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exercise of said option and the payment of full amount of the purchase price, to deliver to Purchaser a deed, together with policy of title insurance in the amount of purchase price, conveying the option parcel to Purchaser, subject to liens and encumbrances suffered by Purchaser and; (1) Conditions, restrictions, reservations, easements and encumbrances of record; and (2) General and special taxes for fiscal year 1952-1953, including any special district levies; reserving unto LVL&WCo. all minerals and all mineral rights, Including oil and gas and rights thereto, without right of entry; be, and the same is hereby, ratified, approved and confirmed. On motion duly seconded, it was RESOLVED, that the action of Vice President Reinhardt in executing letter agreement '’N ”L.D. 2652, dated February 26, 1953, with Longley Construction Co., Inc., covering the con­struction and laying of approximately 1450 feet of 6” cast iron water main and 30 feet of 6” fire protection laterals for 3 hydrants, to serve Alta Vista Addition, Tract No. 3, Las Vegas, Nevada; consideration $1,962.50, plus actual cost of premium on Surety Bond; be, and the same is hereby, rati­fied, approved and confirmed. On motion duly seconded, it was RESOLVED, that the action of Vice President Reinhardt and Secretary in executing agreement ”N ”L.D. 2651, dated March 3, 1953, between LVL&WCo., called '’Company”, and Royes J. Petersen, called "Subdivider”, providing; -4-