The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-08-15

operation OF its routes, lines and system
or systems OF street railways In such city,
to be owned and used by first said party
itself for the maintenance OF a street rail-
way system in said city; and IL the first
party. upon the expiration or said party,
or within six months thereafter. does not
elect to make said purchase then the SET
ond party, it's successors or assigns shall
have the option. at any time Within the
ensuing six months. to enter into new
contract with the first party for an addi-
and privileges hereby granted 10 the sec
ond party shall be regranted FOR such adj
ditionai period. the first party ., snail nave
expiration of each period OF such addi-
uonal term to purchase the property OF
the party OF the second par, upon me me
same manner as are herein provided Tor
the purchase thereof under the option first
given.
.If the first party shall exercise its OPP
ton of purchase as above provided, such
purchase and transfer shall be made for
such price, times OF payment, terms ana
conditions as may be mutually agreed upon
between the parties; or. il the parties can
not agree, then for such price, times OF
payment, terms and conditions as snail
be determined by board OF arbitrators,
selected as follows: Each party shall APP
point one arbitrator, and II the two so
selected cannot agree, they snail select
appointed by the first party shall be APP
pointed by its Board OF Public Works, APP
proved by ordinance of the Common Coun-
ell. The arbitrators so chosen shall de-
termine the price, times OF payment, terms
and conditions, and all necessary details.
and their determination shall be final and
binding upon both parties.
Provided, however. that such option
shall not be exercised or said purchase or
transfer made unless first ordered and
authorized by the Common council by or
dinance. If the first party's option is not
exercised as above provided. then if the
second party, its successors or assigns,
shall elect to exercise its option of enter
ing into a new contract for an additionai
period of years. the same shall be en-
tered into for such period and upon such
terms and conditions as shall be mutually
agreed upon by the parties, or, III they
cannot agree, they shall choose and APP
point arbitrator. as above provided, in
the event the first party exercised its OPP
ton and said board of arbitrators shall
determine the period and all terms and
conditions OF such contract and grant
and it's determination, shall be hnal and
binding upon both parties; provided, how
ever, that such new contracts and grant
shall not be for longer period than thir-
ty years.
IF the first party shall elect to pur-
chase ii shall be fully protected against
all mortgage judgments or other liens OF
whatsoever character in such manner
as shall then be mutually agreed upon by
the parties or If the agreement cannot
be made may then be determined by
said arbitrators. -
Upon the exercise of the option by
either party the other shall do every act
and thing necessary to carry into effect
such option and TO secure TO the party
making such election the full benefit there
of, and of all the provisions OF this con-
tract relating thereto