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<br />e <br /> <br />- 2 - <br /> <br />e <br /> <br />be~~vreen the parties that 8X1Y' perm.a.nent improvements erected on the field by 'blle <br /> <br />Lessees shall be the property of the LeRsees. It is further agreed that the City <br /> <br />will have a first option to purchase said improvements frpnl the Lessees. For the <br /> <br />Purl')ose of arriving at the va.lue of such improvements for sale purposes, the <br /> <br />~'ssees and the City shall each select an arbiter, and suoh two arbiters shall <br /> <br />s,elect a third, and such three arbiters shall a.gree upon a purchase a.nd :.:ID.1e prioe <br /> <br />for said improvemmts. If the City does not exeroise its option to purchase said <br /> <br />improvements I the Lessoes shall have the right to sell said ilnprovemellts to other <br /> <br />l~arties. Arry expenses incident to the eouduct of' suoh arbitration shall be b02'r~e <br /> <br />I,qually by the I..essees em the City. <br /> <br />Seetion 3. This Ordinance ~d the options granted hereby shall inure to the <br /> <br />benefit of the said Hou-Port Aviation, Ino., the present owner md holder of said <br /> <br />lease. <br /> <br />Seotion 4. .As the City does not have MY rule 02' Ordinance l'equir1.ng Ordin- <br /> <br />ances to be read at more than one meetine;, or that same be passetl on more th3.n on.e <br /> <br />reading, th is Ordinnnoe shall beeane effective immediately upon its passage. <br /> <br />Passed and approved this the 3rd_dajy of May, A. D. 1948. <br /> <br /> <br /> <br />~ <br /> <br />,I <br />,N <br />