OCR Text |
Show the second part evidenced by certificates 109 and 110; said sum of $40,000 is to be paid by party of the second part as follows, namely: $3,000 in cash to be paid upon the execution hereof, the receipt whereof is hereby acknowledged : $4,000 on or before Jan. 1st 1901; 10,000 on or before Jan. 1st 1902; 10,000 on or before Jan. 1st 1903; 13,000 on or before Jan. 1st 1904 As security for the payment of the foregoing sums at the dates specified, party of the second part agrees to deliver to and deposit with the Farmers and Merchants Bank of Los Angeles $250,000.00 face or principal value of said bonds (being one half the total issue thereof), said bonds to be held by said Bank as security for the payment of said indebtedness and to be surrendered or delivered as follows: $26,000.00 face value of said bonds are to be delivered and surrendered to party of the second part upon the payment of said first installment of $4000.00; $65,000.00 face value of said bonds upon the payment of said next installment of $10,000.00; $65,000.00 of said bonds upon the payment of said next installment of $10,000.00; and $94,000.00 of said bonds upon the payment of said next installment of $13,000.00. Said installment payments may be made to said Bank for party of the first part or to party of the first part in person, in which latter case party of the second part shall produce and file with said Bank first party's receipt therefor before said Bank shall surrender or deliver to second party the bonds to which it would be entitled upon payment of such respective installment on or before the maturity thereof. |
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. |