Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1882-07-20
PROPOSED RAILROAD LEASE.

The following is copy of the proposed con-
tract by which Gen. Imboden. as the represen-
tative of Northern Syndicate, proposes to
lease or purchase so much of the unfinished
portion of the Chester and Lenoir Railroad as
lies between the towns of Newton and Lenoir,
in the State of North Carolina. a special
meeting of the stockholders of the Chester and
Ienoir Railroad will be held in the town OF
Lincolnton, N. g., on Wednesday next, 26th
instant, for the purpose of considering the
proposition, with view to it's acceptance OF
rejection
Memorandum of agreement made and en-
tered into, this the fifteenth day of July, A. d.
1882, between John D. Imboden, of Virginia,
of the first part, and the Chester and Lenoir
Narrow Gauge Railroad Company of the Sec
ond part, witnesseth:
That the said Imboden, acting on his own
behalf and his associates, an incorporate Syn
dicate of citizens of New York and Pennsyl-
vania, hath this day bought from said Railroad
Company so much of it's uncompleted line of
road as lies between the towns of Newton and
I.enoir in the State of North Carolina, to-
gether with all franchises, rights, rights OF
way, excavations, embankments, masonry and
all property and corporate rights, powers and
franchises of said Company, belonging to and
appertaining to it, between the said towns of
Newton and I.enOir, upon the following terms
and conditions, that is to say
The said Imboden, his associates or assigns,
shall, within four months from the date of the
ratification of this contract by a special meet
ing of the stockholders of said Company, Ito
which it is to be submitted for ratification be-
fore becoming valid as to said Railroad Com
pany,) commence work, with an adequate
force, upon that part of the line so purchased,
lying between the towns of Hickory and l.e-
noir, in the State of North Carolina, and
shall complete and have the same in operation
for the transportatio ion of passengers and freight
within eight months from the time work is
so commenced and said Imboden, his asso-
cates or assigns shall, by further construction
or otherwise, effect, secure and complete a
connection with said Chester and Lenor Rail
road at Newton, within twelve months after
the party of the second part shall have COM
peted its track to the said town of Newton
and put and have the same in fulOperation to
said town.
And if the party of the first part adopts and
constructs any other than three foot gauge
upon the line from Newton to I.enoir, a third
rail, giving a three-foot gauge, shall be laid
thereon, if the same be required, by the party
of the second part and the actual cost of tile
same be paid by the said party OF the second
part.
If the said Imboden, his associates or as
signs, shall fail to commence work within the
time aforesaid and complete and put the SAID
road in full operation within the time above
specified unless their work has been stopped
or delayed by litigation or accidental causes,
or combinations or distractions beyond us
reasonable control) then this contract OF sale
and conveyance shall become null and Vold,
and said Imboden, his associates or assigns,
shall forfeit all work done by them on said
line, and the same shall revert to said Railroad
Company without any claim on the part OF
said Imboden, his associates or assigns, at law
or in equity, to any right, interest or property
therein, or to any part thereof:
1t is further agreed that said Imboden, his
associates or assigns, shall pay to sad fall-
road Company, annually for the period OF nine.
ty-nine years from the period of completion or
said line of road, the sum Of two thousand dol
lars each year as the consideration OF thls
agreement said payment not to commence
until twelve months after the completion OF
said part of the line sold and conveyed. But
should said Imboden, his associates or assigns,
at any time hereafter prefer to pay sum III
gross in lieu of the annual payment herein pro-
Yided for, they shall be at liberty to discharge
said annual payment, by paying sad HallroaG
Company the gross sum of thirty-three tnousanu an
three hundred and thirty-three dollars S33,335)
payable either in money or in first mortgage
bonds of the Watauga and Caldwell kallroad
Company, latter it's cOmpetiOn) or sucn other
company as may own said line i'll its place ana
stead the said annual payments to be charge
on the property, rightsand franchises sold ana