New-York tribune., 1908-12-09
PTRIIC NOTICES.

.r,a a.reeu.ents herein contained, the -
ties hereto do hereby covenant AfN
SECTION i. The Ci.y hereby grants TO the
Company. subject to the condtlohs anu anu %
visions mere matter set forth, the rleht ali1
nrivtlora TO construct, MAINTAIN ana Opcl~eo
a douple track extension TO lls P-,.
street surface railway, with the ~ heceao
wires ana equipment, Tor the pulto- -
conveying passengers in the boroush -
The Rroux in The City OF Ne" Aoi ~
upon the following route; ,,i,b
fZsgfnniuR at and connecting Win
the existing double track road or the
COMPANY in Third avenue at the IN
tersection of said avenue with PeihsIn
avenue. and running thence easteElS =,
upon and along said Pelham avenue -
the Southern Boulevard The said IOuts
WITH turnouts switches and crossoNets
hereby authorized is shown upon map
entitled: ,- $1,000, ,-oiI1vs, Of
the Union Railway Co., in the % %!5oL
nusb of The Bronx, City o. New
York. TO accompany petition to the
Board Of Estimate and AppoTIioh
,uenf dated July IS 1SOo
and signed by +. W WhitrluSe; re
ceiver. r Z. Nullaney, Chief Engineer,
and Edward a Maher, Fresideh,, 20
copv Of which Is attached hereto. IS 70
he deemed a part OF this contract, Is
to be construed with the text thereof
and IS TO be substantially followed, pro
vIded that deviations therefrom ana au-
ditiouai turnouts, switches anu cIoss-
overs which are consistent Win ClS
foregoing description and the other pro
vIsiops Of this contract may be permit
ted by resolution of the Board
Sec q The grant Of this right or pIlNl-
jere ts subject to the following condluons'
which shall be complied with BY the Conl-
pany: a. --,
ers of half in value of the property bounced
on said streets and avenues to the con-
struction and operation OF said TaliNdy
shall be obtained by the Company WITHIN
six months Of the signing Of this contract
BY the Mayor, and copy OF such consents
shall be filed with the Board |itnln % sucE
time or In the event that such consents
cannot be obtained within such time, tne
Company shall. within one month mere
after make application to the Appellate Di-
vision Of the Supreme Court Tor the aP-
r.ointuent OF Commissioners in the manner
provided BY the Railroad Law to determlne
If said railway ought to be constructed
otherwise this grant shall cease ana de-
second-The said right 20 construct.
maintain and operate said railway shail Ds
held and enjoyed by the Company IoT ne Li.S
term of fifteen Q5l years from the date
upon which this contract Is signed oy IiIe
Mayor. with the privilege OF rens~ai -
twenty t2O) years upon a fair reFalua'ioh
of such right and privilege .. o.-
If the Company shaI 5 oetSIi.Liile I. ei ~ -aIra
else its privilege Of renewal II shaii lLlsR9 ih
application to the Board, or any authoIlIS
which shall be authorized by law to act Tor
the City in place of the Board 0uch dP
nIication shall be made at any time not
earlier than two years ard not later ihan
one wear before the expiration Of the orig
M
tiOn of the revaluation shall be sufficient II
agreed to in writing by the COMPANY anu
the Board, but IN no case shall The annual
rate Of compensation to the city De hAsu
at a less amount than the sum required 70
be paid during the last year OF this oTlSAaS
contract.
reach such agreement on or bsfore the day
one year before the expiration OF the orig
inal term Of this contract, then the annua!
rate Of compensation for such succeeding
twenty i20) years shall be reasonable ana
either the City (by the Board) or the Com
pany shall bs bound, upon request OF tie
other to enter into written agreement
with each other fixing the rate OF such
compensation at such amount as shaA oe
reasonable but in no case shall the annual
rate SO fixed Be less than the sum required
TO be paid for the last year prior 10 the
termination Of the original term OF TINS
contract. and If the parties shall not fOrtu-
with agree upon what is reasonable, then
the parties shall enter Into written agree
ment fixing such annual rate, ana az such
amount as shall be determined by three dis
interested freeholdeTs selected in the toI-
lowing manner:
one disinterested freeholder shall be
chosen by the Board; one disintsrested free
holder shall be chosen by the Company;
these two shall choose a third disintereSted
freeholder, and the three so chosen shali
act as appraisers and shall make the re-
valuation aforesaid Sucn appraisers shaH
ue chosen at least six months prior
TO the expiration of this original contrsct
and their report shall be filed with the
Board within three months after they are
chosen. They shall act as appraisers and
not as arbitrators. They may base their
Judgment upon their own experience and
upon such information as they may obtain
by inquiries and Investigations, without the
presence Of either party They shall have
the right 70 examine any OF the books OF
the Company and its officers under oath.
The valuations 20 ascertained, fixed and
determined shall be conclusive upon both
parties. but no annual sum shall IN any
event be less than the sum required to be
paid for the last year Of this original con
tract If, in any case. the annual rate
shall not be fixed prior to the termination
Of the original term Of this contract then
the Company shall pay the annual rate
heretofore prevailing until the new rate
shall be determined. and shall then make
up to the City the amount OF any excess OF
the annual rate then determined over the
and expensss of the said appraisers shall
be borne Jointly by the City and the Com
pany, each paying One-half thereof.
Third-The Company shall pay to the
city for this privilege the following sums
"a The sum Of three thousand dollars
CS3 900 in cash within thirty 800 days
after the date on which this contract -
signed by the Mayor.
Obl During the frst term of hve years
an annual sum which shall In no case be
less than I'VE hundred dollars (S5GM, and
which shall be equal 70 three % per cent
Of its gross annual receipts, II such per
Ceutage shall exceed the sum Of i've hun
dred dollars $500
During the second term Of i've years an
annual sum which shall IN no case be less
than nine hundred dollars tSSbO, ana
which shall be equal TO five (6) per cent
| Of its gross annual receipts. Z such per
| centage shall exceed the sum OF nine nun
During the third term Of five years an
| annual sum which shall in no case be less
| than one thousand dollars tSl.UOU. ana
| which shall be equal 20 rve 90 per cent
| ~ Its gross annual receipts II such per
| centage shall exceed the sum OF one tnou-
! sand dollars (Sl,ooOl-
.aaEv
! above shall be that portion OF the gross
receipts of the company IS shall bear tns
| same proportion to its whole gross receipts
/ as the length Of the extension hereby
! granted shall bear to the entire length OF
, The lire of the company IN operation.
| The payment OF such minimum sums
shall begin iron, from the me tbs dy sayor Ga Tni'H ~
All such sums as above shall be PAID
| into the treasury OF the City on November
! I Of each year and shall be for the
amount due to September 30 next pre-
Whenever the percentage required 70 be
paid shall exceed the minimum amount as
| above such sum over and above slch
| minimum shall be paid 70 the said Comp
| trolIer on OF before November l on each
year for the year ending SeP'eilloTr lndT, ~ ~
on September 30 next preceding said date
Of payment and provisions Of the Railroad
law as Il row exists. or Ii may here
| after be amended, relating 10 the matter
| Of payments and statements Of percentages
of' gross receipts OF street railway com
Ds0fes not Inconsistent with this contract
| shall be strictly complied with
The intention Of this paragraph Is 10 TX
| an annual charge to be paid by the Com
rany. It's SUCCESSORS or assigns, 10 The
/ t'fty OF New York for the rights and frhn-
| chises hereby granted. and II snail not De
/ construed az providing FOR the payment ol
| the Company. its successors or assigns OF
l a percentage Of gross receipts within the
| meaning of any general pr special statute,
/ referring particularly 10 chapter $40 or the
| Laws Of 1892
! Before any rights hereby conferred arc
! exercised BY the Company, and within
! 49, a, months from the date on which
! this contract is signed b. the Mayor. the
| company shall pay to The city OF New
| York the sum of twenty thousand three
! cents ts2n. .SS5.Os) and within three t3l
| months thereafter the further sum o.
| thirty-one thousand seven hundred ard
| 6gty-eiebt dollars and eighty-seven cents