OCR Text |
Show -20- And it further covenanted and agreed that if the Company shall well and truly pay the sums of money herein and by said bonds and coupons required to be paid by it, and all interest thereon at the times and in the manner specified and shall well and truly keep and perform all the covenants and agreements and do all the things as required by this indenture according to the true intent and meaning thereof, then and in that case, the estate, right, title and interest in the Trustee herein and this indenture shall cease, determine and become void; otherwise the same shall be, continue and remain in full force and effect. Fifth. It is further covenanted and agreed that the Mexican Company may, from time to time, sell and convey any of its lands and water rights, and the Company may, from time to time, sell and convey any of its lands and water rights now owned or hereafter acquired and not constituting part of its main canal, and may receive and devote the price of said lands and water rights, so sold to corporate purposes, provided and upon condition that the Company pays to the Trustee one quarter of the Price received from the sale of said lands of said Mexican Company in the Republic of Mexico, and one quarter of the sum received by the Company or by the Mexican Company, from the sale or rental of water to be used for the irrigation of lands situated in the Republic of Mexico, such money so to be paid by the Company to said Trustee, to form a part of a sinking fund for the payment and redemption of the bonds and coupons of the series secured by this indenture, as hereinafter provided. And provided further that none of the lands of the Mexican Company shall be sold at a less price than Two and 50/100 ($2.50) Dollars per acre, except where such lands are sold with a water right, in which event such land with water sufficient |
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. |