Lease agreement between Las Vegas Valley Land and Water Company and Willie T. Stewart, Earl Leavitt, and William Udell Stewart, Las Vegas, February 1, 1951

"N"L.D. 2454. THIS INDENTURE, made and entered into as of the first day of February, 1951, by and between LAS VEGAS LAND AND WATER COMPANY, a corporation of the State of Nevada, Party of the First Part, hereinafter called "Lessor", and WILLIE T. STEWART, EARL LEAVITT and WILLIAM UDELL STEWART, all of Las Vegas, Nevada, Parties of the Second Part, hereinafter collectively called "Lessee", WITNESSETH: That the said Lessor, for and in consideration of the rents, covenants, promises and agreements hereinafter reserved, to be kept and per-formed by the Lessee, does hereby lease, demise and let unto the said Lessee those certain parcels of land situated in the County of Clark, State of Nevada, and being outlined in red and yellow on the map attached hereto, marked Exhibit "A" dated January 31, 1951, and by this reference incorporated herein as if set forth at length; together with the right to use such water for stock watering and domestic purposes as is or may be permissable under the appropriation of water covered by Application and Permit No. 10439 issued by the State Engineer of the State of Nevada, subject to existing easements and rights of way whether granted by the Lessor or acquired by User. TO HAVE AND TO HOLD the said premises, together with the appurtenances unto the said Lessee, for the term commencing on the first day of February, 1951, and ending on the 31st day of January, 1956 unless sooner terminated as hereinafter provided; subject, however, to the following covenants, terms and conditions on the part of the Lessee to be paid, kept and performed. - 1 - 1. The said Lessee covenants and agrees to pay the said Lessor, its successors and assigns, as rental for said premises, the sum of One Hundred Twenty Five ($125.00) Dollars per month, payable in advance on the first day of each and every month during the period of this lease . 2. It is understood and agreed that the area outlined in yellow on Exhibit "A" attached hereto shall be used for dairy operations and re- sidential purposes; and that the area shown outlined in red shall be used for grazing purposes. 3. It is agreed that the said Lessee shall enter into the immediate possession of said premises, and during the effective period of this lease shall keep and maintain in good order and repair all fences, buildings, irrigation ditches, and other improvements therein and thereon, and the Lessee shall maintain at his own sole cost and expense all diversion ditches and laterals now existing in and upon said premises, or thereafter constructed by the Lessee; and the Lessee shall at all times apply to a beneficial use the water covered by State Engineer's Permit granted under Application No. 10439, in accordance with the terms of said Permit, and to the fullest extent of the amount thereby permitted. 4. The Lessee covenants that he will not sublet said premises or any part thereof and that he will not assign this lease or any interest therein, without the written consent of the Lessor first had and obtained, and it is further agreed that any consent so given shall not be considered as a waiver of this covenant as to any subsequent assignment or sublease. 5. The Lessee agrees to keep said premises free from accumulations of trash and other refuse and to keep the same in an ordinary and tidy condition at all times. - 2 - 6. It is hereby further agreed and understood between the parties hereto that upon the failure of the Lessee to pay the rent for a period of fifteen days after the same is due and payable, or to perform or keep any of the covenants herein contained to be kept and performed by him, this lease and the term hereby created shall at the option of the Lessor immediately end and terminate, and said Lessor shall have the right to enter into possess-ion of the lands and premises at once and without notice to the Lessee, using all necessary force so to do, and to oust any and all persons in possession of the whole, or any part thereof. 7. This lease may be terminated by written notice given by either the Lessor or the Lessee to the other party on any date in such notice stated, not less, however, than sixty (60) days subsequent to the date on which such notice shall be given. Said notice may be given to the Lessee by serving the Lessee personally or by posting a copy thereof on the outside of any door in any building upon the leased premises or by mailing said notice, postage prepaid, to the Lessee at Las Vegas, Nevada. Said notice may be given to the Lessor by mailing the same, postage prepaid, to the Lessor at Las Vegas, Nevada. Upon such termination and vacation of the premises by the Lessee, the Lessor shall refund to the Lessee on a pro-rata basis any unearned rental paid in advance. The Lessee covenants and agrees to vacate and surrender the quiet and peaceable possession of the leased premises cm the termination of this lease howsoever. Within thirty (30) days after the termination of this lease, the Lessee shall remove from the premises all structures and other property not belonging to the Lessor. In case of the Lessee's failure so to do, all such structures and other property shall, upon the termination of said thirty (30) - 3 - days,become and thereafter remain the property of the Lessor. 8. The provisions of this lease shall inure to the benefit of and bind the heirs, executors, administrators, successors and assigns of the respective parties hereto. 9. It is expressly agreed and understood that if said Lessee shall at any time during the life of this lease be declared or adjudged a bankrupt, whether pursuant to voluntary or involuntary proceedings, then and in such event this lease shall immediately cease and terminate and be no longer of any force or effect. 10. It is agreed that time is of the essence of this lease, but that any delay on the part of Lessor in enforcing any of the provisions of this lease, or acceptance of rent after any breach hereof shall not be deemed or construed as acquiescence in or waiver of such or any other breach. 11. Permission is hereby granted to the Lessee to erect on the leased premises during the term hereof such buildings as he may desire, the type and location of such buildings to be first considered and approved by the Lessor, The Lessee shall fully pay for all materials joined or affixed to said premises, and shall pay in full all persons who perform labor upon said premises, and shall not permit or suffer any mechanic's or materialman's lien of any kind or nature to be enforced against said premises for any work done or materials furnished thereon at the instance or request or on behalf of the Lessee; and the Lessee agrees to indemnify and hold harmless the Lessor from and against any and all liens, claims, demands, costs and expenses of whatsoever nature in any way connected with or growing out of such work done, labor performed, or materials furnished. . 4 - The Lessee covenants that he will not make any alterations in any buildings now on said leased premises without the written consent of the Lessor first had and obtained. 12. It is understood and agreed that the Lessor shall pay all taxes upon the premises leased herein and improvements thereon owned by the Lessor, and that the Lessee shall pay, before the same become delinquent, all taxes and all assessments levied and assessed during the continuance of this lease upon any buildings and other improvements placed upon the leased premises by the Lessee. 13. The Lessee covenants and agrees, at his own expense, at all times during the effective period of this lease, to keep insured against fire, in the name of the Lessor, the Old Ranch House located on said premises north of the Las Vegas Creek, in such amount as may be satisfactory to the Lessor, such insurance to be taken out with such company or companies as may be acceptable to the Lessor. IN WITNESS WHEREOF, the said parties have caused these presents to be duly executed as of the day and year first hereinabove written. ATTEST: LAS VEGAS LAND AND WATER COMPANY __By _?___ Secretary Vice President Witness: Willie T. Stewart Witness: Earl Leavitt Witness:________ William Udell Stewart