Los Angeles herald., 1905-08-06

Treasurer of the City of Los Angeles
the aggregate sum of the said percent
age upon the amount of the gross an
nual receipts arising from the use. op-
GRAFTON or possession vi shis franchise.
determine ed and computed in the manner
hereinbefore provided. And any neglect,
omission or refusal by said grantee, or
It's successors or assigns, to file said
verified statement, or to pay the said
percentage of the said gross annual re-
ceipts, at the times and in the manner
hereinbefore provided, shall ipso facto
work n forfeiture of the franchise here
in granted. and of all rights hereunder,
to the City of Los Angeles.
That any neglect. failure or
refusal to. comply with any of the con-
ditions of this franchise shall there
forfeiture thereof, and the said city, by
it's City Council, may thereupon declare
this. franchise forfeited, and may ex-
and assigns. from further use of the
streets of said city under said franchise,
and said grantee and it's successors and
assigns shall thereupon and immedi-
same and this franchise shall be
deemed and shall remain null. void and
of no effect. Provided however. that
said grantee. its successors or assigns.
shall have the right to remove said pipe
from said streets, subject to such regu-
lations as the said City Council may
impose.
That said grantee. or it's sue
cessors or assigns, shall not sell. trans
fer 'or assign said franchise, or any of
the rights or privileges granted hereby,
except by a duly executed instrument
In writing, filed in the office of the
City Clerk of the City of Los Angeles;
and provided, further, that nothing in
said franchise contained shall be con-
strued to grant to said grantee, or its
successors or assigns. any right to sell.
of the rights or privileges thereby
granted, except in the manner afore-
said.
have the right. at the expiration of the
aforesaid period. to purchase the pipe
lines and all properties in any. of the
streets hereinbefore mentioned, belong
ing to the grantee of said franchise. or
his or its successors in interest, laid or
constructed under the grant OF said
franchise. or used by. said grantee or
his or it's successors in interest in the
exercise of said franchise, at a fair
valuation, provided that the option TO
make such purchase shall be declared
by resolution OF the City Council passed
not more than six months prior to the
expiration OF said period OF twenty-one
years.
The valuation of the property covered
by the aforesaid option or right to pur-
chase shall be determined by board OF
three arbitrators, OF whom one shall be
appointed by the city, one by the said
grantee or his or its successors in in
terest. and the third by the two arbl-
traitors so appointed Said arbitrators
after the declaration by the city OF It's
option to purchase said property In
case said arbitrators fall to make and
file an award within the time herein
after limited. a new board OF three ar
bitrators shall be appointed in the same
manner as hereinbefore prescribed. to
determine the valuation OF said prop
erty. The board Of arbitrators shall
Immediately upon the appointment OF
its members enter upon the discharge
OF its duties. Any vacancy In the board
OF arbitrators shall be. filled by the
party who made the original appoint
ment to the vacant place The award
OF the arbitrators must be made and
filed with the City Clerk of said city
within three months after their APP
pointment, and majority OF the arbi-
traitors who agree thereto may make
such award.
The amount OF the valuation OF said
property determined by the arbitrators
as hereinbefore provided shall be paid
by the city TO said grantee. or his or
It's SUCCESSORS or assigns. In lawful
money OF the United States, upon the ex-
piration OF the aforesaid period OF
twenty-one years, or, II the award OF