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option to purchase parcels of land containing 47o537 acres more or less, described in Exhibit "A” attached to agreement, option to commence on September 6, 1966 and continue for a forty (40) day period, or until Purchaser shall have given written notice to Seller of its desire to release the option; as consideration for granting option, Purchaser shall pay to Seller the sum of $10,000o00; purchase price for said land shall be the sum which is obtained by multiplying the total number of acres contained in said land by $23,100c00 per acre; Purchaser shall have the right to exercise option at any time during the term, by deliv­ering to Seller the written notice of its intention to do so, and by depositing in escrow the amount of the purchase price less the $10,000«00 referred to above; Seller to deliver deed convey­ing land to Purchaser,subject to matters provided therein, be and the same is hereby ratified, approved and confirmed,. On motion duly seconded, it was RESOLVED, that the action of Vice President Payne in exe­cuting Co Lo Do 15566, agreement entered into September 14, 1966 between Edward Pilario and Yvette Rambaud Pilario, husband and wife as Joint Tenants, "Sellers”, and Las Vegas Land and Water Company, "Purchaser”, granting option to purchase land described therein, being 27o99 acres more or less, excepting precious minerals and ores; option to commence on September 6, 1966 and continue for a forty-five (45) day period, or until Purchaser shall have given written notice to Seller of its desire the release the option; as -4-