupons, if any, <br />destroyed, stolen or lost and upon the holder furnishing the Issuer <br />proof of his ownership thereof and satisfactory indemnity and complying <br />with such other reasonable regulations and conditions as the Issuer <br />may prescribe and paying such expenses as the Issuer may incur. All - <br />Obligations and coupons so surrendered shall be cancelled. 'If any <br />such Obligation or coupon shall have matured or be about to -mature, <br />instead of issuing a substitute obligation or coupon, the Issuer <br />may pay the.same, upon being indemnified as aforesaid,.and if such <br />21977 <br />-7- <br />wx 31 X51- <br />