OCR Text |
Show -10- said Ryland B. Wallace, Trustee, or such other stock as may be delivered according to the terms hereof in lieu thereof to him as Trustee, shall be held by said Ryland B. Wallace, Trustee, as security that said canal will be commenced and will be completed within such time. When said proposed canal is completed from Hanlon to the Salton or Carter River, or when evidence satisfactory to said Ryland B. Wallace is furnished him that said party of the second part, or its assigns, has in its or their possession the sum of one hundred and fifty thousand dollars ($150,000.00) donated to the construction of such a canal, all within the time above mentioned, then and in such event the said stock so placed in the hands of said Wallace, Trustee, as hereinabove provided, shall be transferred by him to the President of party of the second part, provided, of course, that the other provisions in reference thereto, herein contained, have been fully performed & complied with. (F) Party of the second part, and any of its officers, shall have the right to release said stock so placed in the hands of Ryland B. Wallace, Trustee, as aforesaid, at any time prior to the first day of August, 1900, by purchasing from party of the first part the $40,000 of stock and the land scrip of party of the second part delivered to him in part payment for the transfer of said stock of the said "Mexican Company," or so much thereof as he may at the time then own at fifty (50) cents on the dollar face value for said stock and twenty-five (25) cents on the dollar face value for said land-scrip. Party of the first part, however, may, if he so elects, refuse the tender and offer to purchase said stock and land-scrip if made and may refuse to sell said stock and said-scrip at 50 cents |
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. |