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% RESOLVED, that the action of Vice President Guild and Asst. Secretary Bachman in executing contract Audit No. 10400, dated April 2, 1 9 IJ-7 , between McNeil Construction Company, called "Contractor", and LVL&WCo., called "Owner*1, covering preparation of plans and specifications and construction of a one-story warehouse and office building, approximately 3 5 2 ft. in length by approximately 1 5 H- ft. in width, with 12 ft. x 100 ft. concrete platform and approximately l M O O sq. ft. of paving, located upon this Company’s property fronting on Leonis Blvd., west of Downey Road, Vernon, Calif.; consideration $352>,723*00; be, an<a- same is hereby, ratified, approved and confirmed. On motion duly seconded, it was RESOLVED, that the action of President and Asst. Secretary Bachman in executing agreement C.A. IOU0 5 , dated June 20, 19^7, between LVL&WCo., Lessor, and General Motors Corporation (GMC Truck and Coach Division), Lessee, covering lease of an irregularly shaped parcel of land at Leonis Blvd. and Downey Road, Vernon, Calif., containing an area of 100,550 sq. ft., together with warehouse and office building and improvements and portion of industry track constructed thereon by Lessor; term ten years, beginning on &a.t?e Lesson notifios Lessee tiio premises are avail— able for occupancy (November 1, 19^7) > at annual rental, computed as follows: (a) 4.5% upon sum of $3 7 >2 0 3 .5 0 > representing agreed upon value of land; (b) upon an amount equal to agreed upon cost of $7.00 per lineal foot of that portion of spur track located upon leased premises; (c) 7 .1 # upon actual cost to Lessor for preparation of plans and specifications, construction of building and improvements, all amounts paid to Contractor, cost of fire insurance, and interest during construction at b.5 % per annum; payable in equal monthly installments in advance; Lessee to pay taxes and certain assessments; said lease being subject to: 1. An unrecorded easement executed August 2 5 > 193^ > by LVL&WCo. to City of Vernon for sanitary sewer; -a-