underground portions of Thirty-first and Thirty-third Streets, between
Seventh and Eighth Avenues, and between Eighth and Ninth Avenues (such
portions extending almost up to the surface, except under the south
sidewalk of Thirty-first Street and north sidewalk of Thirty-third
Street) at $14,000 per annum for the first ten years, and at $28,000 per
annum for the next fifteen years.

For the portions of Thirty-second Street, between Seventh and Eighth
Avenues, and between Eighth and Ninth Avenues, when the statutory power
of the city to make a sale shall be put beyond doubt, the city is to
sell and the Railroad Company is required to buy such portions for the
sum of $788,600. The rentals for river and track rights begin at the
date of operation. For the underground spaces under Thirty-first and
Thirty-third Streets, used for station extension, the rentals begin at
the commencement of construction, or when the company entered thereon.

Such annual payments may be summarized as follows:

+===============================================+=========================+
| | First 10 | Next 15 |
| | years. | years. |
|-----------------------------------------------+------------+------------+
|For river rights | $200.00 | $200.00 |
|For tunnel rights in Manhattan Borough, being | | |
| 44,341 ft. (partly estimated) of single track | 22,170.00 | 44,341.00 |
|For tunnel rights in Queens Borough, being | | |
| 8,100 ft. (partly estimated) of single track | 2,025.00 | 4,050.00 |
|For street rights on Thirty-first and | | |
| Thirty-third Streets, north and south of | | |
| terminal | 14,000.00 | 28,000.00 |