OCR Text |
Show -8- It is provided and conditioned further that to give a commercial value to and to make salable the securities which the party of the first part agrees to accept in part payment for the said 11,995 shares of the said "Mexican Company", the party of the second part and its assigns undertakes and agrees to build or cause to be built for said "Mexican Company" a main canal from Hanlon to the Salton on Carten River; and as an evidence of its sincerity and as security that it will commence said canal or cause the same to be commenced prior to the 1st day of August, 1900 and will complete the said canal or cause the same to be completed prior to the said 1st day of August, 1901, it agrees that said 2,000 shares of its capital stock herein above mentioned to be delivered to 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. And Whereas, second party has delivered to Ryland B. Wallace Trustee the 2,000 shares of its capital stock mentioned in said agreement of June 29th, 1898, Now, Therefore, This Agreement further Witnesseth: That in the event the canal mentioned in said agreement of June 29th 1898, shall not have been completed from Hanlon to the Salton River upon the 1st day of August, 1901, and in the further event that party of the second part shall have complied with the provisions of this contract, then said 2000 shares of the Capital Stock of party of the second part shall not become the property of party of the first part, but shall be held by said Ryland B. Wallace as such trustee during the existence of this |
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. |