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\ -4- Within a reasonable time after exercise of option, Land Company shall deliver to Purchaser grant deed conveying parcel purchased subject to: (a) Taxes for the fiscal year in which the option is exercised, whether yet payable or not; (b) Conditions, restrictions, reservations, easements and encumbrances of record; (c) Any and all encumbrances or defects in title made or suffered by Purchaser; (d) Easement for sewer purposes granted to City of Industry, recorded in Book D-3423, page 303, Official Records of Los Angeles County. The deed conveying parcel shall except and reserve all oil and mineral rights as described therein, and shall reserve an easement for sewer purposes fifteen feet in width along easterly line of said parcel; Land Company to reserve right to dedicate easement area to City of Industry. Consideration for the tranting of the option, Purchaser shall pay an amount equal to the general and special taxes, including any special district levies; Land Company to furnish, at its expense, standard policy of title insurance. Purchaser granted the privilege of entering upon the option parcels for