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3° ConditionsP restrictions9 reservations9 easements and encumbrances of record? be9 and the same is hereby9 ratified;, approved and confirmed,, WHEREASs Las Vegas Land and Water Company by Agreement Contract Audit No, 10790s dated August 159 1955s agreed to sell to the City of Las Vegas five parcels of land* being portions of the Old Ranch at Las Vegas for total price of $1119440„009 payable $3 2 p3 1 7 o60 upon execution of agreement9 the balance of $799122o40 with 5% interest payable in five equal annual installments of $1 8 p2 7 5 o2 8 p and WHEREAS5 the City has requested the Land Company to con­vey at this time to the City a portion of Parcel No, 2 containing an area of 5°2773-acres9 upon the understanding that the City will continue to make annual payments pursuant to the terms and condi­tions of Agreement Contract Audit No® 10790„ NOWp THEREFORE^ on motion duly seconded;, it was RESOLVED9 that the action of President Stoddard and Assistant Secretary in executing Supplemental Agreement Contract Audit Noo 10790-lg dated December ll| 19569 with the City of Las Vegas 5 amending said Agreement Contract Audit No® 10790 providing for delivery at this time of deed to a portion of Parcel No* 2 containing an area of 5 °2773“acr@s 9 together with policy of title Insurance in the amount of $3s>958o0Qs and that upon completion of all of the payments called for under said Agreement Contract Audit No, 10790, the Land Company will deliver to the City deed for the remainder of the said five parcels9 together with policy of title insurance in the amount of $1 0 7 9^82e00? be9 and the same is hereby9 ratified9 approved and confirmed,, -2-