First.—A grant by the city in perpetuity of rights, subject, however, to a periodic readjustment of payments at intervals of twenty-five years, as follows:
(a) To construct and operate a railroad of two tracks from the boundary between New York and New Jersey under the Hudson River opposite the westerly foot of Thirty-first Street, Borough of Manhattan, thence running under the Hudson River and Thirty-first Street to the East River and under the East River to a terminus in Queens Borough. The Company is permitted on notice within ten years to give up the right to these two tracks.
(b) A like right for a railroad of two tracks beginning near the same point under the Hudson River, thence running under Thirty-second Street to the East River, and under that river to the terminus in Queens Borough, with a right for two additional tracks in Thirty-second Street, west of Ninth Avenue, and one additional track between Seventh and Fifth Avenues in Manhattan.
(c) A like right for a railroad of two tracks beginning at the station terminal site at Thirty-third Street and Seventh Avenue and thence running under Thirty-third Street and the East River to the terminal in Queens Borough, with a right for one additional track on Thirty-third Street, between Seventh and Fifth Avenues.
(d) A right to maintain a terminal station occupying the four blocks bounded by Thirty-first Street, Seventh Avenue, Thirty-third Street and Ninth Avenue, the lots on the east side of Seventh Avenue between Thirty-first and Thirty-third Streets, and the underground portions of Thirty-first and Thirty-third Streets, between Seventh and Eighth Avenues and between Eighth and Ninth Avenues, the Company having itself acquired the land included in such four blocks and lots on the east side of Seventh Avenue.
(e) To occupy for such terminal facilities all of Thirty-second Street lying between the westerly side of Seventh Avenue and the easterly side of Eighth Avenue, and between the westerly side of Eighth Avenue and the easterly side of Ninth Avenue. As soon as the statutory right of the city authorities to make the conveyance shall be put beyond doubt the Railroad Company is obliged to buy such two portions of Thirty-second Street, which will then become completely dedicated to the purposes of their station. (These portions of Thirty-second Street were subsequently purchased by the Railroad Company.)
(f) To have along such routes the necessary facilities for the operation of passenger and freight trains, including telegraph wires and the various wires and cables for the distribution of power, heat, and light.
Second.—The requirement of the consent of the Mayor, the Board of Aldermen, the Board of Estimate and Apportionment, and the other authorities of the city having control of the streets.
Third.—The obligation of the Pennsylvania Company to begin construction within three months after obtaining the necessary consents and complete the railroad within five years after construction shall begin, except the route under Thirty-first Street, for the completion of which the company is allowed ten years after the completion of the remainder of the railroad.
Fourth.—Payments by the Pennsylvania Company for the first twenty-five years, as follows: A rental of $200 per annum for the right to occupy land under the Hudson and East Rivers outside of pier lines. A rental for ground within pier lines and for underground portions of streets in Manhattan Borough, at fifty cents per linear foot of single track per annum, for the first ten years, and during the next fifteen years one dollar per annum per linear foot. A rental for ground within pier lines and for underground portions of streets in Queens Borough at one-half the rates payable for Manhattan Borough. A rental for 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.