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Citizens National Trust & Savings Bank of Los Angeles, as Trustees under the Will of August V. Handorf, deceased, option to be for a period of one year or until notice given by Peirce Carpet Mills to the Land Company to release the option. As consideration for granting option, Peirce shall pay taxes plus any assessments for public improvements not chargeable to Capital Account. Purchase price shall be fl73>l62.00 plus any assessments levied for public improvements which are chargeable to Capital Account. Peirce shall have the right to exercise option by giving notice of its intention to do so, together with full amount of the purchase price, and shall have entered into an agreement to award a contract for construction of concrete tilt-up office and warehouse building containing floor area of not less than 1 2 0 ,0 0 0 square feet, plans to be submitted to and approved by Land Company. Peirce has right to assign option to nominee acceptable to Land Company and shall enter into agreement with Nominee to lease premises for a term of not less than ten years. Land Company shall within sixty days after exercise of option deliver deed conveying option parcel, together with standard policy of title insurance, subject to: (1) Taxes for the fiscal year is exercised, whether pay abiln e whoir cnho tt.he option (2) mCeonntdsit iaonnds ,e nrceusmtbrriacntcieosn so,f rreescoerrdv.ations, ease­After exercise of option, Land Company shall enter into agreement with City of Industry for certain street improvements, and Peirce Carpet shall reimburse land Company for any cost 3-