HomeMy WebLinkAboutOrdinances Book 10, Page 637, No Ordinance Number637
AN ORDINANCE AUTHORIZING THE SALE AND CONVEYANCE TO ANDREW
BRUCE PEYTON AND WIFE, LILLIAN E. PEYTON OF CERTAIN PROPERTY
LOCATED AT 1502 SOUTH 5TH STREET, PRESCRIBING THE TERMS UNDER
WHICH SAID PROPERTY SHALL BE SOLD, AND AUTHORIZING THE MAYOR
AND CITY CLERK TO EXECUTE A DEED OF CONVEYANCE TO SAID PURCHASERS
BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE CITY
OF PADUCAH, KENTUCKY:
SEC TI ON 1.
That the City of Paducah accept the offer of Andrew Bruce
Peyton and wife, Lillian E. Peyton in the sum of $650.00 for the
purchase of Lots Nos 93 94 and 95 in Block No. 6 as shown on the
may of Jersey City, each of said lots fronting on South 5th Street
28 feet 10 inches, and running back towards 4th Street a uniform
width of 163 feet 7 inches, and the Mayor and City Clerk are hereby
authorized and empowered to execute, for and on behalf of the
City of Paducah, a deed under which said property shall be
conveyed upon the following terms and conditions:
(1) The sum of $200.00 shall be paid in cash upon execution
of the deed, and the remainder of the pubehase price amounting to
$450.00 shall be paid in twenty-two (22) installments of $20.00
per month, and one (1) installment in the sum of '$10.00, the first
installment of $20.00 to become due thirty (30) days from the date
of the execution of said deed, and an installment in a like amount
to become due on the same day of each consecutive month thereafter
until the aforesaid twentyt1two (22) installments are paid and the
installment of $10.00 to become due thirty (30) days after the last
of the aforesaid twenty-two monthly installments shall have been
paid, together with interest thereon at the rate of 6% per annum
from the date of the execution of said deed until all of the afore-
said installments have been paid, and a lien shall be retained upon
the property conveyed under said deed as security for the payment
of the purchase price.
(2) Said property shall be conveyed with coxenant of Special
Warranty of Title, and also subject to any encroachments or defects
which an accurate survey of said property might show.
(3) The purchaser shall assume and agree to pay all taxes
lawfully levied against said property in the year 1942 and in future
years. The acceptance of the purchasersi offer shall not be binding
upon the City of Paducah until there is delivered to the purchasers,
a deed of conveyance containing such other terms and conditions as
the City Manager may require.
638
SECTION 2.
This ordinance shall be in full force and effect from arr) Amk
immoft—
after its adoption.
IW—
Mayor
Passed by the Board of Commissioners, December 16, 1941
Recorded by Rudy Stewart, City Clerk, December 17, 1941.