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(D ra ft - page 2) equipm ent, m a te ria l and supplies on hand belonging to L a s V egas Land and W ater Company, and a ll additions and b e tte r ­m ents, including the Hyde P a rk additions and b etterm en ts), as the sam e e x ist as o f S eptem ber 1st, 1952. (f) You w ill encum ber a ll other land in the L a s V egas V a lle y , held by you, fo r a te rm of fift y y e a rs , with a covenant, running with the land, to the e ffe c t that no w a ter w e ll shall be d r ille d or dug thereon, to a depth exceed in g one hundred fe e t. The cost o f a ll im p rovem en ts made by you subsequent to Septem ber 1st, 1952, up to the date of consum mation o f the sa le, w ill be added to the amount o f the purchase p r ic e . Said purchase p ric e shall be paid to you in cash o r in such other m edium of paym ent as you m ay design ate. It is understood that in o rd e r to finance this purchase it is n e c ­e s s a r y that the undersigned be au thorized to issu e bonds pursuant to the Statute qznder which the undersigned was crea ted and is acting. T h e re fo re , one of the conditions of this o ffe r is that it shall not be binding upon the undersigned until its bonds so to be au thorized a re sold and the m oney th e re fro m is a va ila b le. Th is o ffe r shall rem ain in e ffe c t until it is re je c te d by you or is withdrawn by the undersigned by n otice given th irty days b efo re such w ith draw al becom es e ffe c tiv e , which notice shall be made and given w ith the same fo rm a lity as this o ffe r is made and given. W ill you p lea se advise your reaction to this o ffe r , and i f tenta­tiv e ly a ccep tab le, w ill you suggest a tim e and place w here your attorneys can m eet with ou rs, to draw up the papers setting fo rth a deta iled a g r e e ­ment between us pertain in g to the subject m a tter of this o ffe r . -2-