The Detroit times., 1911-11-28


failure 60 make tender as herein pro-
Nided. may abandon or restore 90
grantee possession and control OF said
railway property and the grantee shall
enter into the possession and control
thereof
II the city. while in possession and
control OF said railway property. de-
fault In making purchase or In com
I plying with the terms OF purchase. said
railway property shall be restored 20
possession and control OF the grantee
| II the city after purchase Voluntar-
u fly abandon or restore Co the grantee
possession and control OF said railway
property or, because OF its default In
| complying with the terms OF purchase
/ Is dispossessed thereof. this grant for
each day OF the city's said possession
and control after purchase. anything
\ herein 20 the contrary notwithstand-
ms. shall be extended one and one-half
days
IL the city. while In possession and
] control OF said railway property be-
cause OF grantees failure TO make ten
1 der as herein provided. shall retain
possession and control thereof beyond
a period OF six months from date OF
\ deferred tender without making pur-
i chase. this grant. for each day OF the
i city's possession and control beyond
I said period. anything herein 20 the
contrary notwithstanding. shall be .ex-
| tended one and one-half days.
M.zf Ysy an oAs.S-fisn--
The city II In possession ana con-
! troll OF SAID railway property after pur-
| chase. shall pay ali obligations and
liabilities arising out Of SIS possession
/ and operation of said railway prop
erJy from date Of purchase TO date OF
I restoration m IL abandon ar restore
/ possession of same to granite End for
said period shall pay; on all SnDS patio
per annUrn, less any interest BY IL paid
! during said period The city. II A.
! possession and control nj said railway
L A.
abandon or restore said railway prop
/ erty, pay all like obligations and Tia
biiities from date of deferred tender
made hereunder TO date OF restoration
and like interest on purchase price for
said last named period
II the grantee shall fail within the
| time herein provided TO make tender
as herein provided. all it's rights and
/ the rights OF its successors or assigns
/ to this ordinance shall. without further
word or deed terminate. unless revived
/ as hereinafter provided, and the city
shall have, on demand. which once
made shall be regarded as continuing,
immediate possession and control Of
\ said railway property: but thereafter
/ the city shall pay said purchase price.
as herein provided. within six moncs
| OF any deferred tender by the grantee,
or restore said railway property TO the
grantee.
II. while the city is in possession of
said railway property controversy
|
| OF deferred tender by the grantee. said
| controversy shall. on the application
| OF either party, be determined by the
" SYa~ ~ the circuit court for the
| county OF Wayne on a majority finding
| OF so many of said judges as collec-
| lively consider said application and the
1 determination shall be tnal III said
! deferred tender be determined by
| judges TO be a good and sufficient ten
der the city shall within six months OF
said determination pay said purchase
price and interest thereon. from six
| months after date OF deferred tender
/ TO date OF purchase. as herein provided
! or restore said property TO the grantee
Grant Shall Revive.
| III the grantee shall be restored TO
possession and control OF said rail-
way property because OF default OF
| city in making purchase or In com
plying with the terms OF purchase. or.
because OF voluntary abandonment or
restoration TO grantee OF said railway
property this grant shall revive and
thereafter be in full force and effect
as II no proceedings to purchase had
been Instituted.
II purchase Is made as herein pro-
vided this ordinance, except as herein
after provided shall continue or II
terminated prior 10 purchase as herein
provided, IL, on purchase as herein pro-
vided, shall revive and continue in full
force and effect until Dec, 4, 1924. TO
secure the payment and discharge OF
any mortgage lien or portion thereon
assumed by the city In making pur-
chase
All additions. betterments and i'm
provements made by the city hereunder
or made by the city while In posses
sion and control of said railway prop
erty, except as hereinafter provided.
shall IN like manner be security for the
payment OF any mortgage lien assumed
by the city in making purchase
This ordinance shall, without further
word or deed. terminate. and all addi-
lions, betterments and improvements
made by the city hereunder or while in
possession and control OF said railway
property shall thereupon be free from
any obligation herein imposed to secure
the payment by the city OF any mort
gage lien assumed by IL in making pur-
chase. II. while the city is I'm posses
sion and control after purchase by
assuming OF a mortgage-lien-g greater
than -purchase-price so much as will
equal purchase price. IL shall be dis
possessed by reason OF the failure OF
the grantee to discharge when due the
portion of said mortgage lien assumed
est thereon: provided. the city has paid
or rendered when due its assumed por-
tIon OF said mortgage lien or the inter
est thereon In manner required In In
strument evidencing said mortgage
lien.
Must Furnish s1,OOO.OOO Bond.
The grantee within six months after
the approval Of this ordinance shall
HE with the city a EOOu ana
sufficient bond or bonds TO run until
Dec. 4. 1924 TO the city OF Detroit In
the aggregate sum OF one million dol
lars with one or more surety compan-
les as surety. or other satisfactory
sureties, 10 be approved by the city
controller. Conditioned that the said
Gum OF one million dollars shall be
paid 10 the city as stipulated damagee
IL. upon default In making tender az
herein provided, possession and con-
troll OF said railway property is not
given on demand as aforesaid to the
city, or II, the city being In possession
and control either under terms OF pur-
chase or because OF grantees failure to
make tender. and the city not being In
default on terms OF purchase, said pos
session and control by the city shall
be thereafter lost by reason OF the fail
ure OF the grantee TO protect the pos
session of the city from any mortgage
lien on said railway property not as
sumed by the city.
II IL further stipulated that the
ahaI the CifV the