Imperial Valley press., 1916-01-04

clflc Company, so far as may be
necessary, the amounts due Cd upon
all bonds of the California Develop-
ment Company owned by the South
ern Pacific Company at the date of
such sale; (2) upon all Receivers GER.
tificates of the California Develop.
ment Company then owned by the
Southern Pacific Company; (3) upon
the above mentioned judgment in ia
vor OF the Southern Pacific Company
and against the California Develop
ment Company, and (4) upon the
aforementioned judgment in favor
OF the New Liverpool Salt Company
against the California Development
Co. and assigned by said New Liv-
erpool Salt Company to said South.
, ern Pacific Company.
Third-Whereas certain MONEYS
other than those represented by the
bonds, receivers certificates and the
judgment in favor of the Southern
Pacific Company and in favor of the
New Liverpool Salt Company referred
to in Paragraph First hereof will be
required to be paid in cash in order
that said Southern Pacific Company
may acquire title to the properties as
contemplated by Paragraph First
hereof;
Whereas, there are claims for wa
ter rentals to accrue against certain
mutual Imperial water companies by
January 1st, 1916, in considerable
Iamounts;
Now, Therefore, the Southern Pa
cific Company agrees that for the
purpose of purchasing such property
at the said sale it will advance and
pay in cash all moneys which may be
in the Receivers hands at the time
of such sale and which may, by vir-
tue OF the said decree, be payable to
the Southern Pacific Company under
said judgment on account of it's re-
iceiver's certificates, and also the fur
ther sum of $14O,OOO
And said Imperial Irrigation Dis
trict agrees that it will guarantee to
the Southern Pacific Company that on
or before the date of the confirmation
of the sale of said properties, if made
to it, said mutual companies will have
paid to. the Receiver of the California
Development Company, or to the
Commissioner who shall conduct the
said sale, or to the Southern Pacific
Company, sufficient of such water rem
tails to pay all necessary cash amount
in excess of that which the Southern
Pacific Company so agrees to advance
and pay.
And if for any reason there is any
deficit in the amount collected of such
water rentals to make out said guar
anteed amount, that said Irrigation
District will, at all events, pay the
amount of the same to said Southern
Pacific Company not later than the
date of the confirmation of such sale
to it.
Fourth---In the event the Southern
Pacific Company acquires the title to
said property decreed to be sold at
such sale, it will, in consideration of
three million ($3,O00,OO0) dollars
with interest on $2,152,5OO thereof at
the rate of five (5) per cent per an
mum, payable semi-annually, from Ju-
ly 1, 1915, and with interest on the
remainder thereof at the rate of five
(5) per cent per annum from Octo-
ber 1st, 1915, payable January 1st,
1916. and semi-annually thereafter,
which consideration the Imperial Ir,
rigation District hereby agrees to pay
to said Southern Pacific Company, ex-
ecute conveyance granting unto said
Imperial Irrigation District its Hall
Hanlon ranch, all intakes, headgates,
canals, bitches, fumes, rights of way,
dams, structures, buildings, dredges,
pumps, railroads, telephone lines, and
appurtenances of every kind and ma