Madison County Democrat. (London, Ohio) 19??-1958, 1950-07-21

representative of said trustee, of
said original purchasers, or of
any holder or holders of 25-per-cen-
tum of the amount of the Bonds at
the time outstanding to inspect the
Utility and all records, accounts
and data of the Utility at all
reasonable times.
Section Il. Said Mortgage shall
also contain the customary coven-
ants as to prompt and efficient con-
struction Of all Utility improve
ments, proper maintenance OF Util-
ity properties and efficient oper-
alton thereof maintenance of title
to such properties and of the prior
ity OF lien of the Mortgage, dis
position of unnecessary or worn out
properties, maintenance of adequate
insurance upon Utility properties
and in accordance with the recon-
mendations of an independent en-
gineer recordation of the Mortgage
and any supplement thereto, COM
pliance with applicable require
ments of law, and such other COW
enants as may be necessary or ap-
propriate for the due protection of
g the. rights of the holders of the
Bonds.
/ Section Il. Said alo. ssgage shall
/ contain appropriate provisions
whereby the Village, by ordinance
of its council and with the written
consent of the holders of not less
than 66-2/3% in aggregate principal
amount of the outstanding Bonds
| texcluding Bonds held or owned by
I the Village), may modify or amend
any covenant condition or provision
i OF the Mortgage or any supplement
! thereto so long as such action shall
not result in changing the redemp-
! ton provisions or interest and sprin-
/ cipal maturity dates or reducing
the principal amount or interest
rate on any Bond without the con-
sent OF the holder thereof, nor
modifying the rights or obligations
of the Mortgage trustee without its
consent, nor reducing the percent
age herein specified, nor imposing
upon any part of the properties or
revenues Of the Utility described
in the Mortgage or any supplement
thereto any mortgage or lien rank
ing prior to the lien of said Mort
gage.
section 13. In the event of the
foreclosure of the Mortgage, the
purchaser or purchasers at such
foreclosure sale shall be entitled
to operate the Utility as improved
or extended under the terms of
the following franchise, which is
hereby ordained and established to
take effect Immediately upon the
confirmation Of such foreclosure
sale, TO wit.
FRANCHISE TO CONSTRUCT,
MAINTAIN nIAPs II n, AND SlCv OPERATE ERA a
THE WATERWoRKs SYSTEM
IN AND FOR THE VILLAGE OF
LONDON, MADISON COUNTY,
OHIO, UPON. ALONG AND UN-
DER THE STREETS, LANES,
ALLEYS, AVENUES AND OTHER
PUBLIC. THOROUGHFARES OF
THE VILLAGE OF LONDON,
THE TERMS AND CONDITIONS
UNDER WHICH SAID OPERAT-
ION SHALL BE CONDUCTED.
Section \: Hereafter when the
word grantee" appears in the
franchise. ii shall be held to mean
and include the purchaser or pur-
chasers at a judicial sale upon fore
closure of the Mortgage on the
waterworks system Of the Village
of London and any person, associa-
ton or persons, partnership OF
corporation who shall, upon such
foreclosure, become the owner oi
said public utility by assignment
from said purchaser: and this fran
chise shai' inure TO the benefit o1
such pers, n. association, partner
/ ship or, corporation and their heirs
{ executors. administrators, success,
ors and assigns. The term Village
where used herein shall refer t
| ! the Village of London, Ohio.
: Section b: The said grantee /.
hereby, granted the right for tn,
: full period of twenty years from
: the date of the final confirmation
of such judicial sale on foreclosur,
! of mortgage to construct. main
j tain, operate and extend upon
along and under the streets, lanes
: alleys. avenues and other publ
4 thoroughfares and public propert,
: of the Village with the full an,
\ necessary privileges for the use o
: the streets, lanes, alleys. avenue
and other public thoroughfares o
q property for the purpose of con