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V the subject property and chattels for a period terminating no later than June 30, 1967, Koppel to indemnify Land Company due to Pacific occupancy, be and the same is hereby ratified, approved and con-firmedo On motion duly seconded, it was RESOLVED, that the action of Vice President Godfrey and Assistant Secretary How in executing C» L„ D* 15504, dated July 27, 1966 between Las Vegas Land and Water Company and Koppel Bulk Terml-nal, terminating agreement between Las Vegas Land and Water Company and Pacific Vegetable Oil Corporation, dated August 4, 1961, identi­fied as Contract Audit 10884, covering lease-option of certain parcels of property described therein, with improvements thereon, together with machinery, equipment and chattels, said CoLaD e 15504 being agreement to sell to Koppel Bulk Terminal subject property located in the Los Angeles-Long Beach Harbor area, Los Angeles County, California; purchase price for subject property, excepting the oil, gas and other minerals, plus the chattels, shall be $l,156,999o80o This purchase price, together with interest on the unpaid balance at the rate of 5%7» per annum, shall be paid in 240 equal monthly installments of not less than $7,958o86o The first installment shall be paid thirty days after July 27, 1966 and sub­sequent Installments shall be paid on that day of each month thereafter* Koppel to have privilege of making additional payments -7-