Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1920-12-29
CITY Commissioners Proceedings
Grand FORKS, North Dakota !.

cancel az, contract q 10 rsstors he
Du rs After payments made hereon the
in the event Of the destruction, selthef.
complete or substantial. sitter payments
made, there shall DO no obligation on my
desire. apply such Insurance money
upon the purchase price and hold the city
FOR the b~alance.Sof such purchase price.
and the city ~ restore the if
Is The city. must e.xsr,c,se the option
TO purchase this property not .later than
the purchase Of Yte property and the
annual appreciation bill to bssby y en-
tion, prior thereto. az provided 81 law;
q. failure to make provision In he annual
appropriation bill or to hold an election
Lrior to September 3oth, 1921. will con-
~ The. city Y to take the property
subject to such amount as remain
the Great west Life Assurances Com
pany: such. amount being at the present
time. $1,000 90 in principal which will
be reduced by the payment OF 100000
OF principal on January. LIST, 1921, and
win be further reduced by ne payment
Of another $1,000 90. of principal on JaHu-
airy LIST, 1892. provide THU. contract Is not
terms and conditions Of the mortgage
appear on record in the Office OF the
register of Deeds nj the city will take
the property subject thereto.
troll Of the prdperty.unt the date Of the
payment in full by the city. and shall
operate it and take! all receipts and rev.
thereof there's 'n or SUCH other theios aisposi Il assI
may choose to- thereof, not incon-
sistent with the propose for which 1t is
constructed, and for which, agree to sell
r. (m) II agree to sell the property and
convey such title as ! may have by. 2
quit claim deed. subject to the first mort
the payment. to me on or before April
list. 1890 the aggregate Of the follow
i. $4,000 With interest at go from De-
2. $4,7S3.85 with interest at 50 from
January LIST, 1920: a1
8. Such sums as ! nay pay UPON the
p %dntapee and m tb tnte s : Ct Seca the d dreI
together with interest at the rate of
So per ahnum o nsuch sums from
the date of such payment.
g The foregoing proposal is subject
to the following conditions:
(a) That the City Commissioners. in
dictate their acceptance hereof,tn writing
t tSe me sste w1 bsleof Fo y Ss;n< ef nBaersfaod' q
course. that in 50 doing such%+C Commits
sioners do not obligate the city to pur-
chase the property or pay the purchase
posai as an option SO that l will under
stand the city Al morally obligated to
carry out this agreement.
6. The above and ~foresotng option
extended to the city will expire Decem-
Der 2s..1s20, II prior to that date the. city
shall not ave indicated in writing to ME
its acceptance Of such proposals., and in
ceptance. the said option is extended to
the Oratorio Society Of the City Of Grand
Forks, and such Society ts given the
said City OF Grand Forks, ii Winch to
indicate its acceptance or re5ectfong-o 81
said option. -
city, and Of the oratorto Society to exer:
notice to me, thereof. there is hereby
EE5anted n given to the Commercial
same option for then ext ensuing 80 days
after the expiration Of the time SO as
aforesaid, given to h Oratorio Society.
II my'e me s'h in sa Whiting either 81 a'u It's sn &C.
c%eptance or rejection Of said option.
II is expressly provided that the
options hereby granted. either TO- the
merciai Grub. are not assigpable. 4.
s., In, the event ct the aceeptance OF
such proposals. BY either the oiatorio So
the property above described. Is to b
%tconveved subject to a trust agreement;
or with certain restrictions contained in
the deed Of conveyance which will in
maintenance Of the property. as and for
an auditorium for the period Of at least
Ten I0) years: the details Of which
forth fort but Which S must BE !. q u upon BE- Be.
tween the Undersigned and the 'fnstitu-
ton exercising said option.