Minutes 10/23/1962 - Laserfiche WebLink

Home Browse Search

I TUESDAY CCTOBER 23. 1962 First five years of lease Second five years of lease Third five years of lease Fourth five years of lease ?ifth five years of lease Sixth five years of lease $500,000.00 per year $550,000.00 per year ~?6()O,ooO.OO per year $650,000.00 Der year $700,000.00 pEn' year ~7)0,OOO.OO per yec~ Such annual rent lIOuld be paid in equal monthly payments in advance of the first day of each month. The amount of this rental during the term of the lease would be reduced bJr the amount of any t~~ levied against the Company by reason of tile Conpany's possession of the leased property. Operation of Property Fron the effective date of the lease, Al~alachian will have full and complete control of the property to operate and to maintain it in order to carry out its obligation of supplying electric energy to the customers l1ithin the City. Appalachian will, at it:-:; ow~ ezpense, perform the necessary maintenance to keep the leased property in good wor1dng cond~_tion. Rates Appalachian will, dlu'ing the terIn of this lease, a 'ply within the City its normal retail rates. ~em Expansion ar'.d Capital Renlaceme:lts During the term of the lease, tlw Company sl1all make such betterments, enlargements, e:ctensions, ffi1d retirenents in the area nm! served by the City, as it nay in good faith deem necessary and economically feasible. All additions to the system will be the property of Appalachian. Detailed records 1.!ill be maintained to shov! tte property belonginG to t:!8 City and ttat belonging to A~palachian. Franchise Martinsville would grant to Appalachian any franchise right to use the streets, alleys and other public grounds of the City, 1.rhich is necessary for the rnaintenance and operation of the leased property and any additions thereto. ~erials and SuppJies Appalachian "riD DJ:"J..chase, at the City's cost, usable materials and supplies carried in the electric denartr::ent stock 0~1 the effective date of this lease.