The farmer and mechanic. [volume] (Raleigh, N.C.) 1877-1885, 1881-08-11

the grantees may have paid or incurred
IN this matter. and as such aSslgnees.
He shall, prior to said demand, have
made arrangements satisfactory TO the
~a,.iynees on behalf OF the SAID compa
NJ. Ia insure the finishing OF the rail-
road of said North Carolina Railroad
C,nnany to its western terminus, at
Paint Rock. on or before the first day
of July. 1881. He shall also. before
.aid demand, execute aud deliver to
h ~assignees. or 70 the Richmond aud
D,nvile Railroad Company, his guar
antee that the traffic arrangements be
tween the last mentioned road o the
said Western North Carolina Railroad
Company, approved by said Best and
the president OF said Richmond and
Danville Railroad Company, and nov
in possession of said president, shall be
faithfully carried out by said Western
| North Carolina Railroad Company, and
shall not be changed or %annulled except
by the mutual consent of the said com
panies. He shall, on or before making
said demand, give to the asslgnees one
half of the stock designated In said act
as stock set aside for the benefit OF the
private stockholders of the Western
North Carolina Railroad Company,
which he now owns. or has the option
To purchase, and duly transfer said one
halt TO them on their paying to him
one-half of the sum he shall have actu-
ally paid therefor, being al the rate
Of about fifty thousard dollars for the
whole OF the $2l2. 800 Of private stock
in said act provided for.
Fifth. Notwithstanding anything
herein contained, the said assignee shall,
on such demand being made by said
Best. as in the fourth article of this
agreement provided for, have the OPP
ton and right to retain one half interest
in the rights, franchises, property and
estate aforesaid and to assign to SAID
Best the other half only, and to accept
from said Best one half only of said sum
of fifty thousand dollnrs aud interest,
and one half only of said reasonable and
necessary outlay and expenses IN said
lonrth article referred to. But to entltle
themselves to retain the said one halt
interest, they shall assume one halt OF
any liabilities and burdens incurred by
, said Best in respect to said Western
North Carolina Railroad, 50 that said
. ~assignees and the said Best shall be
equal shares in the property aforesaid,
/ and IN Best Obligations and burthens
IN respect thereto.
Sixth. Should the said Best be uu-
able to entitle himself to the rights pro
3 vided for by the fourth and Fifth articles
, OF this agreement, or neglect to SO, and
should the said Best lutte with the as
e slgnee5, their associates or assigns, III
building the said railroad from Ashe
=, vile to Paint Rock, he shall, even
r though all the money necessary to com
e plete said work be raised by or through
the said ~assignees and their associates
Or assigns, be entitled to five twelfths Of
+. all the preferred or common stock which
may have been received by the %assignees
] or their assigns, and of all other bene.
e fits and advantages derive from the as
r this assignment provided for, and Tho
t same shall be conveyed to him.
In witness whereof, the parties here
/ to have hereuntO set their names anC
seals the day and year first above writ
ten.
e ISigned W. J. BEST, (Seal.)
WV z. CLYDE, (Seal.)
h L. NJ. LOGAN, Seal
A. >. BUFORD, (Seal.)
Sealed and delivered in presence o
[Signed ANDREW BoArDMAN
. During the Mon,h of July, and be
y fore the '%'ninetv days" alluded to il
above agreement had expired, Mr.. Bes
notified Messrs. Clyde, Logan Buford
by letter, of his inability to raise funds
elsewhere, and as other moneys woulo
very soon be needed to obligations te
the State and carry on the work or
road, that gentleman finally induced
Messrs. Clyde, Logan and Buford tt
assume the entire contract, and entered
into the following agreement and full
assigrmelt 1t, which bears date July 3Ist
: 1880. 1t is ~ follows.
. "This agreement nude the THIRTY Frs
dag of July, Eighteen Hundred ane
Eighty, Bcttreen W. j. Best, Furtg 0
G Metirst part, and William p. Glide
I. NJ. Logan, and 4. 5. Buford
Parties Of the Second Part, Witness
y eth:
That whereas by an agreement il
q writing. bearing date the twenty-s sew
enth day OF May, eighteen hundret
and eighty, between the sid parties
certain stipuiations therein recitet
q were entered into bv said parties, unde
! which the said parties of the secon(
part undertook 70 pay and advance t.
the party Of the first part the yum 0
fifty thousand dollars for the considers
ton and purpose, and with the condl-
!, tlons and limitations as said agreemen
J set forth, which said su,n Of fifty thous
. and dollars has been paid, as therein
stipulated.
And whereas the said W. j.. Bes
: does not desire to ererctsc further ctatn
: on tie option and rights to him, the sn,,
Best, rescrcea N clauses fourth and sictl
Of sad agreement.
, And WHEREAS 1t has become necessary
} IN proper protection and furtheranc,
! OF the interest of the said w. j. Best
L in connection With the Yves ern Nortt
> Carolina Railroad, that Z further con
siderable sum Of money shall at ono,
be advanced AMI expended 10 aao
about the prosecution and completion
i, of said Western North Carolina Rail
u road to Paint Rock, which further SUI
the said Best is at present unable t,
d provide and advance for such purpose
Now, therefore, it is hereby agreed
t by and between the said parties as fol
lows:
That for and in consideration of tn,
o undertakings Of the said parties of th,
d second part, as hereinafter stated. th,
0 said ". JBest hercLy releases and &c
outs, to the SAID pafttcs of tie s.c0u,