The Randall County news. (Canyon City, Tex.) 1908-1926, 1908-09-25

FdllTOdu SllOpS, IOuiiu-HouSc anu SCh
eral Offices, not to exceed for these
purposes twenty acres of land, with
a stipulation in the deed for the same
for reverting Of land back to Canyon
City for a City Park or school pur-
poses should the shops, round-house
or general Offices be removed from
CANYON City, or abandoned, and in adj
dition thereto, are to secure and con-
vey to the said second party, his sue
cessors or assigns, two hundred town
lots to be situated in any portion of
the incorporate limits Of Canyon City,
and Three Hundred and Twenty (320)
acres of land, the location of which is
to be agreed upon mutually hereafter.
1t is expected that the right-ofway
through the country will be donated
by the land owners, but if not, the
party of the second part will provide
it.
The party of the second part hereby
agrees and binds himself, his success
ors or assigns, to establish at Canyon
City, the principal Offices of said Rail
way Company, and also the Company's
shops and round-house, to cost not
less than Fifteen Thousand Dollars
(S15 900. 00). and to maintain the same
in Canyon City for a space of time
not less than twenty years. 1t is
agI eed that Canyon City shall thus
become the headquarters of the said
railway
Said shops. round-house and general
offices to be commenced in good faith
on or before the first train is run on
said railway to the east boundary line
Of Randall County, and the construc-
ton of the same to be completed be-
fore the time of the second payment of
the $50 herein provided for. 1t is
agreed. however, that should they not
be completed by the time this payment
| shall become due, the party of the sec
ond part may guarantee an early com
pletion by deposit for this purpose OF
Fifteen Thousand Dollars in first mort
gage bonds of said railway.
1t is agreed by and between all the
parties hereto that some bank or trust
company of recognized solvency anc
commercial standing and rating shall
be appointed as trustee to hold the
notes and securities and administer
the trust hereby created; that this
security trustee may be nominated by
the second party, but must have the
approval Of a majority of committee
of three persons elected by the loca
subscribers hereto. Said trustee shall
hold said notes, securities and deed:
until the said second party shall have
complied with the conditions of thi!
contract. and when he complies will
its terms as hereinbefore outlined, b!
completing the railway, and as tn
several points are reached by the con
struction of said railway, as hereinbe
fore defined, the notes and securitie
so earned shall be turned over to thu
said second party. his successors o
assigns, or if the said notes are co
lected by the said Trustee. the pre-
cecds shall be turned over to said sec
ond party. his successors or assigns
according to the conditions above Sc
out. All monies subscribed and pal
in during the period of construction /
Randall County, are TO be held by tn
local bank or banks as hcreinbcfor
provided for.
The said notes may be paid of
any time, at the option of the sui
scribers hereto, by depositing tn
amount. with accrued interest, wit
said trustee, when the trustee will d
liver the notes and securities to til
makers thereof.
= Each subscriber. under the terms
this contract, shall be responsible fC
his own subscription only, and not f'
the subscription Of any other person
/. The said second party hereby agre'
/ and binds himself his successors al
, assigns, TO complete the earthwork
| grading Of said proposed line of "a
{ way, so as to admit Of the laying
ties thereon from Canyon City TO Il
, southerly terminus at Silvorton
G other point as above defined, in Bri
coo countv Texas. within twCl'