The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1904-09-03

nant to and with the lessor, it's sue
cessors and assigns, that it will, dur
ing the continuance of said lease,
maintain in the operation of said rail-
road regular train service, both pas
senaer and freight, at least equal to that
which has been in operation for the
twelve months prior TO the execution
of this lease; that it will not at any
time during the continuance of the
said term fix or establish rates of
freight called local freight at a higher
average price or rate from station to
station than the average rate for local
freight tariff as lawfully fixed and eS-
tablished by the lessor at the time of
the execution of this lease; and the
rates for the transportation of pas
sengers shall not exceed the local rates
as lawfully fixed and established ON
the date last above made.
And to secure the prompt and faith
full payment of the said rent and sum
as above stipulated to be paid, and
of all taxes payable on the demised
railroad and property as herein pro-
vided, and the faithful performance Of
the covenants entered into herein by
the lessee, as herein set forth, the
lessee does covenant to and with the
lessor, it's successors and assigns, that
il will deposit and keep on deposit with
the treasurer Oh the state Oh NOT III
Carolina or any such bank or banks,
or other depository, as may be APPROX
ed by the directors of the lessor, from
year to year. and ali the time during
the continuance of the said lease, the
sum of one hundred thousand ($l00,-
000) dollars in United States bonds, or
bonds of the State of North Carolina,
or other marketable securities accept
able to the directors Of the lessor and
having a market value Of not less than
said sum, which said deposit and Sc
curity, or any equivalent for it which
may be Subst tuted therefor, may be
applied by the lessor to the satisfac-
ton and discharge of any such sum or
money so Semi-annually due and re-
naming unpaid, or of any such taxes
due and remaining unpaid, interest on
funded debt of lessor, or any judg-
ment or judgments recovered In any
court of the State or of the United
States, when finally adjudicated, for
any tort, wrong, injury, negligence, de-
fault, done, made, or permitted by the
lessee its successors, assigns, en-
plOyees agents, or servants, for which
the lessor shall be adjudged liable
whether the lessor is sued Jointly with
or separately from the lessee, prOvid-
ed that the lessor shall have given to
the lessee q notice of the suit herein
before provided for; and in case of
any application of said deposit or any
part thereof for such purposes, then
the lessee shall renew the same from
time TO time as often as such applica-
ton OF any such deposit may become
necessary; but any and all bonds so
deposited shall be deposited and held
IN such manner as to enable the lessee
It's successors or assigns to- receive
the interest accruing thereon from
Tune to time as the same shall become
due and payable.
But if the lessee, its successors or
assigns, shall make default in the
payment of the sums of money the
lessee has agreed to pay on the rental
Tor the said railroad. as hereinbefore
provided, for thirty days or more af-
Ter the same shall become due and
payable, or if it shall make such de-
Iault IN the payment of any part there
or, or shall fail to pay all taxes law
tully levied and assessed against the
lessor, when by the terms of this lease
It has agreed to pay. for and on ac-
count of the party of the first part; or,
IL II shall fail to keep on deposit said
sum OF money, or bonds as it has cove
nanted to do, or if it shall fail TO keep