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• <br /> i <br /> 2. Purchase Price <br /> Texaco shall pay to Douglas the sum of twenty <br /> million five hundred thousand dollars ($20,500,000.00) payable <br /> In full at Closing Date. <br /> 3. Payment For Gasoline in StorF+e <br /> JJZ at Closing Da e <br /> Texaco shall pay to Douglas an amount per gallon <br /> to be agreed upon for the motor vehicle fuel in the storage <br /> tanks at the one hundred sixty-seven (167) properties as of <br /> 8:00 a.m, on the Closing Date. In lieu of such payment Texaco <br /> may, at its option, repay Douglas with a like quantity and <br /> qualitg of motor vehicle fuel. <br /> . t 4. Representations and Warranties of Douglas <br /> a. Fee Properties <br /> As to the fee properties listed in Exhibit "A", <br /> Douglas has the right to convey said properties or that it will <br /> be the record owner and have the right to convey said fee pro- <br /> perties prior to the Closing Date. <br /> b. Leased Properties <br /> As to the leased properties listed in Exhibit <br /> "B", all of said leases are valid and subsisting free from <br /> default, Douglas now has the right to assign said leases, <br /> Douglas has not previously assigned said leases and if there <br /> are any restrictions in any of said leases relating to assign- <br /> ment, Douglas will obtain the appropriate consent or consents <br /> to assignment prior to the Closing Date. <br /> - 2 <br /> 000035 <br />