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chaser”, granting Purchaser option for period of one year from date hereof to purchase the southerly 50°00 feet of Lot 7 and all of Lot 8, Tract No0 8337, City of Los Angeles, County of Los Angeles, California, for purchase price of #20,196,15, plus any assessments for public Improvements levied and assessed upon or assignable to option parcel, which are chargeable to capital account; Purchaser may exercise option at any time during the term hereof by delivering to Land Company notice of Its in­tention so to do, together with full amount of purchase price, and shall have awarded contract for construction of a brick or concrete office and warehouse building containing floor area of not less than 13,500 sq, ft,, and shall have entered into agree­ment to lease land with Improvements to Totten Tubes, Inc,, for term of not less than 10 years; Land Company, provided Purchaser be not in default under agreement, to deliver to Purchaser deed conveying option parcel, and standard policy of title insurance in amount of purchase price, showing title to option parcel to be vested in Purchaser, subject to? 1, Taxes for the fiscal year in which the option is exercised, whether yet payable or not, and taxes for all subsequent years; 2>, Conditions, restrictions, reservations, easements and encumbrances of record; said deed excepting and reserving unto Land Company all minerals and all mineral rights, including oil and gas and rights thereto, without right of entry; Purchaser in consideration for said option, agreeing to pay all taxes and all assessments not charge-ble to capital account, assignable to option parcel; be, and the same is hereby, ratified, approved and confirmed.