| Title | : | Atlantic and N. C. Railroad Co; To the Howland Improvement Co: Lease, Dated September 1st, 1904 (Classic Reprint) |
| Author | : | |
| Rating | : | |
| ISBN | : | 133375048X |
| ISBN-10 | : | 9781333750480 |
| Language | : | English |
| Format Type | : | Paperback |
| Number of Pages | : | 20 |
| Publication | : | Published August 24, 2018 |
Excerpt from Atlantic and N. C. Railroad Co; To the Howland Improvement Co
Lessee will annually pay the sum of One Hundred and Seven Thou sand Eight Hundred and Thirty-two Dollars, payable in equal installments of Fifty-three Thousand Nine Hundred and Six teen Dollars each, on the first day of July and on the first day of January of each and every year until the expiration of the said term. But it is expressly stipulated and agreed between the parties hereto that the Lessee shall not be liable for any rents until he shall have been put into actual possession of the property hereby demised. And the said Lessee does further covenant to and with the said Lessor that it shall pay, in addition to the rental reserved as afore said, and as a part of the rent to be paid for the property herein de scribed, all taxes lawfully imposed upon the said leased property or upon the franchises of the said Atlantic North Carolina Railroad, or its income whether by the State of North Carolina or any County, City, Town, or Township thereof, or by the United States; all of such taxes shall be paid by the Lessee so as to entirely relieve the Lessor from payment of taxes of any nature whatever during the continuance of this lease, upon the property leased or upon the fran chises of the Lessor, or its income from the leased property; and the said Lessee does further covenant to and with the said Lessor that it will pay, in addition to the rental reserved as aforesaid, and as a part of the rent to be paid for the property herein described, during the' continuance of the said lease, the interest accruing on the pre sent bonded indebtedness of the' Atlantic North Carolina Railroad Company, as the same falls clue (but the Lessee shall not be many manner liable for the payment of the principal of the said bonded indebtedness), provided, however, that the principal of the said bonded indebtedness does not exceed Three Hundred and Twenty five Thousand Dollars; and provided further that if the said indebtedness shall be refunded at any time during the contin uance of this lease, the rate of interest shall be the lowest practica ble rate at which the said refunded bonds can be sold at par; and the Lessee, its successors and assigns shall have the privilege of placing said refunded bonds at par, and the Lessee, its successors and assigns shall not be required or liable to pay on this account a greater rate of interest than that which the said refunded debt shall bear, and in no event shall the Lessee, its successors and assigns, be required to pay a greater rate of interest thereon than that which the said indebtedness now bears, to-wit, six per centum per annum.
Lessee will annually pay the sum of One Hundred and Seven Thou sand Eight Hundred and Thirty-two Dollars, payable in equal installments of Fifty-three Thousand Nine Hundred and Six teen Dollars each, on the first day of July and on the first day of January of each and every year until the expiration of the said term. But it is expressly stipulated and agreed between the parties hereto that the Lessee shall not be liable for any rents until he shall have been put into actual possession of the property hereby demised. And the said Lessee does further covenant to and with the said Lessor that it shall pay, in addition to the rental reserved as afore said, and as a part of the rent to be paid for the property herein de scribed, all taxes lawfully imposed upon the said leased property or upon the franchises of the said Atlantic North Carolina Railroad, or its income whether by the State of North Carolina or any County, City, Town, or Township thereof, or by the United States; all of such taxes shall be paid by the Lessee so as to entirely relieve the Lessor from payment of taxes of any nature whatever during the continuance of this lease, upon the property leased or upon the fran chises of the Lessor, or its income from the leased property; and the said Lessee does further covenant to and with the said Lessor that it will pay, in addition to the rental reserved as aforesaid, and as a part of the rent to be paid for the property herein described, during the' continuance of the said lease, the interest accruing on the pre sent bonded indebtedness of the' Atlantic North Carolina Railroad Company, as the same falls clue (but the Lessee shall not be many manner liable for the payment of the principal of the said bonded indebtedness), provided, however, that the principal of the said bonded indebtedness does not exceed Three Hundred and Twenty five Thousand Dollars; and provided further that if the said indebtedness shall be refunded at any time during the contin uance of this lease, the rate of interest shall be the lowest practica ble rate at which the said refunded bonds can be sold at par; and the Lessee, its successors and assigns shall have the privilege of placing said refunded bonds at par, and the Lessee, its successors and assigns shall not be required or liable to pay on this account a greater rate of interest than that which the said refunded debt shall bear, and in no event shall the Lessee, its successors and assigns, be required to pay a greater rate of interest thereon than that which the said indebtedness now bears, to-wit, six per centum per annum.
