OCR Text |
Show 60. reduoe all suoh arrangements to writing, and It la hereby specified and stated that this Agreement Is made for that purpose; HOW, THEREFORE, It la hereby agreed that If a Levee District shall be organised under the laws of California, In the Palo Verde Valley. In said County of Riverside, and If aald levee district shall authorise and make a bond Issue, suoh bonds being legally authorised and Issued, and If all of same shall be done within one year after November 19th, 1913, then end In suoh event the party of the first part hereby agrees that It will release all levies from the lien of said mortgage and will aooept and take $46,000*00 worth of said bonds at par and will or edit suoh amount on the principal of said mortgage note, the party of the second part hereto, to secure suoh bonds from said levee district ao as to beoone the owner thereof and thereupon to deliver same to the party of the first part to be oredlted on said mortgage note, and It Is agreed that In suoh event said sub of $46,000.00 shall be oredlted on said mortgage note as follows, to-wlt: The sum of $16,000.00 ahall be applied as full payment of the first deferred Installment, whloh will beoome due on Dov-ember 19th, 1914; and the sum of $6760.00 ahall be oredlted on eaoh of the remaining deferred installments whloh are mentioned In said nortgage note, even though none of same shall be due or payable at the time suoh oredlt is made. And It Is further agreed and understood that If said levee district Is not organised within said period of one year, of If sold bond lssi:e Is not legally made within sold time, then and In suoh event the party of the second part shall be under no obligations to pay the flrnt deferred Installment mentioned In said mortgage note on Hover.ber 19th. 1914, but It is especially ofreed that. In suoh event, payment of suoh Installment ahall be extended for "the period of one year, to-wlt, to sad until the 19th day of November. Ulb. |
Source |
Original book: [State of Arizona, complainant v. State of California, Palo Verde Irrigation District, Coachella Valley County Water District, Metropolitan Water District of Southern California, City of Los Angeles, California, City of San Diego, California, and County of San Diego, California, defendants, United States of America, State of Nevada, State of New Mexico, State of Utah, interveners] : California exhibits. |