The journal. (Caldwell, Ohio) 1934-1961, 1949-10-13

good, then and in every such case
such payment shall constitute a
| 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 a
| provision that with the consent of the
| Trustee and of the holders of not less
than Sixty-six and tWo-thirds Per
Cent (66 2j3Gs( 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 lndenture
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or rescinded so long as such action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 inden-
| 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
| 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 ac-
| cruing on any bonds constituting a
lien on and payable from the revenues
| OF the utility, the court having iuriS-
diction of such cause may appoint a
| receiver to administer and operate
said utility on behalf of the 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 and
! 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 outStaISsing 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 l3 In the event of the fore
closure of the mortgage provided for
| 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:
MAINTAIN AND OPERATE A PUB
Lie UTILITY KNOWN AS THE
ELECTRIC LIGHT PLANT AND SYS-
TEN IN AND FOR THE VILLAGE OF
CALDWELL, NOBLE COUNTY, OHIO.
ABOVE, ALONG AND UNDER THE
ENUES AND OTHER PUBLIC THOR
| OUGHFARES OF THE VILLAGE OF
CALDWELL AND TO FIX AND PRE-
| SCRIBE THE TERMS AND CONDI-
| TIONS UNDER WHICH SAID OPER-
| ALTON SHALL BE CONDUCTED.
Section A Hereafter when the word
grantee" appears in this franchise, it
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 SalQ purchaser, ana lIllS IRAN
| chiSe shall inure to the benefit of such
| person, association, partnership or
| 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 judicial
sale on foreclosure of mortgage to
| construct, maintain, operate and eX-
! tend above. along and under the
! streets lanes. alleys. avenues and
| other public thorouehfares and public
| property of the Village of Caldwell
! in the County of Noble and State of
| 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,
paratus necessary for the production
and distribution of electric light and
power for all purposes.
| Section c: This franchise shall be
| held to apply to and give the right
to own and operate all the property
rights and interest heretofore owned
or operated bv the Village of Cald-
| wen as 1lS pubic ulllllN Known as us
electric light plant and system. with
all extensions betterments, replace
'ments and new equipment which have
been made or added thereto by said
Village prior to the taking effect of
this franchise. together with the eX-
tensions and betterments which may
| thereafter be made from time to time
by the grantee during the life of this
franchise. q
Section D: The grantee, i'm the MAIN
tenance. repair or extension of said
public utility, shall not unnecessarily
interrupt or obstruct use of any street,
| lane, alley or public thoroughfare, and
in connection with anv such work
shall obtain such permits and appro-
walls as NAV be required by the ordi-
nances of the Village of Caldwell.
When any streets, alleys or public
grounds are entered upon. or facilities
removed therefrom, the grantee shall
restore the same to their original con-
dition and shall clear all such places
of dirt, Instructions and anything
that might constitute a nuisance, or
prevent such street, alley, or public
| ground from being open and in repair.
| Section E: The grantee shall at all
| times be subject to the regulations
| imposed by the laws of the State of
Ohio. and such general reasonable
| regulatory ordinances of the Village
of Caldwell as may exist at the eff
| feCtive date of this franchise or there
after be adopted The grantee; how
| ever, shall have a right to a fair re-
| turn on its investment; it being un-
| derstood, however, that the Village
| cannot waive or surrender anv of the
| police powers granted to, or inherent
| in, municipal corporations and moth
| ing herein contained shall be con-
strued as a waiver or surrender of
| such powers or other rights conferred
\ nv laxr