The Detroit times., 1911-11-29

~ after one party has made Its APP
is appointments the other shall neg
~ Loot or refuse TO act. or N for
81 IKE period tho four members af-|
81 pointed as aforesaid shall have
52 made no appointment OF tho NTH
81 member, the appointments 10 said
So board shall on the application OF
IS either party he completed by the
So Judges OF the Circuit Court for
81 the County OF WAYNE on a ma
So lority fnding OF such OF said
50 Judges as collectively consider
so said application. Within five
81 days after completion OF appoint
81 ments the members OF said BOARD
SO shall meet I'm the Common Council
81 Chamber and at said meeting and
50 all subsequent meetings ma
Sc iority thereof shall constitute a
g. quorum. The sessions shall be
6S public The parties, or either OF
90 them. may produce evidence and
20 appear before said board with
II counsel The compensation for
the NTH member only and the ak
T2 pcnses incident 10 the sessions OF
4 said hoard shall be borne in
N equal parts by the grantee and
80 the city
See ii In arriving at said pur-
,fase price said board shall be
bound as follows;
The date taken for the deter
mlnation OF value shall coincide
with the date upon which pur-
IL stall not allow any value for
any franchise right wholly Great
10 cd By this ordinance,
IL shan not allow any value FOR
r foundations and pavements and
~ change OF grade work heretofore
- constructed and performed or paid
for 10y the grantee. or its prede
- CeSsurs I'm title, other than mat
~ value which shall have been fixed
by the board OF valuation herein
piSgW here provided for
81 IL shall not allow any value for
n foundations and pavements aud
y change OF grade work 20 be con-
Is structed and performed or paid
for hy the grantee other than the
- value herein agreed upon
- II shall value every valid aud
:, lawful franchise right or grant
,N obtained prior 20 aud existing az
n the date Of passage hereof. giving
,O tulI force and effect 10 all the
y terms thereof as II unaffected
3 hereby from date taken for de-
- termination OF value TO date OF
Be- or grant. but In no case 10 date
.6 beyond December 4, 1924
y II shall allow for land includ-
IS ed in said railway property It's
10 fati market value IL shall allow
10 for all other property. including
IL buildings It's fair value for street
- railway purposes. taking into con
IS sideration cost and natural de-
% probation
Is Said hoard shall require the
i6 city 20 pay said purchase price as
g. follows. tai In cash or OBJ part
IS ly by assuming mortgage lien less
~ than purchase price and re-
10 mainder in cash. or Co by assum-
II ing a mortgage lien equal 70 pur-
- chase price, or td1 by assuming
- OF mortgage lien greater than.
y. .ci:rrhase- price so much as Will
80 equal purchase price when gran
IS tee assumes remainder and gives
- security 10 the satisfaction OF and
IS In the manner directed by said
y board for city's protection against
80 remainder For thirty days after
81 said purchase price Is fixed the
- grantee shall have the right 20
y elect Nv written notice TO said
- board which OF the above men
IS toned ways OF payment will be
IS required II within said thirty
y days said election is not SO made.
Is said board shall determine which
- OF said ways OF payment Will be
70 required.
Il The purchase price and terms
. agreed upon or determined as
. herein agreed by said board or
"a majority thereof. except as here
= in provided. shall be binding on
8 both parties. and shall be submit
z ted 10 a referendum vote, and "
= approved by said vote, constitute
= the basis OF sale, but II dtsap-
10 proved by said vote. the right TO
y spects a $ herein provided as II no
,a action had been taken, The award
- OF said board in detail shall be
Z hied WIN ha the ely c9nt .a,d hoard
B. be approved by said vote,
,s said board when tender is
s9~~nade as herein provided, shall.
10 on notice from the city
~ Controller published once each
% week for three weeks in
% the official publication OF the
"a city. reconvene and shall survey
,5 ths property included in said ten
Is der. II may deduct from purchase
- price fixed as aforesaid any les
IS sened franchise value. any diniin-
10 ution OF said railway property
70 and any depreciation thereof due
- 10 the failure or neglect or gran
u tee 10 maintain said railway prop
"a erty i'm as good condition as ~
- was on the date of determination
70 OF value from said date TO the
y date Of purchase, ordinary wear
Is and tear excepted. II may add 10
70 purchase price first determined
10 any capital investment made by
y the grantee IN said railway prop
= erty after date taken for de-
q termination OF value 20 date Of
is purchase. This finding OF ma
= jority OF said board shall be
q binding on both parties hereto.
II If grantee fail or refuse 10
s comply with provisions hereof for
20 proceed with the appraisal OF said
Il railway property. il is agreed as
% part Of the right To purchase ana
% agreement TO sell herein contain
q ed that the Judges OF the circuit
% court for the county of Wayne.
,6 sitting as appraisers upon APP
- pllcatlon Of tho city may forth
IS with subject 10 the limitations
20 value OF said railway property
u and the way % payment therefor,
y anything herein contained TO the
% contrary Notwithstanding The
;, award of majority Of so many
Is OF said judges az collectively con-
&c slider said application shall be
II binding on both parties hereto
rs and shall be submitted 20 refer
~ endum vote and. IL approved by
80 said vote. constitute the basis OF
" sale.
g. Within one year after the APP
- prevail Of either OF said awards by
- referendum vote the granite
- shall make tender to the city
iG controller OF a good and sufficient
~ conveyance OF said railway prop
IS erty in accordance with said
10 award. with warranty OF ttle and
20 warranty against any and all
II liens and encumbrances except
g those, II any. In said award TO be
q assumed by the city. and deliver
81 abstracts showing marketable
10 title 10 any land included In said
IS railway property
s. II the way OF payment required
IS is in cash. n tender made by the
80 grantee of title free and clear. or
so subject 10 a mortgage lien at par
81 in no greater amount than the
- purchase price. with warranty OF
&c title and warranty against any
"a and all liens and encumbrances,
- shall be deemed n good and sur
,G ncient tender hereunder n, on the
- date Of purchase. the city shall
IS receive said railway property free
80 and clear OF said mortgage Hen.
10 II the way OF payment requir