§ 7-2. Annual payments by City.

Upon the conveyance by said Enoch Pratt or his representatives, by a valid deed, of the clear, unencumbered fee simple estate in said lot of ground, with the improvements thereon, situate on Mulberry Street, in said City of Baltimore, unto the said Mayor and City Council, and upon the payment by said Enoch Pratt or his representatives, unto said Mayor and City Council, of said sum of $833,333.33, the Mayor of the City of Baltimore, at the time of the execution of said deed, is authorized and empowered to join in the execution of the same, for and on behalf of the Mayor and City Council of Baltimore, and to contract, covenant and agree, for and on their behalf, to pay perpetually thereafter the yearly sum of $50,000, in equal quarterly payments, unto the Trustees of the "Enoch Pratt Free Library of Baltimore City", and their successors, forever, the said "Enoch Pratt Free Library of Baltimore City" also joining in said deed, and agreeing to appropriate said sum for its corporate purposes, and to make an annual report to the Mayor and City Council of Baltimore, of the proceedings of said body corporate, and of the condition of said library and its branches, with a full account of the monies received and expended by said Trustees.