Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-12-17
Terms Upon which ii is Proposed TO
Sell the Property.

The joint committee of the board alder.
men and common council upon the propo.
osition to sell the Navy Yard Proper.
ty," n railroad connections, has agreed
upon the following as the terms upon
which the city will agree to sell the naty.
yard property, and will make q report &C
cordingly at the next regular meeting oi
the general council.
The city of Memphis will sell the navy.
yard property for railroad purposes, sub
ject to the existing leases, and free from
all other encumbrances, upon the follow
ing terms and conditions
Flrst-The purchaser shall within one
year from the first day Of January, 1872,
take up and surrender to the city the
$500, goo of the bonds of the Memphis and
Little Rock railroad company, known as
the "Navy-yard Bonds" and secured by
the deed OF trust on the nsvy-yard prop
erty, and in the event that the said
bonds are not taken up at maturity, shall
pay all the interest that may accrue
on the said bonds after maturity.
But in case a sale Is made under the
trust deed of the navy-yard property,
before the said ~nsvY-ysrd bonds are
taken up and surrendered, then the pur-
chaser is not to have any claim against
the city for damages resulting or to re-
suit from the said sale, but ne purchaser
is to sustain or pay all sob damages.
The city IS to have the benefit Of all the
rents to arise from the existing leases of
the navy-yard property until the maturity
Of the nAvy-yard bonds, viz list July, 1872.
But, SIS soon as the n~svy-yard bonds are
so delivered by the purchaser to the city,
the purchaser shall be entitled to the
rents to arise from the ~nsvy-yard proper
ty from and sftsr the 1st day OF July, 1872.
And upon the delivery of the said navy
yard bonds to the city, the city will con-
| UnU To tho nnR0hnlar thu aafH naUu uarI
property, subject u the existing leases.
~Second-Or, instead of delivering the
said navy-ygrd bonds, the purchaser
may, in lieu thereof, on or before the Ist
day Of July, 1872, surrender or deliver to
the city $3.50 600 of any OF the outstanding
bonds of the city OF Memphis, hSsips on
them the coupons to mature on the Ist
dsy Of Jsnusry, 1873, aud the D TO
mature after that date, and or the receipt
OF the said bonds and coupons the city
will enter into an agreement to convey to
the purchaser the said nRvy-yard
property so soon as the said nsvy-yard
honda are taken up by the city.
Tbird-Or the purchasers, instead of
delivering the said n&vy-yard bonds,
may, in lieu thereof, on or before the frst
day Of July, 1879, pay 10 the city the sum
OF f2l0,0OO in cash; and on the receipt of
the said sum the city will enter into an
agreement 10 convey to the purchaser the
said nsvy-yard property, so soon as the
said nsvy-yard bonds are taken up by the
city.
Fourth-Or the purchaser, instead of
delivering the said n~Rvy-yard bonds, may
In lieu thereof, on or before the first day
July, 1872, surrender or deliver to the city
SS0O,C COO Of sny of the outstanding past due
indebtedness Of the city, or any of the
bonds of the city to mature during the
years 1872 and 1873, or portions of the said
Indebtedness n the said bonds mount
ing together to the said sum of $500, 900;
and upon the receipt thereof the city will
enter into an agreement to convey to the
purchaser the said hayward property so
soon as the said nsvy-ysrd bonds are taken
up by the city.
Ffth-In the event that the purchaser
elects TO deliver to the city the bonds of
the city under the second OF the above
propositions, or to pay tho said sum of
tzlO,OO9, under the third proposition, or to
surrender or deliver the past-due indebt-
edness or bonds Of the city. under the
fourth proposition, instead Of surrender
ing TO the city the navy-yard bonds under
the first proposition; then the CITY re-
serves the right to postpone or extend
the time for the payment ofth said navy
ysrd bonds to cult its own !~1nvenience, |
and also reserves the right to contest the
validity Of the deed OF trust made to Sc |
cure the nsvy-ysrd bonds. II 1t sees prop.
or to do 30. And, In case of the postpone
ment or extension of the time of payment
Of the n~avy-yard bonds, and also, In case
the city contests the validity of the said
deed of trust, the city. If it chooses to do
80, is to retain the title to the nsvy-ysrd
tension or pending the contest, and until
the said nsvy-yard bonds have been taken
up or delivered to the city.
Sixth-It the purchaser elects to deliver
to the city the bonds Of the city under the
second of the above propositions, or 70
pay the sum of $210, COO under the third
proposition or to surrender or deliver the
past-due Indebtedness or bonds, of the
city under the fourth proposition, instead
OF surrendering TO the city the navy
yard bonds under the first proposition.
then, and in either case, the purchaser
make known his election, and shall
notify the city thereof in writing at least
sixty 1907 days before the first day of July,
1877 snd the failure on the part of the
purchaser to so notify the city within the
said time, shall be deemed TO be an ac-
ceptance by him ofthe proposition to take
up and surrender to the city the said
nsvy-yard bonds.
Seventh-The city Will indemnify and
harmless the purchaser from All
damages that may accrue or result to him
alter the delivery 70 the city of the whole
1AASNAN vi VIZ OA1b Ol Luo CiL uu1AT L0A I
OF the above propositions, or the
payment of the said sum Of money 70 the
city under the third proposition, or the
or delivery Of the whole amount
the past-due indebtedness or bonds of
The city Under the fourth proposition, by
Or from q sale of the said navy-yard
property nde the said deed Of trust, to
secure he said nGvy-yard bonds.
But, II q sale Is made OF the said navy
ysrd property under the said deed Of
rust, before the purchaser has delivered
% the city the whole amount Of the bonds
the city under the second of the above
propositions, or has paid the said sum of
money under the third proposition, or
nas surrendered or delivered the whole
If the said amount Of the past-due indeht.
or bonds of the city, under the
fourth proposition, then, and in that
the purchaser nus himself sustain
Jr pay all b damages to result from the
laid sale, and he shall have no claim Z
the city on account thereof. I
Elghth-n tho purchaser does not COM
ply with either the first, second, third or
Of the above propositions, within :
he periods prescribed in them respect :
vely, then, and in thst case, tins city has.
md Ii hereby reserves tbs right and power
resclnd the contract Of purchase, and
leclare tbs same absolutely null and void,
Ninth-The purchaser must also agree
ind bind himself to allow all the rail-.
osds running 10 the city free access to, 4.
md the rght of way through the said I
property, without discrimina- I
ion against any. And as the
aid navy-yard property Is cold
nth the understanding that 1t is 10 j.
70 used solely and exclusively for railroad 9
urposes, thecity herebyreservesthe right,
I the said navy-yard property Il at any II
line Permanently diverted from tho said :
'uTposes, 70 resclnd the contract Of sale,