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calculated at the rat© of 35 ©tat© per square feet upon a total of 83,129 aqua*© feet)| #4,419.03 being paid upon delivery of agreement duly executed, balance, or 117,678.is, to be paid in four equal annual installments of 14,419.03 e&ofe, with Interest at 6# per annum on deferred payments, plus taxes and assessments, the first of which shall be paid on or before one year from date of delivery of agree­ment, subsequent installments to bs paid on or before the same date of each succeeding year thereafter until total purchase price is fully paid, under conditions as set forth therein, be, and the earn© is hereby, ratified, approved and confirmed. RESOLVED FURTHER! That the action of the President and Secretary in executing deed of conveyance, dated March 31, 1929, from this Company to The Brunswiok-Salke-Coliender Company, covering the property hereinbefore described (which deed has been prepared so that it will be available for delivery in the event this Company receives payment in full from the Brunswick—Baike-Collender Company at any time within the period in which Industry is required to complete payment), be, and the same is hereby, ratified, approved and confirmed. On motion duly made, seconded and carried, it was, by unanimous vote, RESOLVED! That the action of the President «od Secre­tary in executing and delivering agreement dated March 13, 1938, between this Company and Southern CaliforInia Hardwood it Manufacturing Company, terminating contract dated September 18, 1935, covering sale by the Land 4 Water Company to the Hardwood & Manufacturing Company of 351,788.3 square feet in Onion Pacific Industrial Tract lo. 1, Los Angeles, considera­tion $75,530,49* |18,105.59 payable in cash, balance in annual installments, said cancellation agreement being on the follow­ing basis! —5—