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

and it's stockholders and directors will
not do anything or take any action
as such stockholders and directors
that may or can interfere in any way
Whatsoever with the free use and
operation and conveyance Of said rail
road and other properties 50 hired,
let, farmcd out, and delivered to the
said lessee, according to the terms
and lntcntS of these presents.
Two full pages of the lease are
then devoted to a recital of the exact
amount of interest to he paid annually
in two installments of equal parts on
the first of January and first Of July
of each year, according to the terms
OF the proposition of lease as follows
For the first ten years per cent
per year on the principal of the capt.
tai stock now outstanding. For the
second ten years per cent per year
on tho principal of the capital stock
now outstanding. For the third ten
years 3 Il per cent per year on the
principal Of the caDital stock now
outstanding. For the fifth ten years
4 " per cent per year on the capital
stock outstanding. For the sixth year
per cent per year on the principal
of the capital stock now outstanding.
For the balance of the term per
now outstanding.
With reference to the bonded in
debtedneSS the lessee aoree to paw the
interest on same, but not the prin-
clpal and continues. land provided
further that # the said Indebtedness
shall be refunded at any time during
the continuance of this lease, the
rate of interest shall be the lowest
practicable rate at which the said
TiC tn Il
and the lessee, its SUCCESSORS and as
signs, shall have the privilege of plac-
ing the said refunded bonds at par:
and the lessee. its Successors and as
signs, shall not be required or liable
to pay on this account greater rate
of interest that that which the said re
funded debt shall bear. and in no
event shall the lessee, it's successors
and assigns, be required to pay q
that which the said indebtedness now
bears, toWit., six per centum per
annum.
And the lessee doth further cove
nant to and with the lessor. it's sue
cessors and assigns, that it will keep
during the continuance of the said
lease, the warehouses, depots, Offices
shops, and other buildings now erect
ed ana uSeu ana necessary TO The on
GRAFTON Of tho said railway, and also
the Atlantic Hote! at Morehead CITY
aforesaid, insured in some safe and
reliable insurance company or com
panies lawfully doing business within
the State of North Carolina, in the
aggregate sum of not less than sixty
thousand ($60,000) dollars, of which
$4,000 shall! be on the Atlantic Hotel
at Morehoad City until the balance of
the purchase money hereinafter men
toned is paid.
And the lessee doth further cove
nant to and with tho lessor. its sue
cessors and assigns, that it, the said
lessees, its successors and assigns
will, within three years from the de-
livery to it of the property hereby de-
missed, cXDend and apply, or cause to
be expended and applied to the per-
mancnt betterment Of the roadbed
terminal facilities, and the euuip-
ment of the said railroad the sum of
two hundred and fifty thousand
($250, 000.00) dollars.
And the lessee does further cove
nant to and with the lessor its sue
cessors and assigns. that it will keep
the said railroad. road-bed, SUPER
structure, depots, buildings, houses,