AZ vs. CA:04 California Exhibits, Vol. IV; Nos. 151-192

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in the aggregate at par, shall be not less than the purchase price herein specified, plus the total of the purchase prices which shall be specified in each and every similar contract hereafter entered into by the District and other mutual water companies now receiving service from said District. 7. It is hereby stipulated by and between the Company and the District, that in the event the assent of the stockholders of the Company be secured to the sale and transfer of the properties of the Company, as herein contemplated, and in the event that the District shall be able lawfully to issue its bonds for the purposes herein specified, the District shall pay to the Company, and the Company shall accept as payment in full for the purchase price herein agreed upon, the net proceeds realized by the District from the sale of an amount of its bonds, the par value of which equals the total sum of the purchase price herein specified, it being the intention of the parties hereto to provide that if the bonds of the District shall be sold at a price less than the par value thereof, the Company shall discount its sale price in an amount equalling such loss to the District resulting from such sale of bonds at a price less than par value thereof. 8. The Company hereby covenants and agrees that it will forthwith, upon receipt by its officers of the purchase price herein specified, deliver over to the District all of its properties specified in Paragraph One hereof. 9. The District hereby covenants and agrees that it will, from and after delivery made to it of the properties of the Company, mentioned and described in Paragraph One hereof, maintain and operate said main and lateral canal system in all respects in the manner prescribed by the Irrigation District Act of the State of California.