OCR Text |
Show __o-x__ It is further covenanted and agreed that the Trustee shall, from time to time, if the Company is not in default for the period aforesaid, upon application similar to that described above, execute and deliver in a similar manner, similar releases of such land so sold for bonds. A certificate similar to that described above shall be sufficient authority to the Trustee to execute and deliver such releases; except that such certificate shall specify that the land for which such release is applied for has been sold for bonds and shall specify the price; in -which case the Trustee shall require in place of payment in money by the Company the surrender to it of bonds sufficient in amount, at face value, with all coupons attached, to equal the price specified in said certificate; which said bonds and coupons the Trustee shall receive and cancel upon executing and delivering such release. Provided, however, that all im-matured coupons, and all coupons therefore paid and formerly attached to said bonds shall also be surrendered to the Trustee at the same time. Sixth. In the event that the parties to whom the Company has agreed to deliver the bonds hereinbefore referred to, amounting to the sum of one hundred and fifty thousand ($150,000) Dollars, and being the entire issue of said bonds which are payable in ten years from date, shall present the same to the Company in payment of the last three deferred payments upon their contracts for the purchase of the stock of said water Company, being the payments falling due in eight, nine and ten years respectively, then said bonds, amounting to one hundred and fifty thousand ($150,000) Dollars, falling due in ten years from date, shall be retired and paid by such presentation, and the same, with all coupons shall be delivered to the Trustee for cancellation; in the event, however, that any |
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. |