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<br /> 6?e: <br /> set forth in Exhibit "D". <br />c. On the date of closing, all Utility's property will be in as good a condition as the <br /> same was on the effective date of this agreement, reasonable wear and tear <br /> alone excepted. <br />d. On the date of closing there will be no judgment in existence against Utility and <br /> no law suits threatened or pending against Utility, except for the claim of Barnett <br /> E. Baker, Sr. described in a letter from attorney Steven R. Brown to Ruth Ann <br /> Hoch dated November 20, 1996. <br /> . . <br />e. Utility is not a party to or bound by any franchise agreement, licensing <br /> agreement, or any other contractual limitation upon its right to conduct business <br /> except Utility's lawful obligation to provide continuous and adequate public utility <br /> . <br /> service to its certificated service area under the rules and regulations of the <br /> TNRCC and the United States Environmental Protection Agency ("EPA"). <br />f. The affidavit of Utility's President and majority shareholder attached hereto and <br /> incorporated herein as Exhibit "E," providing a listing of Utility's cash balances <br /> and a detailed balance sheet listing of corporate assets and liabilities as of <br /> December 31, 1996 on a tax cash basis with the following exceptions: 1) billed <br /> accounts receivable, 2) accrued unbilled revenues, 3) miscellaneous other <br /> receivable deposits and prepaid accounts, 4) accrued interest, and ~) accounts <br /> payable, presents fairly, with no material exceptions, the financial condition of <br /> Utility as of said date. <br /> -6- <br />