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

page 2

__2__ This Agreement, made and entered into by and between Imperial Water Company No. 1, a Corporation, having its principal place of business in the County of Imperial, State of California, party of the first part, hereinafter called "The Company", and Imperial Irrigation District, a Municipal Corporation, having its principal place of business in the County of Imperial, State of California, party of the second part, hereinafter called "The District", WlTNESSETH : That the said Company and the said District mutually covenant and agree as follows: 1. The Company hereby agrees to sell to the District all of its main and lateral canal system situate in County of Imperial, State of California, as at present owned, constructed, maintained, and operated, including canals, ditches, gates and structures of every kind and character therein installed, including waste ditches, canals and structures, and all canal and ditch rights of way and easements, zanjero grounds and improvements, and all real property of every kind and character held in fee, together with all of the operating equipment and machinery belonging to said company, at and for a price to be determined and agreed upon in the manner in this agreement specified, all of said properties, both real and personal, to be free and clear of all encumbrances. 2. The District agrees to purchase from the Company all of the properties mentioned in Paragraph One of this agreement, and covenants that it will pay to the order of the Company the price determined and agreed upon in the manner in this agreement specified.