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1925
<br />
<br />July 2, 1933
<br />July 2, I93~
<br />
<br />$2~,351 with interest at
<br />sn $~2,053 from July 2, 1931,
<br />
<br />$"27a351 ~th interest at
<br />
<br />~27,3~ wi~ imtere~t a~ ....
<br />on ~7,351 f~m July 2,
<br />
<br /> Du~ing the life o2 this compact the said proper~y shall-~e under the police powers-
<br />of the State of Virginia, as to all par~ies except the United States, and the Oity of Portsmouth
<br />shall have exclusive control over said property against all parties, excep~ the United SSateso
<br />
<br /> It is understood and agreed that the City of Portsmouth at a~y time ma~ anticipate
<br />the payment e~ther in Whole or in part of any amount d~e-under this contract. Interest on
<br />any payments so made will cease on the date of payment.
<br />
<br /> FXFTH: Title to all. o~ the, property~both real amd personal, herein described, shall
<br />~e.~di~ i~ ~e Ggver.nmentuntit the enti~e purchase price her. ein-providedfor shall have been
<br />pa xn XUAA, a~ whxch time the United States will convey, by quitclaim deed, title to the
<br />real property as shown in "Schedule B," attached hereto.
<br />
<br /> SIXTH: If the CITY by reason of extraordinary circumstances cannot pay any instal-
<br />merit with interest on the date when due, it shall have the~right to pay the same at any time
<br />within six months there~er, but in that event such deferred payment shall bear interest
<br />after the date of its matttrity at the rate of.~%~per a~um.
<br />
<br /> SEVENTH: If the purchaser shall fail to make any payment when due, or as prescribed
<br />in this contract~ of a~y installment of the purchase price, or an~ installment of interest,
<br />the united States, at its option may~
<br />
<br />(2)
<br />
<br />(1)
<br />
<br />Declare immedi~tely due and payable the entire principal of debt due under
<br />this contract, or so much thereof as then shall remain unpaid, in which
<br />event payment of all unpaid intallments of the principal debt due u~der
<br />this contract~ and' all interest thereon immediately may be enforced and
<br />recovered against the purchaser by the United States; or
<br />
<br />Oancel this contract without waiving a~uy other rights or remedies it
<br />may have e~inst the purchaser under the contract, ln which event
<br />the purchaser shall lose all right, title, and interest of whatsoever
<br />~at~me or kind in law or equity it may have had in or to said property,
<br />and the United States shall be entitled to re/min as compensati0~ for
<br />tths u~e a~d occupation of the real property, and the use of the personal
<br />property sold hereunder, all amounts theretofore paid by the. City; or
<br />
<br />~h~ exp~n?e of the ~i~Y~ have .a~appTaleal of ~he property ma~e~, by
<br />sxn~eres;e~, non-resxaen~ appraisers ~o be selected by the United
<br />States, ~y which appraisal sh~il be determined the then fair value
<br />as a going concern of the property sold hereunder, which value, when
<br />so determined, shall be bindingupon both of the parties to this con-
<br />tract, the United States to be entitled to repossess the propex~ty
<br />sold~nder this contract, it bei~ expressly understood and'hereby
<br />~eed between the parties hereto that the damages suffered by the
<br /> ted States on account of the breach of the contract by the pur-
<br />chaser shall Be the value of the property as determined by the ap-
<br />praisal herein providedfor, less any sums paid to ~he United States
<br />by the purchaser as principal installments on the pUrchase price pro~
<br />vtded for in this contract.
<br />
<br />())
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<br /> EIGHTH: The O~? covenants and agrees that it will save and h old harmless the
<br />United States from any and all charges, claims, suits, and demands arising out o~ or in any
<br />way connected with the contract of October 15, 19i8.
<br />
<br /> NINTH:. All payments herein provided for shall be made to the Treasurer of the
<br />United States in cash or by certified check drawn on a national bank and payable to the order
<br />of said official.
<br />
<br /> TENTN: The OIT¥ agrees to maintain the property shown on #Schedule A~ in proper
<br />operating condition at its own expense and to take out and keep in full force during the term
<br />of this contract ample fire insurance on the property shown on "Schedule A,# as is custom~ril~
<br />carried on similar property and any money received by it under policies for losses sus~ined
<br />thereto shall be applied to the reduction of the purchase price remaining due the Govez~ment.
<br />
<br /> ELEVENTH: The 0ITYwarrants that it ha~ not emplcyedany person to solicit or secure
<br />this contract upon any agreement,for a commission, percentage, brokerage~ or'contingent fee,
<br />Breach of this warranty shall give the United States the right to annual ~he contractor, in
<br />its dis~retton, add to the above purchase price the amoun~ of such commission, percentage,
<br />brokerage or contingent fee.
<br />
<br /> TWELFTN: No member or delegate to Oongress, or resident Oommissioner is or shall be
<br />admitted to any share or part of this contract or to any benefit that may arise therefrom,.
<br />but this Article shall not ~pply te id~is contract so far a~ it may be within ~he operatio~
<br />or exceptions of Section li$of the ACt of Congress approved Marc~.~, 1~O9 (35 Stat. 1109).
<br />
<br /> IN WITNESS WHEREOF, the p~rties hereto have executed this agreement the day and year
<br />first above mentioned.
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