§ 6.  

Latest version.
  • The Company shall pay to the City, as and for the rental of the above described property, an annual sum to be computed at the rate of six (6) cents per ton for the first two hundred thousand (200,000) tons and three (3) cents per ton for everything in excess thereof received at said demised property during each twelve-month period as incoming river shipments of petroleum, fuel oil and allied products; provided, nevertheless, that said annual payments to be made by the Company to the City shall not be less than the following specified amounts for the following specified periods during the term of the rights herein granted and the lease herein authorized and made:



    First 12 months .....$ 6,000

    Second 12 months .....7,000

    Third 12 months .....8,000

    Fourth 12 months .....9,000

    Each 12 months thereafter .....10,000

    Said annual rental payments shall be paid in equal monthly installments of one-twelfth of the minimum annual rental applicable, each payable in advance. The Company shall make monthly reports to the City Engineer of its tonnage and at the end of each twelve month period an accounting shall be made between the City and the Company. In the event the total rental for the past twelve-month period, calculated according to the rates herein specified, is in excess of the applicable minimum rent paid by the Company, then the Company shall pay to the City, in cash, within thirty (30) days after said accounting, the difference between the total rental due and the minimum rent paid during the past twelve-month period. In the event the minimum rental paid is greater than the total rent due, calculated according to the rates herein specified, the Company shall not be entitled to any credit or adjustment for the next twelve-month period during the twenty-year term herein specified.