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\ W ater Company h ereby a s s ig n s to th e D i s t r i c t , e f f e c t i v e on th e s a le d a te , a l l such c o n tr a c ts which upon sa id d ate a re s t i l l w holly or p a r t i a l l y unperform ed, and th e D i s t r i c t h ereby a g r e e s , e f f e c t i v e as o f th e s a le d a te , to assume a l l l i a b i l i t i e s , in clu d in g l i a b i l i t y f o r f u r t h e r refu n d s under sa id c o n t r a c t s , and t o indem­n if y and save h arm less th e W ater Company from any l i a b i l i t y f o r r e ­funds under sa id c o n t r a c ts subsequent to th e s a le d a te . The D is ­t r i c t h ereb y a g re e s to assum e, e f f e c t i v e as of th e s a le d a te , a l l l i a b i l i t y under sa id c o n tr a c ts w ith r e s p e c t to any unexpended p o r- { tio n s in th e p o s s e s s io n o f th e Water Company upon th e s a le d ate of sums o f money d e p o site d w ith th e Water Company under such c o n tr a c ts as advances f o r th e c o n s tr u c tio n o f w ater m ains. S e c tio n 1 2 . F i r s t P a r t i e s , and each o f them, r e s e r v e th e r ig h t £ 0 convey or t r a n s f e r any or a l l o f th e p r o p e r tie s r e ­fe r r e d to in S e c tio n 1 h e re o f a t any tim e p r io r to th e s a le d ate to one or more o f F i r s t P a r t i e s , or to some o th e r a f f i l i a t e d c o r ­p o r a tio n , upon th e c o n d itio n th a t such tr a n s f e r e e s h a l l assume th e o b lig a tio n to convey and t r a n s f e r sa id p r o p e r tie s to th e D i s t r i c t upon th e s a le d ate in acco rd an ce w ith th e p r o v is io n s o f t h i s a g re e ­m ent. R e g a rd le ss of sueh conveyances and t r a n s f e r s between th e F i r s t P a r t ie s or t h e i r a f f i l i a t e d c o r p o r a tio n s , F i r s t P a r t ie s s h a l l not be r e lie v e d o f t h e i r o b lig a tio n s hereunder t o convey or cau se to be conveyed such p r o p e r tie s to th e D i s t r i c t a t th e tim es and s u b je c t to th e c o n d itio n s h e re in r e f e r r e d t o . The o b lig a tio n of th e F i r s t P a r t ie s to convey, or to cau se to be conveyed, sa id p r o p e r tie s to th e D i s t r i c t a t th e tim es and s u b je c t to th e co n d i­tio n s h e re in provided s h a l l be s u b je c t to th e a b i l i t y o f F i r s t P a r t i e s , or t h e i r s a id s u c c e s s o r or s u c c e s s o r s in ow nership, to o b ta in such ap p roval o f a p p lic a b le governm ental a u t h o r i t i e s , i n ­clu d in g th e Nevada P u b lic S e r v ic e Commission, as may be r e q u ir e d . When th e escrow r e f e r r e d to in S e c tio n 7 h e re o f s h a l l have been opened, or a t such e a r l i e r tim e as th e p a r t ie s h e re to m u tu ally a g r e e , F i r s t P a r t i e s , or sueh o f them as may be concerned th e r e ­w ith , s h a l l f i l e w ith th e P u b lic S e r v ic e Commission o f th e S t a t e of Nevada a p p lic a tio n r e q u e s tin g a u th o r ity o f th e sa id Commission to t r a n s f e r such o f sa id p r o p e r tie s as a re th en m aintained and op erated as a p u b lic u t i l i t y f o r th e fu rn is h in g of w ater to th e in h a b ita n ts o f th e C ity o f Las Vegas to th e D i s t r i c t in a c co rd ­ance w ith th e p ro v is io n s of t h i s agreem ept and s h a l l t h e r e a f t e r d i l i g e n t l y p ro se cu te sa id a p p lic a tio n f o r th e purpose o f s e c u r ­in g such a u th o r ity , u n le s s th e p a r t ie s h e re to s h a l l a g ree th a t such a u th o r ity i s n ot r e q u ir e d . S e c tio n 1 3 . The F i r s t P a r t i e s , and each o f them, a g ree th a t from and a f t e r th e d ate o f t h i s agreem ent and p r io r to th e 2 8 .