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five (5) inches more or less to the centre line of the block between 66th and 67th streets; thence easterly along the centre line of said block one hundred and fifty (150) feet; thence southerly and again at right angles to 66th street one hundred (100) feet and five (5) inches more or less to the said northerly side of 66th street; and thence westerly along the northerly side of 66th street one hundred and fifty (150) feet to the point or place of beginning."

That said premises are a portion of the premises conveyed to your petitioner by the City of New York under said deed of release dated December 30th, 1909, aforesaid.

That on the 8th day of July, 1914, upon the petition of your petitioner verified the 2nd day of July, 1914, an order was duly made and entered in the Supreme Court of the State of New York, in the office of the Clerk of the County of New York, in the matter of the application of The Chapin Home for the Aged and Infirm for permission to sell the premises last above mentioned, wherein and whereby it was ordered that your petitioner might and was thereby authorized and given leave to sell, grant and convey in fee simple absolute to said Gertrude A. Vanderbeck, or her heirs and assigns, for the sum of $180,000, the said premises last above mentioned, and that your petitioner by its duly authorized officers duly execute, acknowledge and deliver to the said Gertrude A. Vanderbeck, her heirs and assigns, a full covenant and warranty or other deed of the said premises in accordance with the terms of the said contract.

That said contract for the sale of said premises was assigned by said Gertrude A. Vanderbeck to the Akron Building Company.

That thereafter, and at the time of the adjourned closing of title to said premises on the 4th day of September, 1914, both the said Akron Building Company, and the said Gertrude A. Vanderbeck, through their representatives, refused to take title to said premises under the said contract and rejected the title of your petitioner upon the claim that such title is unmarketable, for the reason that it depends upon a deed from the City of New York to your petitioner, which deed, they asserted, is invalid and at any rate of doubtful validity, because, as they asserted, of having been made in violation of law and of the constitution of the State, and because, as they asserted, it is doubtful if the City of New York had authority to execute and deliver such a deed, inasmuch as, they asserted, the consideration thereof was so inadequate as to constitute a violation of the provisions of said Constitution.

That thereafter, the said Akron Building Company brought an action against your petitioner in the Supreme Court of the State of New York, in the County of New York, to recover the sum of $5,000 theretofore paid on account of said purchase price and to recover its disbursements and expenses and to impress a lien on the said premises covered by said contract with the said Vanderbeck for said amount and for said disbursements and expenses. That said action came on for trial and was tried before the Honorable Mr. Justice Lehman, at a Special Term, Part III, of said Court, in said County, and on the 12th day of July, 1915, the Honorable Mr. Justice Lehman duly handed down his opinion and on the 15th day of July, 1915, the said Court duly made and filed its decision in said action, whereby it is found and determined that the title of your petitioner to the said premises is in fee simple absolute and that your petitioner is the owner of the said premises and that the said title is marketable, and that the sum of $5,000 passing to the City of New York for said deed, dated December 30th, 1909, was an adequate consideration for the grant and release of the said premises mentioned in said deed to your petitioner.

That upon the trial of the said action it was urged by said Akron Building Comnany that the aforesaid agreement by your petitioner continuously to maintain free inmates or patients, giving 5.475 days of free treatment or care of such patients or inmates in each year in perpetuity upon the request of the City of New York, and to invest and re-invest the proceeds of the sale of said property as provided by said agreement, was invalid as a consideration passing to the City of New York for the said deed, dated December 30th, 1909, and formed no part of the consideration to the City of New York for the said deed.

That judgment was duly rendered and entered in the office of the Clerk of the County of New York in said action in favor of your petitioner and against the said Akron Building Company on the 22nd day of July, 1915, dismissing the complaint of the Akron Building Company upon the merits, and an appeal has been duly taken from the judgment by the said Akron Building Company to the Appellate Division, First Department, of the Supreme Court of the State of New York, but said appeal is now pending and has not been heard or determined by said Appellate Division.

Your petitioner further shows that the value, if any, and the market value. if any, of the interest, if any, of the City of New York in and to the said premises encumbered by said lease so conveyed by the City of New York, was on said 30th day of December, 1909, and at all times thereafter would be less than the sum of $5,000.

That it has become necessary for your petitioner to make provision for payment on account of said $240,000 now due and owing upon the said bond and mortgage, and for the erection of new buildings at Jamaica, in said Borough of Queens, and for the maintenance and support of your petitioner or for any of such purposes, and in order to provide for such purposes to sell the said property conveyed by said deed of the City of New York, dated December 30th, 1909, as contemplated by the said Act of Legislature of the State of New York, Chapter 434 of the Laws of 1907. That Cooperative Building Construction Company, a corporation duly organized and existing by and under the laws of the State of New York, and having its office and principal place of business at Nos. 5 and 7 East 42nd street, Borough of Manhattan, New York City, is now desirous of purchasing from your petitioner the westerly 150 feet of said tract of land on 66th street, conveyed to your petitioner by said deed dated December 30th, 1909, running to the center line of the block between 66th and 67th streets, 100 feet and 5 inches, and to pay therefor the sum of $205.000, but is unwilling so to do unless it can procure from the lawyers Title & Trust Company of New York, a corporation organized for the purpose of examining and insuring titles to real estate and policies and titles of insurance.

That in anticipation of entering into a contract of purchase with your petitioner, the representatives of the said Cooperative Building Construction Company, as your petitioner is informed and believes, since the rendition of said judgment, advised the said Lawyers Title & Trust Company of New York and the Title Guarantee & Trust Company of New York, a corporation similarly engaged in the business of insuring titles to real estate, that, as a condition of the purchase of said property, it would require a policy of insurance to the company of the title to be acquired by it of such property, but that the said Title Guarantee & Trust Company stated that it would be reluctant and should probably decline to accept an application, and the said Lawyers Title & Trust Company refused, to insure such title until the final determination of the said action in favor of your petitioner, or until a further cash consideration had been paid to the City for a further deed or deeds of the said property, which would obviate all questions raised in said action as to the title of your petitioner to the said property.

Because of the questions raised by the said Vanderbeck and the said Akron Building Company and because there has been no final determination yet of the issues involved in the said action and the consequent attitude of the said Title Insurance corporations, your petitioner is apprehensive that it may be unable to presently find a party who will enter into a contract of purchase of the whole or any part of the said tract of land so conveyed to your petitioner, as aforesaid, unless and until such questions as to your petitioner's said title have been finally settled on appeal in the said suit to the Court of Appeals, which will necessarily involve a long and serious delay, or until there is paid to the City of New York by your petitioner for an additional deed conveying said tract of land to your petitioner pursuant to said Act, Chapter 434, of the Laws of 1907, a further sum, which shall satisfy the said Title Corporations or either of them, or any proposed purchaser that there has been a sufficient and adequate consideration paid wholly in cash for the conveyances to your petitioner by the City of New York of said tract of land.

That your petitioner has reason to believe that said Title Insurance Companies would be willing to insure the said title and that any purchaser desiring to purchase the said property would be willing to accept the said title to the said premises, so conveyed, to your petitioner as aforesaid by the City of New York, provided there be paid such cash consideration to the City of New York, as may be fixed by the Commissioners of the Sinking Fund, and that the City of New York, pursuant to the said Act, by an additional deed or deeds, release any interest it may have in the said premises to your petitioner, and that your petitioner in anticipation thereof has made and entered into a contract with the said Cooperative Building Construction Company to sell to it the said premises so desired to be purchased by it for the said sum of $205,000, conditioned upon the obtaining by your petitioner from the City of New York of an additional deed or deeds for the entire tract of land above mentioned satisfactory in terms and conditions to your petitioner.

Your petitioner considers itself obligated to obtain confirmation of the title of the said Charles A. Peabody to that portion of the entire tract of land, purchased by him as aforesaid from your petitioner.

Therefore, your petitioner is desirous of procuring additional deeds from the City of New York, conveying to your petitioner that portion of the said tract of land other than the premises conveyed to the said Peabody, and a deed to the said

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Charles A. Peabody, conveying that portion of said entire tract of land purchased by him as aforesaid, so that said conveyances will forever quiet and assure title from the City of New York to the said entire tract of land.

Wherefore, your petitioner respectfully offers to pay to the City of New York, a further reasonable sum and prays and requests the Honorable, the Board of Commissioners of the Sinking Fund of the City of New York, to authorize and direct the execution and delivery of a further deed of grant and release by said City of New York unto your petitioner of all that portion of said tract of land mentioned and described as follows:

All those certain lots, pieces or parcels of land situate, lying and being in the Borough of Manhattan, City and State of New York, more particularly bounded and described as follows:

Beginning at a point on the northerly side of 66th Street, 320 feet easterly from the corner formed by the intersection of the northerly side of 66th Street and the easterly side of Lexington avenue, running thence northerly and on a line parallel with Lexington avenue, two hundred (200) feet and ten (10) inches to the southerly side of 67th Street, thence westerly along the southerly side of 67th Street 150 feet, thence southerly and on a line parallel with Lexington avenue two hundred (200) feet and ten (10) inches to the northerly side of 66th Street, and thence easterly along the northerly side of 66th Street 150 feet to the point or

place of beginning. --and a deed of grant and release by said City of New York unto said Charles A. Peabody of all that portion of said tract of land mentioned and described as follows:

All those certain lots, pieces or parcels of land situate, lying and being in the Borough of Manhattan. City and State of New York, more particularly bounded and described as follows:

Beginning at a point on the northerly side of 66th Street 340 feet easterly from the corner formed by the intersection of the northerly side of 66th Street and the easterly side of Lexington avenue, running thence northerly and on a line parallel with Lexington avenue, two hundred (200) feet and ten (10) inches to the southerly side of 67th Street, thence westerly along the southerly side of 67th Street 20 feet, thence southerly and on a line parallel with Lexington avenue two hundred (200) feet and ten (10) inches to the northerly side of 66th Street, 20 feet to the point or place of beginning.

Together with all the estate and rights of the City of New York in and to said tract; provided that the said City of New York, make, execute and deliver to your petitioner a release under seal, whereby it releases and forever discharges your petitioner from the performance by your petitioner of each and every of the obligations, terms, conditions and covenants, if any, imposed upon your petitioner by the said agreement dated December 30th, 1909, between your petitioner and the said City of New York.

That by the resolution of the Board of Trustees of your petitioner at a meeting duly held, the President and Recording Secretary of your petitioner were duly authorized to make and present this petition and offer to the Honorable Board of Commissioners of the Sinking Fund of the City of New York in the name of your petitioner.

CHAPIN HOME FOR THE AGED AND INFIRM, By Emma Fox, President.

Attest: MARY A. STICKNEY, Recording Secretary. State of New York, County of New York, ss. :

Emma Fox and Mary A. Stickney, each being duly and severally sworn for herself, and not for the other, deposes and says, that the said Emma Fox is an officer, to wit: the President, and that the said Mary A. Stickney is an officer, to wit: the Recording Secretary, of The Chapin Home for the Aged and Infirm, the petitioner named in the foregoing petition; that they have read the foregoing petition and know the contents thereof and that the same is true of their own knowledge except as to the matters therein stated to be alleged on information and belief, and that as to those matters they believe it to be true.

Sworn to before me this 27th day of October, 1915. EMIL J. VILLANYI, Notary Public, New York County No. 3965. New York Register No. 6027.

EMMA Fox, MARY A. STICKNEY.

In the matter of the Chapin Home for the Aged and Infirm, with respect to certain property between Sixty-sixth and Sixty-seventh streets and Lexington and Third avenues, in the Borough of Manhattan, City of New York.

New York, December 9, 1915. To the Honorable the Commissioners of the Sinking Fund of The City of New York:

The Chapin Home for the Aged and Infirm. the petitioner named in and which filed on the 28th day of October, 1915, in the office of the Secretary of the Honorable the Commissioners of the Sinking Fund of the City of New York, its petition verified the 27th day of October, 1915, respectfully begs leave to amend the prayer of said petition by striking therefrom the words:

"Provided, That the said City of New York make, execute and deliver to your petitioner a release under seal, whereby it releases and forever discharges your petitioner from the performance by your petitioner of each and every of the obligations, terms, conditions and covenants, if any, imposed upon your petitioner by the said agreement, dated December 30, 1909, between your petitioner and the said City of New York." Respectfully submitted. CHAPIN HOME FOR THE AGED AND INFIRM, by EMMA Fox, President (Seal.) Attest : MARY A. STICKNEY, Recording Secretary.

A hearing in this matter was had at the last meeting and action laid over until this meeting. It has since been the subject of a number of conferences in which the Chamberlain, Corporation Counsel, Appraiser of Real Estate of the Department of Finance and representatives of the Chapin Home took part.

As a result of such conferences, the Deputy and Acting Comptroller presented the following report and offered the following resolution:

February 23, 1916. To the Honorable the Commissioners of the Sinking Fund:

Gentlemen-0. December 15, 1909, the Commissioners of the Sinking Fund authorized a release to the Chapin Home for the Aged and Infirm, upon the delivery to the Comptroller of the sum of $5.000, together with an agreement whereby the Chapin Home will give to the City 5.475 free days care, maintenance and treatment annually in perpetuity to whatever patients are sent to it by the Commissioner of Public Charities, the reception of these patients to commence at a date not later than May 1, 1911. In conformiy with which agreement and upon receipt of the aforementioned sum of $5,00%), a deei was delivered to the Chapin Home on December 30, 1909 (which deed was recorded in the office of the Register of the County of New York 07 December 31, 1909, in Section 5, Liber 155 of Conveyances, Page 193), conveying premises leased to the Chapin Home by the City of New York by lease dated March 29, 1871, for a period of ninety-nine years from that date, on 66th street, extending, through to 07th street, between Lexington and Third avenues, Manhattan.

By the agreemen: above mentioned said Chapin Home agreed to give to the patients to be sent by said Commissioner medical and surgical attendance similar to that given to like patients in the best hospitals of the City of New York, and do such other things as she agreement requires. It was the intention of said Chapin Home to dispose of said real property, and with the proceeds thereof acquire property in the Borough of Queens, obtaining there acreage instead of lots, as a site for a home, and erect thereon buildings where the inmates and those admitted under the agreement would receive better treatment than could possibly be given in the premises located on 06th and oth streets, Borough of Manhattan.

Since the delivery of the deed from the City, the Chapin Home has sold a sinall portion of the premises released, viz., the easterly twenty feet thereof, extending from ooth to 07th streets, for $40,000. On June 14, 1911, it entered into a contract to convey another portion rif the premises released to it by the City. On July 8, 1915, an order was entered in the Supreme Court of the City of New York giving the Chapin Home permission to ucl in accordance with said contract. The intending purchaser, however, refused to ake title upon the ground that the title was unmarketable, asserting that it was gestionable whether the City had authority to execute and deliver the abovementioned deed to the Chapin Home for the consideration therein recited. This Qosjon arose in a certain action cried before the Honorable Mr. Justice Lehman at Speal Term, Part 111, on July 12, 1915, who in his opinion, found that the title of the clarin Home in the premises in question was in fee simple absolute by and through sard deci: that the title was marketable, and that the actual cash consideration paid to the city for the deed, dated December 30, 1969, was adequate. An appeal has been taken the refrain x the prospective purchasers to the Appellate Division. This appeal is now pending In the event of a reversal hy the Appellate Division of Judge Lehmals sievien, an apocal would undoultedly be taken to the Court of Appeals, involvin a larrjat last tut) or three years.

11!!the larin Hamp did not act in good faith with the City of New York ar kids in the 101.775 atleisrecmn: bi concing part of the premises, entering irtierontant for the mooi t'ie remainder arter having Arsi executed a mortgage tiit olie porno in premiers Without the approval of the limpitalier of The City of New Tarki ga i n provided ama ainitting that it has moi been able to carry out, up to

the present time, the provision as to the 5,475 days of free treatment to patients sent there by the City as the buildings are at present taxed to their full capacity, still I believe the matter resolves itself into a question as to whether or not the City would profit by taking such action as would prevent further litigation and enable the Chapin Home to dispose of the property released to it without any doubt as to its title received from the City.

In my opinion the sum of $23,000 offered by the Home for the release or releases would not be adequate consideration and inducement for such release or releases asked and modification of the agreement above mentioned, as hereinafter set forth. But, after negotiation, it has agreed to pay to The City of New York, upon the release or releases, the sum of $23,000 in cash, and to execute and deliver to The City of New York a mortgage in the sum of $25,000 upon that portion of the above-described premises having a frontage of 150 feet on 66th street and 67th street, running through the block, subject and subordinate to a mortgage now a lien on said premises of $240,000, which said first mortgage said Chapin Home agrees to cause to be reduced on or before August 1, 1916, to a mortgage for $60,000, and then and thereafter to be a lien only on the northerly half part of the said premises now covered by said mortgage of $240,000, and to assign to The City of New York the interest of said Chapin Home in and to a certain lease heretofore executed by it to the Church of St. Vincent Ferrer, covering the northerly half part of the said above-mortgaged premises, and the right to collect and receive the rents of said premises under said lease, and to apply the same in payment of taxes, assessments and water rates, if any, upon said premises, and the interest upon said first mortgage of $240,000 until the same shall have been reduced to $60,000 as above provided, and thereafter upon said mortgage of $60,000, it being understood that from and after August 1, 1916, no taxes, assessments or water rates shall be paid out of said rents on the southerly half part of the premises above mentioned covered by said $240,000 mortgage.

It is further understood and agreed that the mortgage for $25,000 to be given to the City, as above set forth, shall be a mortgage for five years, without interest, for the first three years of said period, and thereafter to be upon interest at the rate of 5 per cent. per annum, payable semi-annually; said mortgage, however, to contain a provision that the principal sum thereof, with all interest accrued thereon, shall become due and payable immediately upon the sale by the Chapin Home of the premises covered by said mortgage.

And in consideration of the acceptance of the foregoing offer on the part of the Chapin Home, it requests that for and in place and stead of the agreement above referred to, dated December 30, 1909, between the Chapin Home for the Aged and Infirm and The City of New York, providing for the maintenance of free inmates or patients, giving 5,475 days of free treatment or care of such patients or inmates in each year in perpetuity, it may execute, and the City will accept, an agreement, whereby said Home agrees to receive and maintain inmates to a number representing 15 per cent. of the total number of inmates, residents of The City of New York, who would otherwise become charges on The City of New York, and submit a report to the Commissioner of Charities of The City of New York, on January 1st of each year, naming the persons so maintained during the year preceding the date of such report.

In view of these facts, I respectfully recommend that the Commissioners of the Sinking Fund adopt a resolution authorizing a release or releases to the Chapin Home for the Aged and Infirm, or its nominees, of the interest of The City of New York, in and to

All that certain lot, piece or parcel of land, situate, lying and being in The City of New York, within the block bounded by Lexington and Third avenues, 66th and 67th streets, Borough of Manhattan, bounded and described as follows:

Begining at a point on the southerly side of 67th street, which point is distant 170 feet easterly from the intersection of the easterly side of Lexington avenue with the southerly side of 67th street, and running thence easterly along the southerly side of 67th street 170 feet; running thence southerly at right angles to 67th street 200 feet 10 inches to the northerly side of 66th street; thence westerly along the northerly side of 66th street 170 feet to a point on said northerly side of 66th street 170 feet easterly from the intersection of the easterly side of Lexington avenue with the northerly side of 66th street; running thence northerly at right angles to 66th street 200 feet 10 inches to the southerly side of 67th street, the point or place of beginning, reserving to the City all the right, title

and interest in and to the lands in 66th and 67th streets, -confirming the grant dated December 30, 1909, recorded in the Register's office of New York County December 31, 1909, in Section 5, Liber 155 of Conveyances, at page 193, in consideration of the sum of $23,000 and the additional payment of $12.50

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