§ 9.  


Latest version.
  • At the termination of this ordinance, the City of Minneapolis shall have the option to purchase all improvements placed upon the premises by said Elevator Company at a price to be fixed by three commissioners, one to be appointed by the City Council of the City of Minneapolis, one by said Elevator Company, and said two commissioners to select a third, the price, however, in no case to exceed the original cost less reasonable depreciation. In the event the City of Minneapolis fails to exercise its option to purchase said improvements within 60 days after the termination of this ordinance the Elevator Company shall have the option to remove said improvements. Before making such removal, the Elevator Company shall pay to the City all rental or other sums then due and owing by said Elevator Company to the City under the terms of this ordinance.

    If the City shall fail to exercise its option to so purchase said improvements and the Elevator Company shall fail to exercise its option to remove from said premises, improvements placed by it thereon, within the time above limited, then the City may remove the same, at the cost and expense of the Elevator Company, or may sell the same without notice to the Elevator Company, at private sale for the account of said Elevator Company.