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RESOLUTION LVL&WCo. On motion duly seconded it was RESOLVED, that the action of Vice President Payne and Secretary Dixon in executing agreement C.L.D. No. 15055 dated February 9» 1965s between Las Vegas Land and Water Company and Malmo, Inc., by which Malmo grants Land Company option to purchase parcel of land and improvements thereon in City of Vernon, California, option to commence on February 9» 1965 and continue for a period of days there­after, as consideration for option Land Company shall pay to Malmo the sum of $25,000.00 on the date of agreement, purchase price for said land and improvements shall be $1,900,000.00, Land Company shall have the right to exercise the option by delivering written notice to Malmo of its Intention to do so and by delivering into escrow £1,875*000.00, being the balance of the purchase price, Malmo to deliver to Land Company deed conveying the land and improvements, subject to (a) taxes for the fiscal year 196**—19&5* (b) covenants, conditions, restrict ions, reservations, easements and encumbrances of record, other than money encumbrances, Malmo to furnish Land Company, without cost to it, standard policy of title Insurance in the amount of the purchase price showing title to be vested in Land Company, be, and the same is hereby, ratified, approved and confirmed. Adopted ______________ E, SEe.c reDtiaxorny