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atat Secretary Bachman in executing Agreement C.L.D. No. iAj-2 9 9 , Contract Audit No. 1 0 9 1 6 , dated October 2 3 , 1 9 6 2 , between Las Vegas Land and Water Company, called "Land Company**, and The Richardson Company of California, called "Purchaser**, granting Purchaser, or its nominee, option for period of one year from date hereof to purchase parcel of land, being portion of Blocks 23 and 36 of Tract No. 13^3» and portion of vacated Lomitas Avenue, City of Industry, County of Los Angeles, State of California, pur­chase price $1 8 9 ,7 6 5 .00 , plus any assessments levied subsequent to October 2 3 , 1 9 6 2 , for public improvements levied and assessed upon or assignable to option parcel, which are chargeable to capital account. Purchaser may exercise option at any time during term hereof by delivering to Land Company notice of its Intention so to do, together with full amount of purchase price, and shall have awarded contract for construction of office, warehouse and manufac­turing plant containing a floor area of not less than 80,000 square feet. Land Company, provided Purchaser be not in default under agreement, to deliver to Purchaser deed conveying option parcel and standard policy of title Insurance in amount of purchase price, showing title to option parcel to be vested in Purchaser, said deed reserving unto Land Company an easement for construction, operation, maintenance, repair, renewal and use of sanitary sewer pipe lines and incidental structures along and across portion of parcel pur­chased, and said property is conveyed, subject to 2 (a) Taxes for the fiscal year in which said option is exercised, whether yet payable or not, and taxes for fetll subsequent years; (b) Covenants, conditions, restrictions, exceptions,