New-York tribune., 1922-11-08

purchasers. IL there be more than one,
ana includes also the successors and es-
signs OF any purchsser), upon connrrna-
ton OF the saie or sales, must make such
further payment or payments ia cssh on
account OF the purchase price IS said
Court may from time TO time direct. In
making payment Of tbs residue of his
bid the Purchaser may turn over 90 the
Special Master at their distributivs vaius.
Mortgage Notes and coupons or Sbifga-
tions or claims with proper transfers
thereof entitled TO share in the distrfbu-
tton OF the prcceedssef sails as set forth
In the Final Decree.
In lieu Of Mortgage Notes ana coupons
or OF sach obligations or claims the spe-
ciat Master may accept the certificate
or any national bank or truss company
In the City Of New York or ia the City
or Detroit, Michigan. acceptable TO him,
that IL holds. subject to his order. n
specified amount of Mortgage Notes ae-
aotnpanied by the coupons therein stated
or OF obligations or claims of the char
acter sher sin specified with proper trans
fers thereof.
account of the purchase price Of the
property by him purchased for all Mort
gage Notes and coupons or obligations
or claims go turned over to the Special
Master in part payment OF the purchase
price with such sums would 90 paid
in respect Of such Mortgage Notes and
coupons or Obligations or claims out OF
the proceeds OF the sale IL the whole
amount of the purchase price were paid
in cash. The Purchaser will not be re-
CURED to pay on account OF the purchase
price any amount in cash required for
distribution out OF the proceeds of sale
made to such Purchaser upon the re-
spective Mortgage Notes and coupons or
obligations or claims entitled to share
1t the distribution OF the proceeds OF
sale until ter days after said Court, on
application of or on behalf OF the holder
OF any OF such Mortgage Notes and cou-
pons, obligations or claims, shall enter
q G@R xNe Sos. E-r. 4
accordance with such order OF such cash
distributfve share upon such Mortgage
Notes and coupons. obligations or claims.
Said Court reserves a paramount lien
and charge upon the property sold to any
Purchaser for the payment in full OF the
purchase price thereof and reserves the
right, upon such notice as said Court
may direct, to retake and resell any
property sold TO such Purchaser In case
he shall fail to comply with any order
Of said Court directing payment OF such
purchase price or any part thereof for
the period of twenty days OF II an ape
pear be taken from any such order, for
the period Of twenty days after the serv-
Ice of notice OF entry of the order finally
Affirming such order on appeal
VIII Upon confirmation OF sae seie
and upon payment by any Purchaser of
the purchase price of the property pur-
chased by him, such portion of such
purchase price as SHALL pursuant to the
provisions of the Final Decree or the
paid in advance of the delivery OF the
deeds or other instruments OF convey
ance or assignment and transfer by the
Special Master, or upon the making by
such Purchaser of such provision FOR the
payment thereof as said court shali ep-
prove. the Special Master will execute
8. deed or deeds or other instrument or
instruments conveying, assigning and
transferring to such Purchaser the prop
erty sold to such Purchaser subject
however. to Article Fourteenth OF the
Final Decree. Such deed or deeds
other instrument or instruments Of con-
veyance or assignment or transfer will
run and be delivered to such Purchaser
and. upon the production thereof or of a
grantee or grantees therein named will
be let into the possession OF the property
so conveyed or transferred, and shall
after such delivery of possession hold
possess and enjoy the property so con-
veyed, assigned and transferred and
every part and parcel thereof free from
the trust and lien OF said First Mortgage
and free from all claims, rights, interests
or equity of redemption OF. in or to the
same by or of the Chalmers Company.
its successors and assigns and by or of
the creditors or stockholders Of the
Chalmers Company and. by or of all per-
sons claiming by, under or through the
Chalmers Company. its creditors or it's
stockholders and by of all parties to
said consolidated cause or to the con-
stituent causes thereof: but subject, how
ever, to the compliance by the Pur-
chaser with all conditions upon such
Purchaser imposed by the Final Decree.
| TX. Article Thirteenth of the Final
Decree provides that the Receiver shall.
| not more than twenty nor less than ten
| days prior to the date fixed for the sale
| under the Final Decree, file with the
| Clerk of said Court, an adviasry state
/ nent or statements showing and de-
| seribing as definitely practicable but
| in general terms III all outstanding con-
| tracts and leases to which the Chalmers
| and to which. If any. of the parcels IN
| the Final Decree described said con-
| tracts and leases are appurtenans: CD
the. property In the Final Decree de-
scrtbed and designated as Parcels A,
B and c. respectively; ana (s) ali
| taxes, liens. and assessments and pur-
| chase money or vendors or contractors
| or mechanics liens upon the property by
| the Final Decree directed to be sold,
| specifying the particular pieces of prop
erty upon which the Same respectively
shall constitute a lien Or charge.
x. Any Purchaser Will have the
| right to elect not to take or accept any
| part of the property sold to such Pur-
| chaser by written notice of his election
| to the Special Master given at any time
| prior to the execution and delivery of .
| the deeds other instruments OF con-
yeyance from the Special Master. No
such election by the Purchaser will
diminish or affect the purchase price so
| be paid by such Purchaser.
| AS provided in Article Fourtesnth of
| the Final Decree, the Purchaser Of the
property an entirety will be allowed
one year from the date of taking pos
session of the property sold within which
to elect to adopt continue in force, or
to refuse to adopt or continue IN fcrce,
any lease or other oxecutory contract
which may be included in the property
sold to such Purchaser or which may
constitute an incident thereto or be ap-
purtenant thereto. Such right of cleo
| tion reserved as above stated Will not
apply to any contract or contracts here
tofore or hereafter entered into by the
| Receiver by authority OF said Court.
| XII The Trustee under said First
| Mortgage or any holder OF Mortgage
| Notes or any OF the parties 70 ths con-
| solidated cause above referred to or TO
/ either of ths constituent causes thereof
/ or any creditor or any stockholder OF
| the Chalmers Company or any holder OF
| any obligation of the Receiver or ether
/ creditor of the Recsiver or any other
| person whosoever may, subject to the
Decree, bid OF any such sale, and II r.
| successful bidder may purchase In his,
| its or their own right
XII BY the Final Decree said court
| reserves for future adjudication all Quss-
| tions not disposed of by the Final De-
| cree.
/ For surthsr particulars reference In
| hereby made to the Final Decree. to the
! advisory statements TO be fled by the
| Receiver as provided in Article Thtr-
| tcenth OF the Final Decree. and TO tho
| records and proceedings Ia esid conscli-
| dated cause and the constituent causes
thereof on fiie in the eface Of the Clerk
| of said Court
! November 8, Ie12.
| 3o3 Federal Building,
| Detroit, Michigan.
WILLIAM s. sAYREs, JR.,