Page:Federal Reporter, 1st Series, Volume 10.djvu/427

 FliAGG V. MANHATTAN BY. 00. 415 �anty the payment of a dividend of 10 per cent, per annum as herein- after provided." �Then, by the agreement, the Metropolitan, "in consideration of the rents, covenants, and agreements hereinafter mentioned, reserved, and contained, on the part of the Manhattan," "to be paid, kept, and perforipaed," leases to the Manhattan "all and singular the railroad, or railway, now owned, operated, or constructed by it in the city of New York, as above described, and all and singular the unAnished portigns thereof. now under construction, together withall its fran- chises, rights, and privileges relating thereto, or to the construction and operation of its entire railtray as authorized, subject to the said mortgagej and to the terms and conditions under which said fran- chises are held by the company, with all and singular the right, title, estate, and intarest whieh the Metropolitan Company bas in any real estate in the city oi New York heretofore acquired by it, or which it may hereaf ter acquire under eontracts already made therefor, being all and singular the entire property and estate of said Metropolitan Company, except such of its franchises, rights, and privileges as are or may be necessary to preserve its corporate existence or organization, and its interest in the covenants and conditions of this indenture." The lease is for 999 years from November 1, 1875, or so long. as the Manhattan "shall continue to exist as a corporation, and be capa- ble of exercising all the functions herein stipulated on its behalf ;" the Manhattan paying to the Metropolitan the yearly rent of $10,000, payable semi-annually on the first days of January and July, the first payment of $5,000 to be made July 1, 1879, "and keeping and per- forming all and singular the covenants and agreements hereinafter set forth to be by the Manhattan" "kept and performed." The Manhattan assumes and agrees to pay, as they respectively becorae due, the principal and interest of the said recited first-mortgage bonds of the Metropolitan, and keep it harmless from all claims against it arising from all or any of said bonds. Then follows this article: �"Art. 2. The Manhattan Company guaranties to the Metropolitan Com- pany an annual dividend of 10 per cent, on the capital stock of the Metropolitan Company, to the amount of $6,500,000; that is to say, the Manhattan Company will, eacli and every year during the term hereby granted, beginning with the first day of October, 1879, pay to the Met- ropolitan Company $650,000, free of all taxes, in equal qxiarterly payments of $162,500 each, on the flrst days of January, April, July, and Oetober, In each year, the flrst of such payments to be made on the first day of January, 1880, and the Manhattan Company will, from time to time, execute ��� �