The New era. [volume] ([Portsmouth, Va.]) 1845-1847, 1845-08-09


to new Company, which must necessarily he
effected at very low price, SO that the large pc
cuniary interest of the State of Virginia in said
Road, must in any event. be almost wholly LOST, !;
and 1t such new Company he organized. il will
most probably, he by residents of this State
and her interests in the upper Rail Roads will be
greatly impaired in value. And whereas, it is of
great Importance to the Stockholders in the Pc
terShurg Rail Road Company. of which the State
is to the extent Of 1925, 500, to prevent the
completion of any such plan as is above specified ::
and the said Rlves being willing, for reasonable
compensation. 10 prevent his portion of the said
Road from being used with his consent for the
purposes aforesaid. the following stipulations have
heen agreed upon by and between the parties Ia
these presents:
The Petersburg Rail Road Company hereby
agrees To pay To Francis e. Rives the sum of
sixty thousand dollars. (S60.000,) in the follow
ing manner: Two thousand five hundred dollars
on the frs, day Of September next. and the same
sum every three months thereafter. until the sum
of twenty thousand dollars shall have been paid To
him twelve hundred and fifty dollars every three
months after that time. until the sum of ten thon.
sand dollars more shall have been paid and after
that period. hundred and fifiy dollars every
three months. until the whole sixty Thousand dol.
lars shall he fully paid. Provided that during
the whole period aforesaid that part of the Ports
r
chased bv him from Weldon To Maroare,tsville.
and the Weldon Bridge. shall remained unused
as n Rail Road for the Iranspor,a ton of persons
and produce but in case the said Road and BRIDGE
shall be so used, then from the dav when they or
either oi them shall he SD used fnr Rail Road pur.
poses, the payments aforesaid shall cease. Bn,
in case the said Rail Road shall be put in ordina
~ operation. by any legal proceeding, or beinp in
operation shall be the subject of any legal pro.
hon -.
terminate by decision in favor of the said Riyes's
rights, the payments To him shall recommence
and be continued until the said sum of sixty thon
sand dollars shall he paid aforesaid without in
teTest; and provided also that if any other Rail
Road he constructed to connect the Portsmouth
Rail Road with any point on Roanoke river.
then the said payments shall utterly cease. from
the time when such other Road shall he used for
Rail Road purposes. And in case the Weldon
Bridge shall at any time within three wears he
sold under mortgage held on il by the State Of
North Carolina. then the Petersburg Rail Road
Company agree to advance and paw tn the said
Rives in case he shall be the purchaser thereof
as much money rs will be sufficient to satisfy the
debt interest and expenses due the State under
the said mortgage: and upon the purchase of The
said Bridge by the said Rives. which he hereby
binds himself to do, if required by the PETERSBURG
Rail Road Company. the said Company shall he
entitled TO one mOiety of the said Bridge with
all the appurtenances, rights and ADVANTAGES he
longing 10 and arising from the same and the
said Rlves shall he entitled to the other moiety
thereof. Provided, that if a Rail Road from
Weldon TO the Portsmouth Rail Road be then in
regular use and operation this article shall be of
no effect
In case the said Rves shall sell the said
Road excepting the iron, or the same shall he
by any legal means condemned for the purposes of
Rail Road, then it is agreed that the price or dam
ages allowed to the said Rives shall be applied in
the first instance to satisfy the said sum of sixty
thousand dollars, or much as shall remain nm
paid, and if the whole shall have been paid to the
said Rives then the said Company shall receive
the amount which it has paid, without interest
and so if the whole shall not have been maid bv
the Company. then after the debt to Rives shall
have been paid, the Company shall be reimbursed
without interest the amount paid by it, provided
the amount OF such damages, price, be sufici.
ent for that purpose and if the same be more than
sufficient, then The surplus shall be paid one mole
ty to the said Rves, and one moiety to the said
Company.
1t is understood that nothing contained herein
shall be so construed as to prevent the said Riyes
from dispOslng of the iron and spikes contain
ed in said Road for his sule use and benefit.
1t is also understood that this contract shall he
binding on the Company until special meeting
of the Stockholders can be assembled to ratiCv n,
reject it.
Witness, the hands and seals of the parties IN
this contract this 18th day of June. 1915
(olgned) FRANCIS E. RIVES,
II. ID. BIRD,