The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1888-07-14
PORTLAND AND ocpsNsBuRo.

with interest for the time Of such deficiency
upon the sum or sums unpaid or in arrears,
and with all damages in any wise sustained by
such breach or breaches Of covenant or agree
ment, all the estate, rights and interests Of the
said lessee, its successors and assigns, shall be
absolutely determined and forfeited, ana the
said Portland and Ogdensburg railway shall
have and hold all the said railroad property
and estate demised, and all the improvements
thereof and property substituted therefor, and
all extensions and additions thereto as here
inbefore stated, and all the income thereof, as
in and of its former estate and to its own use.
without liability to account to said lessee,
its successors or assigns, for any
of said property, estate, improvements,
substitutions, extensions or additions or income
or to refund or reimburse to said lessee, its
successors or assigns. any sum before that time
advanced, paid or applied in fulhllment or part
fulfllment of any of the covenants or agree
ments herein expressed. But if the said lessee
or its successors or assigns shall at
any time after such entry for breach
of covenant and before the ex-
piration of six months aforesaid from the de-
livery or publication of notice aforesaid, repair,
supply and make good all the deficiency and
breach of covenant or agreement for which
such entry was made, with interest as afore-
said, and with all damages in anywise sus-
tanned by such breach or breaches of covenant
or agreement then the said lessee, or its sue
cessors or assigns, shall be restored
TO the possession, use and enjoyment of
all the demised premises and i'm
provements thereof and property substituted
therefor as fully and amply, and to all intents
and purposes as if no such deficiency or
breach of covenant had occurred, and the said
nnla oh,
store, and hereby covenants that it will re-
store and yield possession as aforesaid, and
will account for and pay to the said lessee, its
successors or assigns. all the net profits and in
come received by the said Portland and Og-
densburg railway by virtue of its entry and
possession aforesaid.
10. Whereas the bonds secured by the fore
closed mortgage from the Portland s. Ogdens-
burg railroad company, dated the first day of
November, A. D.. 1871, outstanding and un
paid on the 10Th day of December, A. D..
1885, being the date of the foreclosure of said
mortgage, and the coupons thereon then due
and unpaid, form the basis of and, in fact,
constitute the capital stock of the Portland &
Ogdensburg Railway, it is mutually agreed by
the parties hereto that said stock is the stock
upon which dividends are to be paid as herein
before provided, and that no new stock of the
lessor shall be created, or its capital stock in
any manner increased, without the written
consent of the lessee.
1t is also hereby mutually agreed by the
parties hereto, that the city of Portland is the
owner of said stock to the amount of at least
two million, two hundred thousand, five hun
bred dollars ($2,200,500). on which, at least,
the lessee shall pay the rent hereinbefore re-
served OF one per cent for three
years and two per cent thereafter. Whether
the lessee shall pay the rent aforesaid upon
larger amount of stock belonging TO the city of
Portland than that above stated acclaimed by
said city. shall depend upon subsequent adiudi-
cation or agreement of the parties as to the val
id;ty OF the citys title to an excess of said
stock above said amount of two million, two
hundred thousand, five hundred dollars (S2,-
0,600.)
And if such adjudication or agreement
shall be in favor of the claim of the
city of Portland to larger amount of
said stock than the sum above stated
the said city, as the holder thereof,
shall be entitled to receive all dividends on
such excess Of stock above two million, two
hundred thousand, five hundred dollars,
($2,200,5 5000 accruing after the date of this
lease precisely as if said stock had been sea-
sonably issued.
H. The said lessor on its part hereby cove
nants that it shall and may be lawful to and
for the said lessee, its successors and assigns,
paying the rent herein reserved and providing
for and making all the other payments requir-
ed by the terms hereof, and keeping and per-
forming all other covenants and agreements by
the said lessee to be kept and performed under
the terms of this lease, peaceably and quietly
to have, hold, use, occupy and enjoy all and
singular the premises hereby demised with the
appurtenances for and during the said term of
nine hundred and ninety nine years, without
any molestation whatsoever from or by the
said Portland & Ogdensburg Railway or its
assigns or any person or persons lawfully or
equitably claiming by, from or under said
company.
II. The said lessor further covenants that it
will, during the term hereby demised, uphold
and maintain its own lawful corporate organi-
cation, and will do all things on its part re-
quired to be done to uphold and save inviolate
the charter and franchise thereof, and will
from time to time elect and appoint all such
officers, agents and servants as it may be re-
quired by law to elect and appoint for the
purpose of so maintaining its organization,
charter and franchise, and will in
vest them with such powers and
duties at may be necessary to secure and
maintain the corporate efficiency of said
company according to law; and the said lessor
will not after the execution of this lease and
until the determination thereof, without or
beyond the consent of the said lessee, create
any new debt against said Portland and Og-
densburg railway, nor issue or deliver any pre-
viously executed evidence of debt for which
the said company shall not have received full
value at the date of the execution of this lease,
nor voluntarily do any act whereby any obi
cation or Indebtedness shall result against said
company except in accordance with the terms
of this lease.
10. The said Portland and Ogdensburg
railway hereby transfers and assigns to said
lessee all its tools, supplies, cash assets, con-
tracts. notes, accounts, claims, judgments and
other chooses in action, causes of action, appeals
and rights of appeal which ii has, or is entitled
to have, either in its own right or through
said receiver, including any mortgage bonds
of said Portland and Ogdensburg railroad
company pledged as collateral security; and it
hereby constituted the said lesses its attorney
until the determination or forfeiture of this
lease, with power in the name of said lessor,
but to the use and at the cost Of the lessee to
demand, sue for, prosecute, enforce, satisfy,
recover and enjoy all the contracts
and other things hereby demised, and
in like manner in the name of
the said lessor, but at the cost and to the use
of the said lessee. to prosecute all causes of
action which may hereafter, during the term of
this lease accrue to the said Portland & Og-
densburg railway against any person or cor
poration claiming or acting by or under its
authority or authority from it derived, the
proceeds thereof to be applied to the operation
and improvement of the demised premises
Ia. 1t is further agreed by and between said
m do tba 90
pay off existing debts, liens and
membranes on the demised prem
ises, to extend said railroad and improve
said railroad property, the lessor. on the re-
quest of the eseee and at its expense, will issue
its mortgage bonds to the amount of not ex-
ceeding twenty thousand dollars mile of COM
pleted railroad, each bond to bear the guaranty
of said lessee that it will pay such bond and
the interest thereon as it becomes due, and
will join the lessee in a mortgage of the de-
missed premises to secure said bonds. The
avails of said bonds are to be used as follows
l. To pay said receivers certificates and
debts incurred by him, the amounts due trus-
tees as hereinbefore provided and other liens
on said demised premises.
2. To pay the bonds secured by said mort
gage dated the first day of November, A. D.
1871, amounting to eight hundred thousand
dollars.
3. Not exceeding three hundred thousand
dollars for needed improvements on the de-
missed premises and on new construction.