The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-05-24
THE GREAT RAILROAD LEASE.

The Terms On which Pennsylvania Is to
Gobb.e Up Little Jersey.
The following Is tile draft OF the covenant between
the Pennsylvania Central and the United Railroad
Companies OF New Jersey to be voted upon by the
stockholders OF the latter
L. The lessee to pay the rent during the
term, future action Of any Of the cor
poraons their stockholer and, IN order to secure the
right given him prosecute such suits be
ss 70 5ecessa ms h n Of Tie os fo
that purpose this provision II desired to be endorsed
H. The pay all taxes, transit duties and other
charges Imposed the lessons during the said
Ill The lessee to defend ali actions and all amounts
them from all claims, &c, during the said term
~ The lessee to maintain and operate the demised works
working and con ion, July supplied with rolling and
used so that the ac shall encouraged
developed and full pubc accommodation given on reason
" keep up sinking funds of the lessons.
all their debts and obligations they shall be-
vi As the several loans of the lessons shah become due
they deliver 10 the lessee corresponding number OF
the bonds ,ecqed BY the mortgage Of AI 60 1871 whereby
by the lessee The dieeaee between the total funded in
mortgage to be applied only to permanent improvements
VII The title of afrrel uired property to be taken in
the Of the lessons respectively and such property be-
Viii. To aid the development of the "narsmus Cove"
property the lessons whenever the lessee shall have spent
shares Of their stock aud from time until ~ 900 01
shares of stock issued No other further stock to be
thereafter issued by tie The stock issued to bear
the rate of rent the stock and to DC paid In
like manner, clear OF all taxes.
TX The all contracts, liabilities and
other obligations the lessons. All rights under existing
leases to full force In the event OF the future re-
entry by the lessons. -a,.
X The pay $4,000 year. to enable the lessons to
p pssP up sns se @ads " I aaa to Tod
oces Philadelphia, Trenton and New York Tor the ac
of The directors and officers OF tho esors
XXI. Such properly Of the essors rs may nov %
necessary works with lhelr ASSENT
be sold and the proceeds applied either 10 the
reduction funded debt or to permanent alusonA H-
provemonts on the works. -, =. =. .. a. A.. ,a.ror
lion OF tbe president and officials OF the essorshe lessee
to furnish Annually, before April Debated state
ent Of the previous eniins December
All and The works themselves TO be likewise
open 10 inspection and examination -, III
XIII In case default continued Tor nineteen days. in
pavnc the rent or performing these covenants aud
cnts the lessons TO the right to reenter thu
premises TO hold their original estate the rent to be
appooned to the time of entry no claim for damages
r6or breach OF covenant to be affected thereby.
OF the term the lessecs TO receiver the
works and premises TO the lessons
XIV Covenant for further assurance.
AV bind both parties their successors
To the lease proposed the assent OF wothrds
of The entire stock each Of the three companies composing
the uniei Companies required Tue capital OF the New
Jersey Railroad represented BY 6boV shares consequently
the 67 shares must be given hc capital OF ths
Camden represented BY 5uO0 shares, requir
ine for apr the OF 1881 shares The capital
the Delaware and Raritan Canal Represented by Gy4
shares. requiring for approval Vie assen 81 SSl shs"