upr000069 114

le a i w g e l s s - A u g u s t 3» 1994 e o - n Nr« R» 8 . g utto nt (e« • lir.A .£.8toddard*0m aha H r,w m .R e in h a rd t* L o e A n g s . h r . w.ft.House •Omaha flr.S *H .Hulsiaer-Gojaha N r. C *11.Cory *1419 Vegas Nr.c.N.Bates~Los Angs. N r.l.!t.ll8 a g »H>$ Vegas N r.L .l.B u rri-c m s h a J d e fe rrin g to ;o u r la t t e r o f August 2nd r e la tiv e to d e te rm in a tio n o f f in a l purchase p ric e o f tho Loo Vegas load and w ater Company* in d ic a tin g th a t th e re la an a d d itio n a l $ l£ *2 4 § .f9 new duo th e H ater Company* Aa you know* Soot io n 6 o f the C ontrast provides fo r p re ra tlo o o f taxes * in tha escrow ", and A rtie la X I o f the o rig in a l Escrow fn a tru e tie n a dated June f l a t a ls o provides *th e p ro ra tio n o f tacos provided fo r h e re in s h a ll ho aside a fte r th e e ele date a t th e tim e the f in a l purchase p ric e is determ ined* and the Purchase P rice Adjustm ent fund ia d is t r i-hated by you In accordance w ith p ro v is io n s o f S ection 7 h e re o f. X understand fr o * H r* Sates th a t although th a p ro p e rty in question has been assessed* th e ta x fa te has riot toon fix e d * and th a t th e ta x h ills would norm ally not he sent o ut u n t il November* a t which tim e the taxes could he p ro ra te d between th e P ie tr io t and the H ater Company* Under th e s t r ic t in te rp re ts * tto n o f th e C ontract and the Escrow In s tru c tio n s * i t would mean th a t th e balance due the H ater Coopery would net 'he d is trib u te d from th e Escrow Fund, nor would the balance due the D is tr ic t from the Purchase P rice Adjustm ent fund be returned to th e M s tr ie t* u n t il th e taxes were p ro ra te d . In view o f th e d e s ir a b ility o f c lo s in g th is escrow and c lo s in g th e e n tire tra n s a c tio n * w ith ® jp exception o f the a c lo c a tio n Fund which w i ll re q u ire tike escrow to bo hold open* X discussed the question w ith Mr* le e Neftamae* lo c a l a tto rn e y fo r the M e tr ic t in la s Vegas* aa to whether we could not by correspondence agree th a t th e balance due the w ater Company be paid over to i t by the bank out o f the purchase P rice Adjustm ent Fund* th e balance o f such Fund refunded to the .M a tr io t* ®t® the question o f prorafelon o f taxes be handled o u t o f escrow in a manner to be agreed upon. H r. hchamee sta te d he would review the p e rtin e n t p ro v is io n s o f the C ontract and the Em row X n e tru ctio n s, and lo t me have h is views w ith in the next few days, m w ill* o f course* have to g e t the