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iao Pegas Valley t&t*r QUtrUt 2* Sietabir 11, 1958 he make intercompany t n s s f t n and to convoy hhe properties to yea by any moons t&ioh they •ieot which w ill result in the transfer of t i - tlo to o il of the said properties to yon in aensidsratlea of the total purchase price men­tioned in your le tte r of December 10, 1952* 3* The obligation which the undersigned say undertake under the formal agreements to convey the said properties te yen w ill be eab- J«ct te th e ir a b ility te obtain aueh approval of applicable governmental authority, includ­ing the llovada Public Service Cenmieeion, as nay be required* 4« The formal agreemente between yen and the undersigned for the purehaee and aale of said preparty shall provide that a ll obligations of the undersigned thereunder ahall terminate on December 31, 1953» i f ou or before that date yen ehall not have paid the f u ll purchase price ef eald properties te the undersigned or into es­crow for dollvory to the undersigned whan tho undersigned ohall have convoyed a ll ef aald properties te you*