The Detroit times., 1911-11-28

performed or paid for by the grantee
other than the value herein agreed
upon.
franchise right or grant obtained prior
90 and existing at the date or pahsase
hereof giving full force and enect 70
an the terms thereof as II unaffected
hereby. from date taken for determin-
alton OF value 10 date OF expiration OF
7 said franchise right or grant, out IN
/ no case 10 a date beyond Dec \, lss4'
4 IL shall allow for land included IN
! said railway property It's fair market
value IL shall allow for all other
property. Including buildings. Its talr
4 value for street railway purposes TAX t.
/ depreciation.
Terms OF Payment.
Said board shall require the city 20
pay said purchase price as follows.
\ (a) in cash. or (bl partly by assumlns
mortgage lien less than purchase price
and remainder in cash. or (cD ny as
Stunning n mortgage equal 10 plt-
| chase price, or (d) by assuming or
! MORTGAGE lien greater-than- purchase
price so much as will equal purchase
price when grantee assumes REMAINDER
| and gives security 20 the Satisfaction
| OF and IN the manner directed ny salu
board for Cttys protection against re-
mainder For thirty days after sald
purchase price Is fixed the grantee
shall have the right 10 elect by written
notice TO said board which OF the anoNe
|
| required IL within said thirty days
/ said election 10 not so made, salt bodrI
4 shall determine which OF SAID ways Oh
payment will be required
| The purchase price and terms asretu
upon or determined as herein agreed
| by said board, or a majority thereof
| except as herein provided shali De
| binding on both parties, and shaIl %.
| submitted TO referendum vote, and III
| approved by said vote. constitute the
basis OF sale. but II disapproVed bS saln
| vote the right to purchase Shall con,
tinue in all respects as herein proVlneu
/ as II no action had been taken Ihe
| award Of said board In detail shall be
i fled With the city controller.
| II the award OF said board be APP
proved by said vote, said board wneh
shall. on notice from the city controller
lpubHshed once each week for three sue
\ cessive weeks In the ofnciAl puoncauop
| OF the city. reconvene and snail sur
i yey the property included In said ten
4 der II may deduct from purchase
1 price IA ed as aforesaid any lessened
/ frarc hise value, any diminution OF sara
4 railway property and any depreelauoh
4 thereof due 70 the failure or neglect OF
grantee to maintain said railway prop
1 erty in as good condition ar u was on
1 the date Of determination OF Ealue
| from said date TO the date OF purchase.
ordinary wear and tear excepted, IL
\ may add 10 purchase price first deter r
! mined any capital Investment made ny
/ the grantee in said railway property
after date taken for determination OF
1 value To date Of purchase. This ma.
ing OF a majority OF said board shall
\ ar D1..o.,rs on both part
| May Appeal 60 Ce-ss.
I II grantee fail or refuse 10 comply
with provisions hereof for appoint
msnt OF appraisers. or to proceed Win
the appraisal OF said railway properly,
Il IL agreed as part or the rlsht 70
purchase and agreement 10 sell he,eln
| con tanned that the circuit court Judges
| for the county OF Wayne, sitting
! as appraisers. upon application OF the
city, may forthwith. subject 10 the I'M
itations hereof. proceed 10 oe,ernlns g
the value OF said railway property ana
the way OF payment therefor. anything
herein contained 10 the contrary not
wfthstandipg The award OF a major :
fty OF 80 many or SAID JUDGES So
iecttyely consider said application shaii
be binding on both parties hereto ano
sbnif be submitted TO referendum
vote and II approved by sara vote
constitute the basis or sale.
Within one year after the approVai
Of either OF said awards by referen-
dunn vote the grantee shall make ten,
DER to the city controller OF eovu
and sufficient conveyance OF saaa raL s
way property In accordance with said
award. with warranty of title and war
ranty against any and all liens and en-
cumbrances except those, IL any, In salu
award 20 be assumed by the cry aho
title TO any land included in said rail-
II the way of payment required IL
In cash. a tender made by the grantee
az title free and clear. or subject 10
mortgage lien at par in no greater
amount than the purchase price. WIN
warranty Of title and warranty against
any and all liens and encu Hnrances,
tender hereunder IL, on the date OF
purchase, the city shall receive said
railway property free and clear OF said
mortgage Hen.
the city assuming mortgage lien
equal to or less than said purchase
price. a tender made by the grantee or
title, subject to a mortgage lien az
purchase price, with warranty OF title
and warranty against any and all other
liens and encumbranceH shall be
deemed a good and sutncient tender
said railway property by assuming said
mortgage Hen and paving In cash the
differences, II any, between said pur-
chase price and any mortgage lien so
assumed less than said purchase price.
Sufficient Tender Defined
II the way OF payment required IL
nv the city assuming OF a mortgage
lien greater than purchase price so
much as will equal purchase price and
isfaction Of and in the manner directed
by said board for the protection OF the
city against the remainder. tender
made by grantee of title. with war
ranty Of title and warranty against any
and All liens other than so much OF
said mortgage lien az IL assumed by
the-eity,- together with said security.
shall be deemed good and sufficient
tender hereunder.
The city within six months after
tender by grantee as herein pro-
vided. shall accept and pay for said
railway property and enter into pos
session and control thereof. The
grantee shall retain possession OF and
operate said railway property. as
herein provided. until the terms OF pur-
chase have been complied with by the
city.