Security for Xxxxxx Farm Down Payment Sample Clauses

Security for Xxxxxx Farm Down Payment. From the date of the Supplemental Initial Closing through the date of the Xxxxxx Farm Closing, or the earlier termination of this Agreement and any required return of the Xxxxxx Farm down payment, the Xxxxxx Farm down payment made by TOF to LGE shall be secured by a Deed of Trust in first lien position against the Xxxxxx Farm Parcel (the “Down Payment Deed of Trust”), which shall be in the form attached hereto as Exhibit J, and a lien, recorded on the stock certificate evidencing the Subject Shares, for the benefit of TOF to secure any potential refund to TOF of the down payment required by this Agreement. If LGE fails to convey the Xxxxxx Farm Parcel and/or the LGE Water Rights to TOF or to return the down payment to TOF when and as required by the terms of this Agreement, then TOF shall, in addition to TOF’s other rights and remedies under this Agreement, have the right to pursue such additional rights and remedies as may be available at law or in equity as a result of such failure, including without limitation, the right to foreclose on the Down Payment Deed of Trust and/or the Subject Shares. LGE hereby agrees to execute and deliver to TOF a promissory note or notes in the respective amounts of the Xxxxxx Farm down payment, as and when made by TOF, evidencing LGE’s obligation to apply the down payment received by LGE to the purchase price of the LGE Property, or to otherwise refund to TOF the down payment, if required, all pursuant to the requirements of this Agreement (the “Down Payment Promissory Note”), which shall be in the form attached hereto as Exhibit K, and to take such actions as are necessary to have the Rural Ditch Company note the TOF lien on the Subject Shares. The Down Payment Promissory Note, the Down Payment Deed of Trust, and lien on the Subject Shares will be cancelled and released to the commercially reasonable satisfaction of LGE at the Xxxxxx Farm Closing or as otherwise required hereunder.
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Related to Security for Xxxxxx Farm Down Payment

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