Answer:
1. Must always have the topic (the word, name, or phrase that tells who or what the paragraph is about)
2. Must always be a complete sentence by itself (even if you were not able to read the rest of the paragraph)
3. Must be a sentence that summarizes the details of the paragraph
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I think that It's being used as a reflexive pronoun. "Jolly band of pirates" and "we."
Hope this helps! (: