man000205 103

1 Section 12. First Parties, and each of them, reserve 2 the right to convey or transfer any or all of the properties re- 3 ferred to in Section 1 hereof at any time prior to the sale date 4 to one or more of First Parties, or to some other affiliated cor- 5 poration, upon the condition that such transferee shall assume the 6 obligation to convey and transfer said properties to the District 7 upon the sale date in accordance with the provisions of this agree- 8 ment. Regardless of such conveyances and transfers between the 9 First Parties or their affiliated corporations, First Parties shall 10 not be relieved of their obligations hereunder to convey or cause 11 to be conveyed such properties to the District at the times and 12 subject to the conditions herein referred to. The obligation of 13 the First Parties to convey,,or to cause to be conveyed, said proper- 14 ties to the District at the times and subject to the conditions 15 herein provided shall subject to the ability of First Parties, 1® or their said successor or successors in ownership, to obtain such 17 approval of applicable governmental authorities, including the 1® Nevada Public Service Commission, as may be required. When the es- 19 crow referred to in Section 7 hereof shall have been opened, or at 20 such earlier time as the parties hereto mutually agree, First Parties, 21 or such of them as may be concerned therewith, shall file with the 22 Public Service Commission of the State of Nevada application request- 23 ing authority of the said Commission to transfer such of said proper- 24 ties as are then maintained and operated as a public utility for OK the furnishing of water to the inhabitants of the City of Las Vegas 26 t \ to the District in accordance with the provisions of this agreement 27 28 1*1.