The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1871-06-29


provided however, that the lessee may sell or
otherwise dispose OF such Of the floating stock as
in its Judgment, may not be necessary or required
Fifth The said lessee shall keep up the sinking
funds of the said lessons so ar as the latter are by
law or contract bound to do, and shall moreover
pay all the debts and obligations OF the said lesSors
or either OF them, as they shall become due
Sixth. The United Companies aforesaid, parties
lessons hereto, shall. when and as their several
loans shall respectively become due and payable
upon request, deliver to the said lessee a CORE
spending amount of the bonds secured by the in
denture of mortgage OF said lessons upon the main
lines of their respective works in New Jersey
bearing date the 10th day Of April AnHo Domin
1871, with which TO pay of and extngulsh the said
loans respectively and If the avails OF the bonds so
secured by the said mortgage shall be greater than
their par value the excess shall nure to the bene-
fit of the lessee; but If they shall be insufficient for
the lessee. The difference between the aggregate
amount needed for the payment as aforesaid of
the said several loans and the amount OF bonds
authorized to be issued by the terms of the said
mortgage shall be delivered TO ard as required by
the lessee, to be applied only 70 permanent ad-
ditional improvements upon the property hereby
Sseventh The title to all canals and railroads
hereafter to be acquired by the said lessee, to be
worked and operated by it between philadelphia
and New York, and all new locations of the
demised canal and railroads, with their inn
pTovements and appurtenances, shall be taken in
the names of the said lessons, or some or one of
them. that is to say, if in the said State of New
Jersey and for railroad purposes, and in or north
of the said city of New Brunswick, in the name
OF the New Jersey Kaiiroad and Iransporta;
south OF New Brunswick, aforesaid. in the
name OF the Camden and Amboy Rail
road and Transportation Company; if in
the said State Of Pennsylvania, in the name of
the Philadelphia and Trenton Railroad Company;
and if for canal purposes, in the name of the Della
ware and Rartan Canal Company. All such rail-
roads and canals so hereafter to be acquired shall
be M subject to this his lease as if the same had org
rent shall be paid therefor to the said lessons.
Eighth. In order to aid in the development of
the property known as Harsimus Cove situate in
Jersey City aforesaid in such manner the lessee
shall deem suitable or expedent for its present or
future business wants, the said United Companies
lessons shall and WILL at the request of the lessee
issue and deliver to the latter, from time to time
shares of stock OF their respective companies in
seven insalments of three thousand shares the one
instament of fifteen hundred shares, in the propor-
ton of their present respective capital stocks; pro-
vided always however, that before the first Of the
said instalmeDts shall be so issued and delivered
the sum of four hundred thousand dollars shall
have been expended by the lessee in the develop
ment and Improvement of the said property and
when and as often as an additional sum OF four
hundred thousand dollars shall have. been so ex.
and will issue and deliver aforesaid the other
instalments of three thousand shares of such
stock respectively, and when the further sum of
two hundred thousand dollars shall, have been so
expended, the said United Companies lessons shall
and will issue and deliver as aforesaid the final in.
stalment of 6fteen.hundred shares of such stock;
and when the whole OF the said twenty-five thouS-
and five hundred shares shall have been so issued
no further or additional stock of any of the c0Tpo-
ratons lessons shall thereafter be issued by them
and as often as the said instaments of three
respectively shall be issued and delivered to the
lessee, the latter shall and WILL in consideration
therefor pay unto the said essors yearly and every
year during the said term, an additional rent or
sum of thirty thousand dollars for each install
ment Of three thousand shares, and of fifteen
thousand dollars for the final instalment of fifteen
hundred shares, lawful money OF the United States
in equal quarter-yeary payments. on the aforesaid
lst day OF the months OF July, October, January
and April, in each and every year during the said
term; the first quarterly payment thereof to be
made on the first day OF the quarter next succeed
the said issue and delivery of the said
ents OF shares as aforesaid the said rent to be also
free and clear of and from all taxes charges and
SeSSmentS whatsoever now existing, or hereafter
to be imposed, by lawful authority, upon the said
corporations lessons, their respective franchises
Unted s3eies mo sad a Hah Tent o1 we Ss
converted into dividends by the said United Com
paneS lessons upon the said shares, shall also be
paid at some convenient place in the said city of
Philadelphia to be designated from time to time
lessons in the city of New York as may from time
to time be designated by them or any of them.
Ninth The said lessee assumes all the contracts
agreements, obligations, leases, guarantees and
liabilities OF the said lessons and each of them;
and all the benefit to arise therefrom shall nure to
the said lessee. No future merger or consolidation
between the said lessee and any corporation
whose works have been leased to any of the
said lessons shall, in the event OF re-entry
by the said lessors as hereinafter provided,
eXtinguish or impair the rights under the
full force as though these presents had not been
made.
Tenth To enable the said lessons to keep up and
maintain their corporate organizations. the said
lessee shall pay Semiannually to the said eSSorS
on the fyst Tuesday of July and January in each
year, the sum of i've thousand dollars, the first
seinannual payment to be made on the first Tues,
day of July A. ID. 1871, and shall and will defray
the expenses incident TO the payment OF said dlyi-
suitable offices in the cities of Philadelphia Tren-
ton ard New York for the accommodation OF the
directors and officers OF the said corporations les
sors.
Eleventh. Such real and personal property of the
lessons or either of them as shall in the opinion of
the lessee be necessary Tor the OF the said
canal railroads, or for the protection OF the in
terests of the said lessons therein, including the
floating stock hereinbefore authorized to be sold
or otherwise disposed Of may, with the consent OF
the lessons respectively from time to time be sold
and the said lessOrS or either Of them, shall unite
in the execution of proper conyeyanceS and as
surances therefor, without liability on the part Of
chase Money The proceeds Of ali such sales shall
he applied at the option OF the lessee either TO the
permanent reduction OF The funded debts OF the
| said essors either of them, or to permanent
additional improvements upon the property hereby
| demised.
| lessee OF the works aud property, which form the
SUBJECTS of this lease and OF the business thereof
| SHALL at all reasonable hours and times, be open
to the inspection and examination of the president
presidents OF the said lessons, and each of Jhen
| and of such other person or persons as the said
lessons SHALL from time TO time, by resolution OF
| their directors appoint to examine the same, and
the said lessee shall, at its own proper cost, an
nually during the said term, furnish to the said
lessons on or before the lst day of April in each
| year, detailed statement OF the earnings, income
| receipts and expenditures OF and from the said de-
missed premises during the previous year, ending
| on the 3lst day of December, and the said works
and premises themselves shall also in like man
ner, be open to inspection and examination as
Thirteenth. In case the said lessee shall at any
| time during the said term omit to pay the rent oil
| fail to keep and perform the covenants and agree
! ments herenbefOre mentioned and provided for
and shall continue in default in the premises fol
the period of ninety days it shall be lawful for the
said lessors their successors and assigns to enter
into and upon the hereby demlsed premises, OF