5335WNW
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Ordinance No. 5335
AN ORDINANCE "EXTEI\IDING THE DATE OF EXPIRATION OF LEASE
WITH BIG ROCK STONE & MATERIAL COMPANY OF LAND ON SOUTH
SIDE OF ARKANSAS RIiIER BETWEEN ASHLEY AND BROADWAY
STREETS,, AND FOR PREPAYMENT OF RENT IT_v MATERIALS.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LITTLE ROCK:
SECTION 1. That the lease made by the City of Little
Rock as Lessor with Big Rock Stone & Material Company as Lessee
on February 28, 1927, recorded in Mortgage Book 214, at Page
185, of the records in the office of the Recorder for Pulaski
County, Arkansas, on the following- described land, to -wit:
A tract or parcel of land bounded on the south
by the north line of the Missouri - Pacific Rail-
way Company's right -of -way, on the east by a
line sixty feet east of and parallel to the
east line of Ashley Street extended, on the
west by the west property line of Broadway
Street extended, and on the north by the harbor
line of the Arkansas River, as the same may now
or hereafter be established (so far as the
City's interest may extend),
be extended according to all of its terms except as expressly
herein modified, for the consideration of the same rate of rental
set forth in said lease; but all such rentals for the full term
of the lease as extended to be paid in advance by Lessee, at
their present value, on the basis of two and one -half per cent
per annum, such present value amounting to $27,655.25; such rent
to be paid by Lessee and accepted by the City in the following
materials needed by the City, at the following prices:
18,014.4 tons of No. stone at X1.10 per ton
f.o.b. Lessees plant at Big Rock X19,815.84
6,545.5 tons of sand at $.70 per ton f.o.b.
Lessee's plant at foot of Ashley Street 4,581.85
Furnishing necessary stone and sand, and
mixing and hauling to City Park,
510 cubic yards 12000 pounds) of concrete,
at $3.70 per cubic yard (the City to fur-
nish or have supplied at Lessee's mixing
plant the necessary cement for such
mixture) 1,887.00
Total $26,284.69
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Inasmuch as the present value of the rental computed on
a two and one -half per cent basis amounts to 427,655.25, which is
an amount of $1,370.56 in excess of the material quoted above, for
this additional credit balance, Lessee shall furnish additional
material on the above basis.
Lessee shall agree to deliver to the City all of such
materials as hereinbefore stated, in such quantities as shall be
ordered by the City from time to time, in the calendar year 1936;
and the City agrees to accept said materials in full payment of
all rents for the full remaining period of the lease as extended.
SECTION 2. Paragraphs numbered "V" and "Vl ", giving
the City the right to terminate said lease before its expiration,
are modified to the extent that, should the City exercise its
right to terminate said lease under either of said paragraphs, in
,addition to complying with the provisions of the one of said para-
graphs of said lease under which it exercises its right to ter -
minate, the City shall return to Lessee, in cash, the then unearne
portion of the prepaid rent.
SECTION 3. All the provisions of said lease except as
herein expressly modified shall remain in full force and effect.
SECTION 4, The RTayor is authorized and ordered to
execute with said Lessee an instrument evidencing the agreement to
extend and modify said lease as herein set forth; end the City
Clerk shall attest such instrument, with the Seal of the City, and
when so done, and signed by Lessee, such extension and rodificatic
Ilshall be binding upon the respective parties.
SECTION 5. This ordinance shall take effect or_ and a
its passage, as is provided by law.
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