upr000104 148

1 2 3 4 5 6 7 8 9 10 11 12 13 14 1 5 1 6 17 1|8 19 20 21 22 23 24 25 26 II It la the intention of the parties hereto that the proper­ties referred to in Section 1 of the Sale Agreement shall he trans­ferred to the District and that the Preliminary Purchase Price (hereinafter defined) be paid to the Sellers on July 1, 1954, or on such other date as the parties shall mutually designate in writing, which date is hereinafter referred to as the "sale date". It is a-greed that the purchase price of said properties as of April 30, 1954, computed as provided in Sections 8, 9 and 10 of the Sale Agreement, is $2 ,317>663.43, which amount is herein referred to ib the "Preliminary Purchase Price". Adjustments in the purchase ^rice to be made pursuant to the provisions of Sections 9 and 10 of the Sale Agreement for the period, May 1, 1954, to the sale date, sannot be made until the accounting for said adjustments by Seilers utd the approval thereof by the District have been completed subse­quent to the sale date. However, the parties hereto estimate that ;he purchase price of the said properties upon the sale date will >e $2*475,046.18, which amount is hereinafter referred to as MSs-imated Purchase Price". The difference between the Preliminary urehase Price and the Sstimated Purchase Price, being $157,382.75, s hereinafter referred to as "Purchase Price Adjustment Fund". It a agreed that the said properties shall be transferred and conveyed o the District upon the sale date upon payment to the Sellers of he Preliminary Purchase Price and that the Purchase Price Adjust-ent Fund shall be held by you and disbursed to the party entitled hereto In accordance with these instructions after the accounting 2 .