Daily globe., 1883-08-06
THE HOTEL BONUS.
A List of the Subscribers to the Hotel
Fund and the Amount GiYen by Each.

The following is the contract made by
the citizens with Dennis Ryan, and the
subscriptions thereto:
WHEREAS, The citizens of st. Paul, in the
State of Minnesota, are desirous of securing to
have built within said city large and commo-
dious hotel, which shall be first-class in every
respect, and for this purpose are willing to aid
in the construction thereof by the way of a
bonus, amounting Ii the aggregate to S2O0,000;
and
WHEREAS, Mr.. Dennis Ryan, citizen of said
city, is willing to undertake the construction
thereof in consideration of said bonus:
Now, THEREFORE, This agreement made be-
tween said Dennis Ryan, party of the first part.
and such of the citizens and property owners of
said city as shall sign this contract, parties of
the second part;
Witnesseth: That said first party. in consid-
Grafton of bonus of two hundred thousand
dollars, to be paid him by the second parties as
hereinafter set forth, hereby agrees to and with
the second parties, as follows, to-wit:
First. That he will construct, or procure to
be constructed within the city OF st. Paul, Ram
sey county, Minnesota, large and commodious
building, to be used as a hotel forever, which.
with the necessary ground upon which it stands.
shall cost not less than seven hundred and ffty
thousand dollars, and that the building itself.
exclusive of the real estate, shall cost not less
than six hundred thousand dollars. and that said
building shall be built In all respects substanti-
ely according to plans and specifications which
shall be submitted to and approved by a com
mittee hereinafter provided for in this contract
Second. That he Will commence the con-
struction of said building on or before the first
Cay of September, 1888, and prosecute the con-
structlon thereof with such 7igor as to complete
the same on OF before the first day of Septem-
Der, 1885. 1t being expressly provided, how
ever, that the failure of the first party to have
some of the details of said building completed
upon that day, shall not invalidate his claim to
the bonus if the committee hereinafter named
shall decide that said first party has prosecuted
his said work under this contract in good faith.
and that said building is then substantially COM
pleted.
Third. 1t Is further expressly provided end
agreed that this contract shall not be binding
upon the first party except at his option, unless
the full amount of said bonus, to-wit, two hun
dred thousand dollars, be subscribed by respon-
si5le parties or before the Goth day of April,
1888. In consideration of the premises, the
parties of the second part, each for himself. and
not for each other, agrees that on completion Of
said hotel building by the first party in all re-
spects according to the terms of this contract
within the time herein specified, he viii pay to
said first party, his heirs and assigns, the sum
set opposite his name by him.
WHEREAS, 1t is the intention of both parties
to this agreement, that a bonus OF two hundred
thousand dollars in cash shall be actually paid
to said first party, and,
WHEREAS, 1t is probable that some of the
subscribers by the time that said subscriptions
shall become due, shall not be able to pay their
subscription, therefore it is agreed that this
contract shall not be binding upon the first par
ty until two hundred and fifty thousand dollars
shall be subscribed by the second parties, but
not more shall be collected of each party than
shall be necessary to make his proportion of
two hundred thousand dollars.
1t is hereby agreed by both parties that J A.
Wheelock, p. II. Kelly, J. B. Sanborn, VIM
Lindeke, Thomas Cochrane Edward Langevin
and A. B. Stickney shall constitute COM
mlttee of arbitration, to whom all questions of
dispute arising out of this contract between the
parties thereto shall be referred, and the de-
cision in writing of said committee, or major
ity thereof, shall be final and conclusive be-
tw cen the parties hereto.
Witness the signatures Of the respective par
ties hereto. DENNIS RYAN,
Party of the first part
The above is a copy of an agreement entered
into between Dennis Ryan, party of the first
part, and certain citizens of the city of St. Paul,
and we, the undersigned, hereby subscribe to-
ward the bonus mentioned therein to the extent
of the sums set opposite our respective names,
subject to all the terms and conditions thereof.
J J Hill go. .... 900 Dawson & Smith