Telegram-herald., 1889-12-01

raaee 20 frrsfsa 3 s1.ts tent s-alflr u r.ecr
40 .rassesaaas Narer flE al Dls..e alc gr-
sats .ses A. provided t8r ID tals ora laaaee.
asa at rates ~ the eifg 4f Peoria lor - exceed
rhe a.aziralu rates nKec taeren. t9 sreafe
az il.1zneat 81 ~ ul.cl may Dr. obtained
- las clEs % Peoria against grantees. al
rhar sad grantees HlI rs-e0lFes sac
.ar=r .arss property frre ot als
and al ilelu1ralees. 1-Teil
provided or i1 case 20 purchase 6f the sala
eifg 8f Peafia ana o. renes their contract
$40 rns.sa.1 elfg 4f Peoria ag th- expirst-9a
" s4iL period ~ tllrty years Ia case tle stll
atg Cd Peoris does lgt repurchzse al uot 20
"a eed Inc ra-ss 1ofn p4oic All private
h-rerein provided Tor. lae payment 90 sai1
ta8 hll1red and twenty eve thousand d. ar
ss1t eN bonds. soaL be secured ~ good AID
slnei-at arsr mortgage or deed 0f trust ~nlcn
sia-I b. gwen oF said grantees. their heirs as-
soe.atss. Successors 0r 4ss gas. either % The
sitY sf Peoria ~ 60 a trustee or trustees az
rhe option sf the Citg Council conveying AL of
ra- said present water aeFks property and
real estate her-ia7efsEe described IS being
SOFA AMI conveyed Jo sa-l grantees. together
sirh the reai estate lgoa ~hich the reservoirs.
stand pipes pumping station or stations. both
Cd ana les 4l1 fh- real estate upol which
may be located che proposed source of water
supply for said aes system al of which real
estate shall have been previously purchased
~ grantees and paid for IA full. ana said
mortgage or trust G-ed shall cover al mpr0Ne-
meurs ana DrrtermruJs thereafter made on
said real estate and all grantees property, real
AM personal. 0an-d a. the time or thereafter
acquired - said grantees. their associates.
successors or gus connected vlth the said
eateroorss system OF used as part thereof, /,
and sad mortgage or trust deed snail contsin
provisions covering the foregoing specification
Of the purpose Tor which said bonds are 10 be
held As security By the city OF Peoria. and fur
ther providing that IN case Of the failure OF the
grantees % comply With any and all Of the con
ditiOns IN said mortgage at any time within
the said thirty GO years that said bonds or
sither Of them may be declared by the City
Council of the city Of Peoria 10 BE- due AID
payable because OF such TAI lure Of grantees. aud
shall contain further provision that in case
said bonds or either Of them shall be declared
90 De due by said City Council that said mort
gage may b. Immediately foreclosed notwith-
standing said bond Or bonds shall not have
matured according % Us or their terms and
ssid bond or bonds aud mortgage or trust deed
snail be construed together as one contract ex-
oept that the terms OF the mortgage or trust
deed with respect 70 the declaration By the
council making such bond or bonds al once
due and payable shall prevail over the terms
OF the bond or bonds with reference 10 It's or
their maturity:
SAID mortgage or trust deed shall further
provide that Ia ease OF foreclosure or an at
tempted foreclosure by the city OF Peoria for
ar alleged failure OF the grantees 10 comply
with their contract or with any portion there
Of the question Of the breach thereof by said
l grantees. as alleged by said council. shall be
submitted % the cour; in which said fore
I closure proceedings may be instituted. and II
such court shall ind that there has been de
f fsnlt ss declared by said City Council. such
/ court shall then award 10 said city OF Peoria
/ all damages sustained by IL which may have
l been caused by such failure OF grantees.
! And such bonds and mortgage or trust deed
/ shall remain In force and stand as security
ultll the end OF said pert DDS of nineteen and
! thirty years respectively. and until said gran
/ tees shall have fully piled with the under
/ takings for which the same stand as security.
/ but In case grantees shall preserve and keep
! all the said conditions and shall pay said out
standing water bonds. as herein provided for,
/ then said bond FIRST maturing shall be Cancelled
/ At the date OF It's maturity and returned 10
I said grantees. and in case the said grantees
shall have observed its contract up 10 the
/ time OF the maturity OF said thirty year bond
I then said bond shall also be cancelled and sur
rendered % grantees. and said mortgage OF
/ trust deed on said property shall be then re
/ leased. otherwise the same shall stand until
I said undertakings shall have been complied
/ with. No other bond Of any kind. nor indebt-
/ edness OF any kind or nature for any purpose
| whatever contracted or incurred By said gran
tees. that will Interfere Ia any way with said
/ clty's first lien on all the property Of grantees
/ for the amount OF the cty's bonded indebted
ness assumed to be paid by the grantees here
under and for the damages accruing 10 the
said city II they. By reas n OF grantees fail
I ure. az any time 20 perform their agreements
/ hereunder, nor that will interfere with said
/ city's right 10 repurchase said water work
system and take possession of the same as
, hereinafter provided for entirely free from
the lien Of incum brances and Indebtedness in
CURED or made by said grantees during thei
possession Of the same.
Aui said grantees shall further execute anC
deliver 20 the said city Of Peoria a gooC
and sufficient bond with local security TO b.
approved by the City Council Of said cit,
oi Peoria in the penal sum Of tw,
hundred tho usand dollars $4,000. condi
toned for che payment satisfaction and can
collation. and surrender 10 the city Of Peori'
ol said bonds when 50 cancelled of the princi
pa Of an the before described water bonds o
said city of Peoria less credits II any. wbicl
era ntees maS BE- entitled 20 have thereon
] which become due and payable during the lif
III said bond. said water bonds TO bs paid an'
cancelled within thirty days respectively afte
| they mature and are presented for payment
| and said bond shall De further conditioned 10
! the completion OF said water works system ii
/ accordance with The requirements herein
| specified therefor and f'r the payment Of al
/ damages. and Tor the per o rmance OF an IN
undertakings. assumed ~ said grantees 10 &C