O-1958-532 - Laserfiche WebLink

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• of action that may accrue to or be brought by any person, persons, company or companies at any time hereafter by reason of the exercise of the rights and privileges hereby granted, or of the abuse thereof. Section 14. The City recognizes that Company finances a substantial portion of its construction, im- provements and extensions with funds obtained through the issuance of bonds secured by a mortgage upon the prop- erties of the Company. In order to facilitate the con- struction, extension and improvement of Company's facili- ties and to insure the discharge of Company's obligations under this franchise the City agrees that in the event Company's mortgaged property shall be sold under a fore- closure of a mortgage thereon all rights and interests of Company in and under this franchise may be sold and assign- ed to any party purchasing all or a substantial part of the mortgaged property located within the City. Section 15. In granting this franchise, it is understood that the lawful power vested in the City to regulate all public utilities within City, and to regu- late the local rates of public utilities within the City within the limits of the Constitution and laws, and to re- quire all persons or corporations to discharge the duties and undertakings, for the performance of which this fran- chise was made, is reserved; and this grant is made sub- ject to all lawful rights, powers and authorities, either of regulation or otherwise, reserved to the City by its charter or the general laws of the State of Texas. Section 16. This franchise replaces all former franchise agreements or ordinances with Company, or its predecessors, which are hereby repealed, such repeal to be effective upon the date operations are started under • this franchise. 9.