HomeMy WebLinkAboutOrdinances Book 10, Page 1032, No Ordinance Number1030
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PROP' '!,�T,' AT
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CM�TRACT L'O' T'-% CL- "TZ,
C011DITION, A:D A-1�:'_%
EE IT O-Z'Dil �Z)
PADUCAU, KE:TJUrl�y.
I _ .
,ha tt,r'..P C ItY 01 accept t.. a 'fel of
Arts, incorl-orntod, in a.c situ of sit; T!,.o;.iranCi
for the ::,Ilrclhase of rorert%l low the :021zhQac-.t corner a.-.'
Intersection of in _.-adizeah, :,'cntuc::y, and
tile I a;;ornn,' icr'-. are 'or an(l or. behalf
Of the City of 1,06ucah, to enter into ariil ex,,clito a contract of
sale containin!- Via f ollo-.,In-_ ter -is, can 1-f and azrcc:i_-nts..:-
"That the Vendor (:Icanln: the �17.-Y of 1-&(];lcala) in
consideration a,' til(_ and R-Morlents of t -
Purchaser (meanin,,- :Tawalian -Inc.,) hoi-oby binds Itself
and aZrce-- to sell and convoy to the Yurcl-arel, upon the payment
of the hereinafter racriU',oneel inC.ebtei,norr, the follm.-inZ- described
lot Or par. cel of land, to�_-ethcr the improvements tl!ereon,
lyinC and beinE in the City of Paducah, County of Tcr,-rac:rcn and
State of Kentucky, to -reit:
'EeCinninn at the nrtinlcast calmer of 32,d i': Ohio
Streets; thence at ril7ht at, les ih an &-,sterly
;direction and alone the north property line of
Ohio :treet, 173.251; thence , at -i-Int an, -les in
a 11ortherly direct-lon and Parallel -with 3rd Street,
115.51; thence at ri, - -ht an -,les in a jesterly direction
and parallel with Ghlo Street, 173.251 to the east
property line of 3rd Street; tiacince at ri.-ht nrjeTles
and in a southerly directionaloll�: tile . 2a 3 t .- property
line of 3rd Street 115.51 to --',.a t.oirit o ' If
13einj-, the same property which ,!,as conveyed be the
City of Paducah b.. T.A.''-iilor, !.'asstei, CorLnisolloncv,
by deed dated : arch 1D, ID41, and rccorCcld In Co.mra-
izzionern Deed 17z)o'- 11, -)r,7,e 17, 1,_.cCracl:en County
Court Office.
In consideration whQrcof, the !'u-.,,chascr 11 -1 -as Ll -.,I -a (lay
paid to the Vendor the sura of Thrce Hundred and Fifty ( .350.00)
Dollars in cash, the receipt of :.,hicjl is hereby ac no2fled5od, and
the Purchaser fullt',011 promises and agrees to pay to the Vendor
0 -1 if,
the Mull of ?ifty-oix Hundred and Pifty (:'.,5650.00) Dollars, the
ualance of the purch."o price for the above described real estate
in installnicInts as follows:
..350.00 on or before January lst,
�,,.475.00 on or before July 1st, 19<5
1033
!!75.00 on or before January 1st, 10A
000.00 on or before Kly lst, 1946
A00.00 on or before January lst, 1947
725.00 on -or before July 1st, 1947
725.00 on or before January 1st, 19111;
£350.00 on or before July lot, lodo
P50.00 on or before Januar;; lot, 1949
together with interest thereon at the rate of Pive (51) percent
per annum payable at the same time the above ,mentioned installments
of principal shall become due. interest sKall be paid upon the
unpaid principal ::glances a nn adci'tion l installments of principal
or the entire amount o^ said indebtedness may be pnia at any time,
but in the event adSitionnl payments ape made, the name shall be
anpl:ied on the last natunina installmonts.
The following ac'.d.itionol stipulations are hereby Scolared
to be a part of this contract:
(1) Upon the pnonent of We full amount of the purchase ,ice
for the above described Property, the Vendor aZrees to nnecuco and
deliver to the Purctasc.r a deed of convoyanco with Covenar.to of
Special .+arrant,y ane, o ajcct to any c e, Acts, eneroachnentn or .
other state of facts which an accurate survey of said property
mimht shore.
(2) The Purchaser shall be entitled to the possession an
use of the conduits and hardwood flooring intended for use by the
Vendor in the completion of bullC,inC located upon the above descri ed
real estate, the lumber purchased for the construction of a stairw y
therein, and the roofins materia.la on hand to complete Us three -p y
roof on said building.
(3) The Purchaser shall accept said buildin7 in its
present condition and the Vendor assu.+nes no liability whatever
for pa.rnent of any expense for alterations or repairs which are
req -fired to be made.
(4) The Purchaser assumes and a3rees to ?gay any and all Wty
and state and county taxes, includdAC school taxes, which may now
or may hereafter be lawfully levied against the above described
real estate, including any such assessments which may be due in
the year 1944.
(5) it is further understnod and agreed between the parties
hereto that the Purchaser shall insure and _r_ep insured durin„ the
life of the above mentioned indebtedness the improvements upon the
above described real estate in a sum of not less than Six Thousand
('0000.00) Dollars against loss b; Fire and tornado, and that the
policy or policies for said insurance will be made payable to and
deposited r:_th the Vendor as collateral security for the payment of
said indebtedness. In the event of loss by fire or windstorm
the Vendor may, at its option, 917ply the money collected from said
insurance to the payme:it of said indebtedness and the accrued inter
thereon, or may apply the same to the cost of po,)airin: • or re cuilc,i
tho improvements.
(C) The a, ov: describe(] nr•opert;; s!rall not be used for
any purpose except for the manufacturin•- of cl^.y pro,ucts.
not
(7) This Contract jhall/be asci ned, nor shall the
i`urchaser lease the above described real estate, either in :chole
or in part, without the written consent of the 4enrlor.
(0) !".he shall have the ri,.!tt and pr.ivile,ce to
mall-( such alterations an-1 mfdiUons as it ;.....11 deem rrecesca:o in
order to establish a factory e:iti±ir. ca:ic :::.;'1_inL for the :mnu-
fact-urin- o" clay _):,oducts, cut (hall not ; :..ovo, Lear i:ovn, or
alter tl,.c const_7uct_on of' ..,'la, oar- rami or any portion o_ the
buil lin.- exceotIn- t!. e int^^ion. 'in evoi;.L of the forfeiture
of this controct a iloroina:ter ,-ou,ided, all adc':itions, fixtures
and inmrovcmcnts whic?: may !ir.ve Len: made or placed by the
_'urcivaser in rain prcr.:isce, (((pulp_, its machine.• *
_urniture, c!iall :ncor.IL the proncrt-r o: the t'endor frac and clean
of all liens and enciribrnnces.
(9) In the evert of the .-ui-c: aser,s "efault in the payment
of any one of the aforesaid installricnts, either of principal or
interest, after `v he ssme shall become due, or if the Purc::aser shal]
fail or refuse to licep and perform any of the covenants arreeraents
and conditions contained 'herein, the Vendor ,hall be released of
its oblit*ation to convey said proporty, the Purchaser ;hall forfeit
all -ri�ht thereto and to all moneys theretofore paid under this
Contract, and the amount:, so paid shall be applied ar rent for said
property du-•_n,• the time of the I'urchaseres occupancy thoreof, and
in the event of a forfeiture as herein provided, the possession of
said property shall be ourrendered by tl Purchaser on deruand and
without nriol. notice."
:32CTION 2.
This ordir_a;Ice shall be in full ='orce and effect from
and after its adoption.
Pa— r! i;;; Late :_oai'd of r'o: Au gust 1, 1cJ,_4
!jecorded bi Rudy ;ltowart, City Clerk, .,u. ust 1, 10•14.
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