The journal. (Caldwell, Ohio) 1934-1961, 1949-10-20

good, then and in every such case
waiver of such default and its conse-
quences; but no such waiver shall
extend to or affect any subsequent
default or impair any rights conse-
quent thereon.
Said Mortgage shall also contain
provision that with the consent of the
Trustee and of the holders of not less
than Sixty-siX and two-thirds Per
Cent (66 2i3G6) in aggregate principal
amount of the outstanding bonds
thereby secured, and upon approval of
the village given by ordinance of
Council, any covenant, condition or
provision of such mortgage indenture
may be modified. altered. added to
or rescinded SO long as such action
shall not result in reducing the prin-
cipal amount or interest rate on any
such bond, nor reducing the percent
age herein specified, nor imposing
upon any part of the property or
revenues of the utility described in
said mortgage or lien ranking prior
to the lien of said mortgage 1nden-
ture.
Section IL. In the event of any
litigation commenced or pending in
any court having jurisdiction, IN
which the said Village is a party in
volving the said utility, the operation
| of the same, the revenue from the
same, or wrongful performance or
| failure to perform any of the terms
and conditions of this ordinance, and
there is at such time any default in
the payment of any debt charge &C
| cruing on any bonds constituting a
| lien on and payable from the revenues
| of the utility, the court having lur1s-
diction of such cause may appoint a
| receiver to administer and operate
| caSI tu nf Village
| of Caldwell with full power to pay
| and to provide for the payment OF
| all debt charges on any such revenue
bonds then outstanding, and for the
| payment of the operating expenses,
| and to apply the income and revenue
to the payment of such bonds ana I1
| interest thereon in accordance with
| this ordinance and the provisions OF
! the mortgage securing such indebted
| ness. The power of such receiver TO
provide for the payment of bonds that
| are due and outstanding shall not be
construed as pledging the general
credit of said Village to the, payment
of said bonds, or any part thereof, or
| interest thereon. Such receiver shall
have such power, under the direction
| of the court, as receivers in general
| equity cases.
Section 13. In the event of the fore
closure of the mortgage provided Tor
in Section IL hereof, the purchaser or
purchasers at such foreclosure sale
shall be entitled to operate said cleo
trio plant and system as improved or
extended under the terms of the fol-
| lowing franchise, which is hereby or
| dained and established to take effect
Immediately upon the confirmation OF
such foreclosure sale, to-Wit:
| FRANCHISE TO CONSTRUCT
MAINTAIN AND OPERATE A PUB
Lie UTILITY KNOWN AS THE
ELECTRIC LIGHT PLANT AND S4S-
TEN IN AND FOR THE VILLAGE OF
CALDWELL, NOBLE COUNTY. OHIO
STREETS, LANES, ALLEYS, AV-
ENUES AND OTHER PUBLIC THOR.
OUGHFARES OF THE VILLAGE OF
CALDWELL AND TO FIX AND PRE-
SCRIBE THE TERMS AND COND1-
TIONS UNDER WHICH SAID OPER-
ALTON SHALL BE CONDUCTED.
Section A: Hereafter when the word
grantee" appears in this franchise, II
shall be held to mean and include the
purchaser or purchasers at Judicial
sale upon foreclosure of the mortgage
on the electric light plant and system
of the Village of Caldwell and any
| person, association of persons. part
nership or corporation who shall, up
on such foreclosure, become the own
er of said public utility by assignment
from said purchaser; and this fran
chise shall inure to the benefit of such
sperson, association. partnership OF
corporation and their heirs, executors
administrators, successors and assigns
Section b: The said grantee is here
by granted the right for the full Pc
riod of twenty years from the date OF
the final confirmation of such judicia
sale on foreclosure of mortgage tc
iconstruct, maintain, operate and eX'
tend above, along and under the
streets, lanes, alleys. avenues ano
other public thorouehfares and public
property of the Village of Caldwell
in the County of Noble and State o.
Ohio, with the full and necessary
privileges for the use of the streets
lanes. alleys, avenues and other pub
lie thoroughfareS or property for the
purpose of constructing, erecting
maintaining, operating and extending
electric distribution and service lines
| substationS, poles, posts, anchors, guys
wires. conduits, cables, transformers
insulators, meters, and all other APP
paratus necessary for the production
and distribution of electric light anc
power for all purposes.
Section c: This franchise shall bt
: held to apply to and give the righ
to own and operate all the property
rights and interest heretofore owned
or operated bv the Village of Cald
we'll as its public utility known as 1T
, electric light plant and system, witt
all extensions. betterments, replace
ments and new equipment which hav'
been made or added thereto by salt
t Village prior to the taking effect o
f this franchise, together with the eX
{ tensions and betterments which ma,
thereafter be made from time to tim'
by the grantee during the life of thi
franchise.
l Section D: The grantee, in the main
tenance, repair or extension of SAT-
, public utility. shall not unnecessarily
interrupt. or obstruct use of any street
lane alley or public thoroughfare, an
$ in connection with anv such worl
2 shall obtain such permits and appro
/ walls as may be required by the ordi
| nances of the Village of Caldwell
f When any streets. alleys or publi
grounds are entered upon, or facilitie
S | removed therefrom. the grantee shal
D restore the same to their original con
' dition and shall clear all such place
] of dirt, distractions and anyth1n
that might constitute a nuisance, o
= prevent such street alley, or publ
J ground from being open and in repair
: Section E: The grantee shall at a.
' times be subject to the regulation
f | imposed by the laws of the State O
Ohio. and such genera. reaSonabl
? | regulatory ordinances of the Villag
= of Caldwell as may exist at the eff
| fective date of this franchise or there
after be adopted. The grantee. how
i | ever, shall have a right to a fair re
S turn on its investment; it being un
= derstood, however. that the Villag
I cannot waive or surrender any of tn
{ police powers granted to, or inheren
= in, municipal corporations and moth
? | ing herein contained shall be con
e | strued as a waiver or surrender @
= such powers or other rights conferre