The journal. (Caldwell, Ohio) 1934-1961, 1957-10-10


cure the payment of the principal of |
and interest on the Bonds as the same
shall become due and payable and the |
performance of the obligations Of the |
Municipality in this Ordinance, the
Bonds or the Mortgage, the Executive
and Fiscal Officer of the Municipality
are hereby authorized and directed in
the name of and on behalf of the Muni-
cipality to make, execute, acknowledge
and deliver to the Trustee good and
sufficient first mortgage deed therein
called the Mortgage1 mortgaging in
trust for the holders of the Bonds all
the properties and assets of said Util-
ity now owned or hereafter acquired
by the Municipality during the time
any of the Bonds shall remain out
standing and unpaid, in such form and
| containing such terms, covenants and
conditions not inconsistent with this
Ordinance as shall be approved by such
original purchasers and by the Legal
Officer of the Municipality
Provision shall be made therein that
| in case the Municipality shall default
| for more than go days in the payment
| of any Bonds or the interest thereon
| or for more than 90 days in performing
| any of the covenants or requirements
| OF the Mortgage or of this Ordinance,
| of the Bonds, the Trustee may elect
| to, and upon request of the owners or
| holders of 25 per cent in amount of the
1 outstanding Bonds shall, declare the
1 entire amount of outstanding Bonds
! due and payable. and proceed to fore
4 close said Mortgage; but such provisi-
| sion shall be subject to the condition
4 that If at any time after the principal
4 of said Bonds may have been so de-
| clared due and payable. and before
/ there shall have been any sale OF the
l properties mortgaged Hereunder. all
| sums payable under the Mortgage, eX-
| cept the principal OF Bonds thereby
4 nave
| maturity dates, shall have been duly
| paid and all existing defaults shall have
| been made good, then and in every
| such case such payment shall consti-
| tute waiver of such default and its
| consequences; but no such waiver shall
| extend to or affect any subsequent de-
| fault nor impair any rights consequent
| thereon.
The Mortgage shall contain the usual
covenants and provisions as to fore
| closure and sale and as to other rem
| edieS of the Trustee and bondholdels.
and shall provide for the appointment
| of receiver with powers customary in
general equity cases to operate the
Utility and to apply the revenues there
of to the payment of the Bonds and
interest thereon, in accordance with
this ordinance and the provisions of the
| Mortgage. in event of litigation involv-
ing the operation or administration of
the Utility by the Municipality or de-
fault by the Municipality in perform
ance OF the terms and conditions of
this Ordinance or of the Mortgage or
/ the Bonds
/ The Mortgage shall also contain COW
enants as to prompt and efficient con-
struction of the Project, proper main
tenance of Utility properties and ef-
flclent operation thereof, maintenance
OF title to such properties and of the
priority of lien of the Mortgage dis
position of unnecessary or worn out
properties, maintenance of adequate
insurance upon Utility properties, re-
cordation of the Mortgage and any
supplement thereto, compliance with
| applicable requirements of law, and
| such other covenants as may be nee
essary or appropriate for the due pro-
lection OF the rights and security OF
the holders of the Bonds.
Said Mortgage shall contain appro-
pirate provisions whereby the Munich
pality. by ordinance of its council and
| with the written consent of the hold
erS Of not less than 66-2 1870 in aggre-
gate principal amount of outstanding
BondS( excluding Bonds held or owned
by the Municipality. may modify or
amend any covenant. condition or pro-
vision of the Mortgage or any supple
ment thereto so long as such action
shall not result in changing the re-
) demption provisions or interest and
principal maturity dates nor reducing
the principal amount or modifying the
| rights or obligations of the Trustee
without its consent, nor reducing the
percentage herein specified, nor inn
posing upon any part of the properties
| or revenues of the Utility described III
the Mortgage or any supplement there
to any mortgage or lien ranking prior
| to the lien of the Mortgage.
4 In the event of the foreclosure of The
; Mortgage, the purchaser or purchasers
? at such foreclosure sale shall be en-
l t1 10 h2 INN NXr-
ed 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, MAIN
, TAIN AND OPERATE A PUBLIC
UTILITY IN AND FOR THE MUNICH
PALITY, UPON, ALONG AND UN-
DER THE STREETS, LANES. AL
LEYS, AVENUES AND OTHER PUB
Lie THOROUGHFARES OF THE
, MUNICIPALITY, AND TO FIX AND
PRESCRIBE THE TERMS AND CON
DITIONS UNDER WHICH SAID OP-
GRAFTON SHALL BE CONDUCTED
Section A: Hereafter when the word
, grantee" appears In this franchise. il
| shall be held. to mean and include the
purchaser or purchasers at a judicial
sale upon foreclosure of the mortgage
; | on the municipal Utility referred to IL
, the Ordinance granting this franchise
and any person. association of persons
| partnership or corporation who shall
, | upon such foreclosure, become the
owner of said public utility by assign
, | ment from said purchaser; and this
franchise shall inure to the benefit Of
such person, association partnership OF
corporation and their heirs. executors
| administrators. SUCCESSORS and assigns
| The term Municipality, where USED
| herein, shall refer to the Municipality
, | granting this franchise.
Il Section B: The said grantee is hereby
granted the right. for the full period
of twenty years after the date Of the
{ | final confirmation of such judicial sale
on foreclosure of mortgage, to con-
, Struct, maintain, operate and extend
, | upon. along ana under the streets
, lanes, alleys, avenues and other public
, thoroughfares, and public property OF
, the Municipality, with the full and nee.
: eSsary privileges for the use Of the
{ streets, lanes, alleys, avenues and other
public thoroughfareS or property foI
, | the purpose of constructing, erecting
maintaining, operating and extending
wires, guys, poles, lines, conduits
{ meters. transformers, and all other ap.
, partus necessary or appropriate to the
) operations of the Utility.
Section c: This franchise shall bt
held to apply to and give the right
{ to own and operate all the properties
, property rights and interests thereto.
| iole oNileO VI oPei dtSd DS tlIe NuIlSi'
! pality as or in connection with sale
Utility, with all extensions, better
| ments, requirements and new equip.
ment which have been made or addeo
f thereto by said Municipality prior tc
the taking effect of this franchise to-
{ gether with the extensions and better
ments and equipment which may
| thereafter be made from time to time
, by the grantee during the life Of this
, franchise.
/ Section d: The Grantee, in the main.