HomeMy WebLinkAbout5814ORDINANCE N4. 5514.
AN ORDINANCE GRANTING TO THE CAPITAL REALTY COMPANY
AND THE OWNERS OF LOT 10 AND THE SOUTH 40 FEET OF
LOT 11, BLOCK 74, ORIGINAL CITY OF LITTLE ROCK, THEIR
8$, . SUCCESSORS AND ASSIGNS, FOR A PERIOD OIL iiiiRZ°Y
YEARS FROM NOVEMBER 1, 1939, FOR AN ANNUAL RENTAL OF
$1.00, THE RIGHT TO EXCAVATE AND USE THE SPACE UNDER
THE SIDEWALK ALONG AND ADJACENT TO THE EAST SIDE OF
SAID PROPERTY, AND EXTENDING 12 FEET EAST FROM THE
EAST LINE OF SAID PROPERTY, AND AUTHORIZING THE MAYOR
AND CITY CLERK TO EXECUTE AN AGREEMENT OF LEASE T16iTH
SAID CAPITAL REALTY COMPANY UPON THE TERMS AFORESAID.
BE IT ORDAINED BY THE CITY COUNCIL OF LITTLE ROCK, ARKANSAS:
Section 1. That the Capital Realty Company, its
successors and assigns, is hereby granted the right to
excavate and use for a period of thirty years from November
11 1939, the space under the sidewalk along and adjacent to
the east side of Lot 10 and the south forty feet of Lot 11,
Block 74, Original City of Little Rock, and extending twelve
feet east from the east line of said property; the annual
rental to be one dollar-($1.00), which will be the sole com-
pensation to be paid by the said Capital Realty Company, its
successors and assigns, to the City for the privileges herein
granted.
Section 2. The Mayor and City Clerk are hereby
authorized and directed to enter into and execute a written
lease agreement with the Capital Realty Company in sub-
stantially the following form:
Section 3. All ordinances and parts of ordinances
in conflict herewith are hereby repealed.
Passed: November 27,,,E , 1939.
Al
AGEERMENT OF LEASE
THIS AGRE'll"JIENT OF LASE, made on this _____ of
November, 1939, between the City of Little Rocky .Arkansas., as
Party of the First Part, called lessor, and Capital Fealty
Company, as Party of the Second Partp called Lessee.,
WITNESSETH:
For and in consideration of the sum of One Dollar
($1.00) now paid to te City of Little Rock, End a like sum to
be paid on or before November 1st of each year 6uring the term
of this lease, the lessor hereby grants, demises" and leases to
lessee ., and -1 a
unto its heirs na assigns, for a period of thirty
years from November 1. 19390 the right to excavate and use the
space under the sidewalk along and adjacent to the east side
of Lot 10 and the South 40 feet of Lot 11, Block 74, Original
City of Little Rock, said space to extend twelve feet East
from the east line of said property and to extend along the
full north and south length of said. property, being approxi-
mately ninety feet.
This agreement of lease shall be in full force and
effect for the said term of thirty years, and it shall inure
to the benefit of the said Capital Flealty Compeny., its success-
ors �,nd assigns; provided, if lessee shall fail to Day said
rental in any year after demand therefor by lessor, lessor
may terminate this lease. It is understood that the said
annual rental of One Dollar (t,1.00) shall be the sole compen-
sation to be Paid to the City of Little Rock by the said
Capital Fealty Compeny, its successors and assigns, uring
the term of this lease., and at the option of lessee may be
paid at r�ny time in advance for the remainder of the term of
this lease.
IN %"ITNESq WHEREOF
day of November, 1939,
Arkansas, acting through its
Capital Fealty Company.
Attest:
City Clerk
Attest:
Secretary
this lease is executed on the
by the City of Little Rock,
Mayor and City Clerk, and by the
CITY OF LITTLE ROCK
By
Mayor
CAPITAL r dE.;.V`WY COYPkNY
By
Pr,-sident