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granting The Texas Company license covering construction, main­tenance and operation of a Ip” oil pipe line, 3" lateral pipe line, 3* x 1|’ valve box with guard rail and 3’ x 3* valve box with guard rail between Walnut and Orange Avenues, Long Beach, Californiaj effective July 15® 195U® for term of 5 years subject to revocation by LVL&WCo. on 60 days’ written notice; considera­tion 178*00 per annum, payable annually in advance; and subject to following existing agreements between LVL&WCo. and Standard Oil Company of California: (a) LVL&W Contract Audit No. 9971 dated Nov. 3® 193&® covering a 2-l/2-inch gasoline pipe line; (b) LVL&W Contract Audit No. 9960, dated Nov. 18, 1938, covering a 6-inch pipe line for conveying oil, petroleum, gas or water; be, and the same is hereby, ratified, approved and confirmed. On motion duly seconded, it was RESOLVED, that the action of President Stoddard and Assistant Secretary Bachman in executing Easement "N" L. D. No. 2819® dated August 17® 195U® from LVL&WCo. to City of Las Vegas granting rights of way for roadway purposes 60 and 30 feet in width over a portion of Las Vegas Ranch property located in Sec. 26 and the W-l/2 of the W-l/2 of Sec. 25® Twp. 20S., R 6lE., MDB&M.® Las Vegas® Nevada, and in event said land, or any part thereof, shall cease to be used for purpose above set forth, it shall revert to said Grantor, its successors or assigns; and said easement for roadway purposes is subject to: (1) Reversion in event said land or any part thereof shall cease to be used for roadway purposes; (2) Existing contracts, leases, liens or encumbrances which affect said property; be, and the same is hereby, ratified, approved and confirmed. -6-