|
in the Best interest of all parties-concerned that the matter shall Be judically concluded
<br />by the United States Oou~ts, or' in such other manner as may Be agreed upon Between the United
<br />States Department of Justice-and the-Oity of~ por~tsmouth;-and
<br />
<br /> ~o WHEREAS, Article 5 of said contracl provides ~hat t~ree yea~s af~er.t.he t.erminatton
<br /> of the war an ap~isal ~1 be made as of that d~te, with a view to det~rmxnxng ~ne then
<br /> fair value as a going concern'J.of the additions to said water works s?.stem, hav_i.ng in m.i~
<br /> the usefulness of said additionb at that time or in the then reaso~o£y near ~u~ure, sa~a
<br /> value to Be determined By two, or in case of disagreement three, disinterested, non-resident
<br /> appraisers, and that the value arrived at sh~ll be Binding upon both parties of the contract;
<br /> and
<br />
<br /> ?. WHEREAS, A~ticle ~ of the said contract provides t~at the CITY shall p~rchase from
<br />the Government the said additions to the water works system By paying to the Government there-
<br />for in cash, or in suc~ manner as may be mutually agreed, the amoumt of the value of said ad-
<br />ditions as determined by said appraisers;and
<br />
<br /> S. W~I~S, Article ? sta~es th~t-.t~e con~,vact is made~ c~nd~tional upon the completion
<br />of the purchase By the CITY gl the wa~er wor~s ~ystem which.purChase h~s Been completed By
<br />· he CITY, thereby maki~gLineffe~ttve this Ar,icAo of the con~ract, and ~
<br />
<br /> 9- WP~2~EAS, in order to avoid the expense of a disinterested appTaisal it.has.been found
<br />in the. interest $f~Both~ parties to waive that provision' cf the con~rac~pertainxng ~o the
<br />appointment of disinterested no~-resident~ap~s~tsers and to substitute in lien thereof Govern-
<br />ment and City officials, to_m~_~e the appraisal as provided By Article 5 of said contract; and
<br />
<br /> 10. W~REA~, said appraisers have inventoried Governmen~-pwned a~ditions to the wate~
<br />works system and determined the same to Be as shown on the P~oPerty Receipt of April 19, 19~0,
<br />and .t~ve agreed that the fair valuers a going concern of these additions to said water works
<br />system is $303,~0.00;
<br />
<br /> NOW, TEEREFORE,-in-consideration of these premises and other valuable ccnside~ations.
<br />the parties ~ this agreement do hereby mutually ~oveman%~and.agree to and witheach other as
<br />follows:
<br />
<br /> FIRST: It is agreed that the amou~ due ~heUnited States as interest on the cos~_
<br />of~.additions made to ~he City Water System, as provided By Article ? of the contract of
<br />Be~ i5~ 1918, shall be determined ~udicially in thecase'of the United States vs. the Ci~.~ .-
<br />of P~rtsmouth, which, case is nOW pending in-thoU, S. District Cou~t fo~ the Eastern Dis~xc~
<br />of Virginia, or in such other hummer as may Be agreed upon be~ween the Uaited States
<br />of Justice and th~ City cf Portsmouth,
<br />
<br /> SECOND: That for the purpose of this contract the date of the termination of the
<br />war~etween the United Stat~s of Ame~icaa~i Germany is.determined By the proclamation of
<br />the P~esident of November 1~, l~2!,~__to 1~ July 2, 1~21, s~ that.the d.~te of appraisal, prcvidehl
<br />for in Article 5 o~ said~contract Of October 15, !~, is July 2, 192~.
<br />
<br /> THIRD: The United States does hereby sellto the City. of Portsmouth and the City
<br />of Port~mouthhe~eByagrees to purchase on te~ms ~d oonditions hereinafter set out, all of
<br />the additions made ~o the city waterworks, system by the Government. as shown on "Proper~yRe-
<br />ceipt# hereto'attached .and made a part hereof, ~rked "Schedule A." Also all the Real Estate
<br />which~s acquired By the United States in conjunction wi~h the contraC? or. October %5, 1~!~,
<br />the tract number, description, ar~a~- ~.~e of g~antors to the United States, li~er _a~a page .
<br />in"Which ~onveyance is recorded in the office of the Clerk of the Circuit Cov. vm cz ~ansemona
<br />~unty, Virgiu~a, as ~hownon att~Ched'"Schedule B," and of which photos~t copies of deeds
<br />cenveyin~ the same to the United States a~e attached hero,ca, d made a part hereof.
<br />
<br /> FOURTH: The CITY agrees to pay to ~he United ~tates the phrchase price of three
<br />hundred three thousand nine h-undreddollaa~,.~$~3,~0OoOO).foralt of th~ reai and~person~l
<br />property referred tg'in paragraph 2of this'con~aot. Thirty thoUSand three ~edni$.ety
<br />dollars ($3~),390~00) with interest thereon 'at the =a~e of 5~Per ~um f~om July ~, 1~2~, to
<br />be paidupon the sig~img of this v_agr+.,eement, the receipt of Which is he. toby ~$knowledged, and
<br />the balance of two hundre~seventF,three thoUsand..five'hund~ed ten dollars
<br />Be pai~ in the followi~g:~r in ten equal installments with interest at the rate of
<br />per annum from July 2,.I~
<br />
<br /> Date of Pa~ent~
<br /> july ~, 1~25
<br />
<br />~mly 2, 19Z?
<br />july Z, 19Z~
<br />
<br /> J~ly ~, l~
<br /> July 2, 1~31
<br />
<br /> Amount wi~h lntere~
<br />
<br /> $R?.351 wi+~h intax~.at~'~at192
<br /> on $~Y3,5~'from ~uly 2,
<br /> $2y,351wi~ L~terest a~1925~'5.
<br />
<br />~7~351 with ~%e~es% at
<br />~on ~,~8 f~ Jul~ ~,
<br /> ~7.351~i~ezes~ a~ 5%
<br />
<br /> on $1~6,755 f~m Ju~ 2,
<br /> $27.351 with ~erest a~
<br />
<br />
<br />
|