Newark post. (Newark, Del.) 1910-1969, 1911-02-15

| respect snail De OF the essence OF this
contract )there shall have been served
| upon said Company written notice,
signed by the President OF the Coun-
Gil OF Newark. OF the desire OF said
| Council OF Newark to terminate this
contract at the expiration lof five
years from the First day of January,
| 1910, and an ordinance providing for
such termination shall have been duly
enacted by said Council of Newark,
then 1t shall be the right of the said
| Council OF Newark to terminate this
| CO i.act al she expiration = five
years from the First day of January,
1910; provided That the Council OF
! Newark shall make all payments to
said Company as provided herein. in
case OF failure to pass said ordinance
on or before said First day Of Jan
uray, 1915, and of failure to notify
SAID Company on or before that date
or the desire OF the Council of New
ark to take possession OF the leased
| property III pursuance OF said ordin-
ance, or OF the failure OF the Council
! OF Newark to make payments to said
, Company, as provided herein, this OPP
non on the part OF the Council OF
Newark to terminate this contract
prior to the First day of January, 1881,
shall cease and be forever at an end.
The payment which must be so made
to the said Company, its successors
expended by the SAID Company, its
and assigns Gf terminated under the
provisions OF this Clause, shall be a
reimbursement OF all sums of money
successors or assigns, subsequent to
the date of this contract, in or about
the buildings, apparatus, machinery,
poles, wires, mains, pipes, services,
connexions, meters, appliances and
appurtenances OF the said Water
Works and Electric Light Plant, now
owned and operated by the Council OF
Newark, including. however. sucn sum
or sums o, money only by said Com
pany, its successors and assigns, pad
IN and about the alteration, enlarge
ment, removal, extension, betterment
and Improvement, including tbs re-
placement OF property worn out Or i'll
efficient, of said Plant and distributve
systems, with interest thereon at the
rate OF SIX (o) per centum per annum
simple interest, together with an add
tiona sum OF Ten Thousand Dollars,
as recompense to said Company io-
the supervision OF said Plant Said
simple interest shall /. calculated up
On such sums determined and shown
yearly in the following manner: On
the First day OF January. 1919, the
said Company. its successors or as
signs, shall file with the Treasurer OF
the Council OF Newark statement
showing expenditures by said Com
pany during the year 1911, for altera-
lions, engagements, removals, better
ments, improvements, and replace
ments OF property worn out or inetfi-
cient, in and about the Water Works
and Electric Light Plant, and for the
poles, wires, mains, meters, services
and appurtcnanceS. On the First day
OF January OF each year following
during the continuance ui this contract,
he said Company. Is successors and
assigns, shall file with the Treasurer
II the Council Oi Newark similar
statement OF expenditures in and
about the same matters made during
the calendar year Immediately proceed
ing. Interest upon the amounts SO
shown shall be calculated and paid at
.hc rate OF six TO- per -ecrtiissi- per Az
mum, simple interest, from the tnst
day OF the year succeeding that in
which the expenditures were made, to
the date OF payment by the Council oil
Newark The Treasurer OF the Coun-
Gil OF Newark shall have the right 10
examine, audit and verify the state
ments so as to be filed as herein pro-
vided