Los Angeles herald., 1905-08-03
7-29 81 lot

determined and computed in the manner
hereinbefore provided. And any neglect
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 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
upon Immediately ipso facto. effect a
forfeiture thereof, and the said city by
it's City Council, may thereupon declare
this franchise forfeited, and may ex-
clude said grantee and it's successors
and assigns from further use of the
and said grantee and it's successors and
assigns shall thereupon and immedi-
ately surrender all rights in and to the
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,
from said streets. subject to such regu-
lations as the said City Council may
impose
cessors or assigns, shall not sell, trans
fer or assign said franchise or any of
the rights or privileges granted hereby,
except by 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 it's
successors or assigns. any right to sell,
transfer or assign said franchise or any
of the rights or privileges thereby
granted. except in the manner afore-
That the City of Los Angeles shall
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 its successors in interest in the
exercise of said franchise, at 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 it's successors in in
terest, and the third by the two arbi-
traitors so appointed. Said arbitrators
shall be appointed within thirty days
after the declaration by the city of its
option 70 purchase said, property, In
! 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
of it's duties. Any vacancy in the board
| of arbtrators 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 ap-
pointment, and a 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 OF
its 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
/ the arbitrators shall not have been
made and filed al least two months be-
fore the expiration OF said period OF
twenty-one years, then within two