The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-08-03
Salt Laker'S Shrewd Deal With
Charles Francis Adams.
PROFIT ON AN OPTION
STORY SHOWING HOW SUCH
THINGS ARE DONE.
Salt Lake Real Estate Man Secured
Ninety-nine Year Lease and OPP
ton On Valuable Property By
Paying 5000 and Quickly Cleaned
Up $4,000.

1t transpired yesterday from the filing
for record of a lease and bond from
Charles Francis Adams, the second, of
Boston, to William E. Hubbard, that
the latter had, for the small sum of
$500, tied up piece Of prospective bus
mess property and sold the same at a
profit Of $1,000. The property referred
to fronts north six rods on Third South
street and five and a half rods on West
Temple, facing west. a few weeks ago
it was bought for $4,000 from Mr..
Hubbard by Edward B. Wicks, who is
investing heavily for eastern clients i'll
real estate in the vicinity of the fed
eral building site and along Fourth
West street, from Second to Fourth
South.
The filing of the lease and bond yes
terday held by Mr.. Hubbard was
made necessary in order to perfect the
title to be conveyed to Mr.. Wicks.
Favorable Lease Terms
The lease and bond is an interesting
document. By its terms Mr.. Adams as
trustee under the terms of a deceased
relatives will, granted to Mr.
Mr.. Hubbard a lease upon 6x5h
rods of ground for a term of ninety
nine years, commencing Feb. 1, 1899,
nually, in installments of 5000 every six
months in advance for the first five
years; $50 yearly increase from Feb. l,
1904, to Feb. l, 1909, and $500 per year
for forty years thereafter, the ground
rent for the last fifty years of the lease
TO be $3.50 annually. The lessor agreed
TO pay all taxes, assessments, ETC., upon
the property. and covenanted also to
erect and complete, before Feb. l. 1904.
n h11f1 10 L..
according TO plans and Specifications
acceptable to W. H. II. Spafford. The
lease contains, besides the usual stipu-
lations in landlords grants, a clause
providing for purchase of the improve
ments hundred years hence by arbi-
tration.
Option Exercised.
But the vital point in the lease. ac-
cording to Mr.. Hubbard's views, was
the option given him of buying the
land within two years from Feb. 1 last
for $4,000, within three years for SIP
900. within five years for $4,000 and at
any time after Feb. l, 1904, and until
Feb. l. 1909, for $4,000 When Mr..
Wicks came along and offered Mr. Hub
bard $1,000 for his option he abandoned
his original intention of erecting a
building, and sold out to far-seeing Mr..
Wicks- Mr.. Hubbard tied up the prop
erty before the federal building site.
on the next block, was chosen.
Two Residences Sold.
Sarah Stephenson, widow of the late
Stuart Stephenson. yesterday sold to
Emma Hanson, widow of the late Fred
w. Hanson. her home on the west side
OF Fifth East street, south of Third
South. The lot contains 215x1O rods of
ground and nice brick dwelling Six
thousand dollars was the price paid.
Another warranty deed was filed for
record yesterday for a choice home. 1t
was from Priscilla D. Wells to Lillias
Hook Teasdale, wife of Apostle Teas
dale, and the property conveyed is
3 1-3x6 rods, and house, fac
ing south on First street, be-
tween G and H. The purchase price
was $500 Mrs Teasdale recently sold
1OX10 rods on Brigham and G
streets to Thomas Kearns for 500. OOo
for a mansion site.
w. Z. Hubbard yesterday bought
from j. A. Fritsch for 1915 a block of
lots in Amos addition. One of the lots
was Immediately after sold for large
per cent of increase on the proportions
ate amount paid.