The Detroit times., 1911-11-29

10 under terms OF purchase or be- !
~ cause OF grantees failure 20
~ make tender as herein provided
a tee possession and control OF said
q RAILWAY property. and the gran
- tee shall enter into the possession
~ and control thereof
81 II the city. while I'm possession
2s and control OF said railway prop
80 erty, default In making purchase
20 or in complying with the terms
a OF purchase, said railway properly
70 shall be restored TO possession
30 and control OF the grantee.
20 II the city after purchase Nol-
i5 UNFAIRLY abandon or restore 70
~ Of said railway property or. be-
b cause OF its default In complying
SO with the terms OF purchase, ~
40 dispossessed thereof. this gran,
a for each dav OF the citys sara
az possession and control after pur-
~ chase. anything herein 10 the con-
90 trary Notwithstanding, shall DE
as extended one and one-half days
az III the city. while In possession
az and control OF said railway prop
rs ertN beCause or RrantCrs tattHt"
~ 10 make tender as herein proNld,
30 ed shall retain possession anu
n control thereof beyond n period OF
20 six months from date OF deferred
81 tender without making purchase
"a this grant, for each day OF the
IS citys possession and control he-
IS -ycnd said period. anything herein
~ 10 The contrary Notwithstanding
IS shall be extended one ana one
"a The city. II In possession and
II control OF satd railway property
81 after purchase, shall pay az onil
n cations and liabilities arising out
"a Of it's possession and OPERATION OF
b said railway property from date
SO OF purchase TO date OF testnIallun
~ IL IL abandon or restore pphsSs-
iS sion OF same 10 gIah''V III IN
10 paid purchase price, interest," ~
n siN per cent per nnuum, less my |
- Interest by IL paid dutN sI ,,
n period The city W IA pnssHSstun |
"a and contrnl ~ said railway prop,
N erty before purchase, shalt. u "
"a abandon az restore said railway !
rropertv nay all like oolts tons
IS and liabilities from date OF H''S,,
- red tender made herruhd, ~
so date OF restoration and IKE inter,
II est on purchase price TOT s"'"
!. last named period ,,n,,
"a N the grantee snail fail wlthlh
=, ~ zine herein provided 10 make
- tender, as herein provided, an Us
>G rights and the rights OF us SUI
81 Cessors or assigns 10 tals olu'
~ nance shall without further Wol9
.9 ne deed terminate. unless revived
40 as hereinafter provided, anu ths
81 city shall have, on demand, Wnnn !
~ once made shall be regarded az &
~ continuing Immediate possession
"a and control OF said railway prop,
- al, ,, M thereafter the city shall
,6 pay said purchase price. as here
~. IN provided. within SIX months u'
~ any deferred tender by the gran
40 tee or restore satu railway prop
10 ertv 10 the grantee .,,r,, |
on III. while the city Is In possession
- OF said railway property con,
IA trovefsy should arise concerning
"a The suffciency OF deferred tendeF
l5 by the grantee. said controversy
jG shall. on the application or eithtr
d. party. be determined oy m
~ Judges OF the circuit court Tor
l9 the county OF Wayne on ma,
lO ioritV nnding of SO many OF said
ii Judges as collectively consider sald
I2 application and the DETERMINATION
ia tender be determined by sald
~ Judges TO be a good and suthcleht
10 tender. the city shall wlthlh SIN
Il months OF said determination pay
is said purchase price and interest
ia thereon. from six months AFTER
% date OF deferred tender 10 gate OF
21 purchase as herein provided, or
~ restore said property TO the gran
- ~ the grantee shall be restored
p 10 possession and control OF SAID
% railway property because OF ue-
% fault OF city In making purchase,
2g or In complying with the terms
~ OF purchase. or. because or Volun-
SO tary abandonment or restoration
Al 10 grantee OF said railway prop
% erty this grant shall revive and
az thereafter be in fun force ana
"a effect as II no proceedings 10 pur-
81 chase had been instituted.
20 II purchase is made as herein
a. provided this ordinance. except as
80 hereinafter provided, SHAH con
80 tinue. or II terminated prior 10
40 purchase as herein provided, ~,
81 on purchase as herein provided.
a. shall-reviye and continue In fun
- force and effect until Dec. 4. 1921,
a To secure the payment and dls-
IS charge OF any mortgage lien or
as portion thereof assumed by the
- city in making purchase
a. All additions betterments ana
~ improvements made by the city
SO hereunder or made by the city
81 while in possession and control
81 OF said railway property. except
Sc as hereinafter provided. snail In
50 like manner be security Tor the
s. payment OF any mortgage lien as
Sc sumed by the city in making pur-
81 chase
81 This ordinance shall. without
So word or deed. terminate. and all
so additions, betterments and inn
So hereunder or while In possession
81 and control OF said railway prop
So erty shall thereupon be free from
S5 any obligation herein imposed 20
SIS to secure the payment by the CITY
81 OF any mortgage lien assumed hy
5s IL I'm making purchase. IN, while !
SO the city Is In possession and con-
10 troll after purchase by assuming
II OF a mortgage lien -greater-th than
70 purchase price so much as VIII |
u equal purchase price. II shall be
"a dispossessed by reason or the
IS failure OF the grantee to dis
70 charge when due the portion or
II said mortgage lien assumed by
70 grantee or TO pay when due In
70 terest thereon. provided, the city
SO has paid or rendered when due
81 its assumed portion OF said mort
81 gage lien or the interest thereon
81 In manner required in instrument
81 evidencing said mortgage lien.
So The grantee within six months
sc after the approval OF this ordi-
81 nance shall Ale with the city con-
Sc troller a good and sufficient bond
50 or bonds TO run until Dec. T. 1924, |
30 TO the city OF Detroit In the ag-
81 gregate sum OF one million dol
% lars with one or more surety
l5 companies as surety, or other sat-
81 isfactory sureties TO be approved
% by the City Controller, condition |
DC ed that the said sum OF one mil |
~ lion dollars shall be paid TO the
% city as stipulated damages II, up
81 on default in making tender as
~ herein provided, possession and
OIL troll OF said railway property ~
~ not given on demand as aforesaid
% TO the city or II, the city being
o. in possession and control either
D. under terms OF purchase or be-
nc cause OF grantees failure TO make
~ tender and the city not being
Ds I'm default on terms OF purchase,
o. said possession and control by
I'D the city shall be thereafter lost
II by reason OF the failure or the
70 grantee to protect the possession
f3 81 the city from any mortgage
ia lien on said railway not assumed
is II is further stipulated that the