Loading...
HomeMy WebLinkAboutOrdinances Book 10, Page 396, No Ordinance NumberPage 396 AN ORDINANCE PROVIDING FOR THE LEASING BY THE CITY OF PADUCAH, WITH THE OPTION TO PURCHASE, OF A FIFTEEN (15) ACRE TRACT OF L ND FOR USE BY SAID CITY IN THE EXCAVATION OF GRAVEL: PRESCRIB- ING THE TERNS UNDER LMiICH. SAID PROPERTY SHALL BE LEASED, AND THE TERNS UNDER WHICH THE SAME MAY BE PURCHASED IF SAID OPTION IS EXERCISED BE IT (R DAINED BY THE BOARD OF COMMISSIONERS OF THE CITT OF PADUCAH, KENTUCKY: SECTION 1. That the City of Paducah lease from Dr. 'Jdilliam V. Eaton until the 1st day of April, 1941, beginning the 18th day of December 1940, a certain fifteen (15) acre tract of land on the Friendship Church Road for use in the excavation of gravel, said lease to contain the following provisions: "Said City may use all or any part of the above described property for the excavation and removal of gravel therefrpm and shall pay to said Lessor a monthly rental in an amount equal to ten (10) cents per yard of gravel removed each morfth during the term of this lease, the total of the rental charges for the gravel so removed to be due and payable on January 1st, 1941, February !'',lst, 1941, March 1st, 1941 and April 1st, 1941. "As a further consideration for the rental of 'thea bove described property during the period hereinabove provided, it is understood and agreed that said City may, at its option, purchase the above described property on April 1st, 1941 for an amount equal to the difference between the sum of $800.00 and the total of the ,rental payments made by it under the terms of this lease, the ,balance due on said purchase price to be paid in cash, and in the event said City elects to exercise its option as herein provided, said Lessor agrees to execute and deliver to it a deed of conveyance to said property, with Covenant of General Warranty of title. Notice of its election to exercise said option shall be given to 4said Lessor on April 1st, 1941 or at any time within a period of thirty (30) days pr(bor to said date. "Said City shall furnish to the Lessor herein on the first ,,day of each month during the term of this lease a true and correct accounting of the number of yards of gravel excavated and removed l,from said property during the preceding month, and should said .city fail to make payment for said gravel within thirty days thereafter, the Lessor may, at drts option, terminate the lease and take possession of the property, and in which event no notice to quit or demand for possession of the premises shall be necessary. "It is further understood and agreed that the Lessor herein shall retain the right and privilege of going upon said property and removing therefrom a sufficient quantity of gravel for the construction of a road through the 60 foot right-of-way referred to in the aforesaid description to said property, but he shall not have any right to remove gravel for any other purpose, or to interfere in any way with the operations of said city in the excavation and hauling of gravel during the term of this lease." SECTION 2. This ordinance shall be in full force and effect from and after its adoption. Mayo Passed by the Board of Commissioners, December 17, 1940 Recorded by Rudy Stewart, City Clerk, December 18, 1940.