Las Vegas City Commission Minutes, March 1, 1922 to May 10, 1929, lvc000002-324

said proposed agreement and shall deposit in escrow the said bond or cash or bonds of the United States of America a provided for in paragraph numbered "1" on page 2 of said proposed agreement and under the conditions therein contained, but shall not have commenced, within ninety days after said Las Vegas Land & Water Company shall have deposited in escrow with said Bank the deed provided for in said prop­osed agreement, the construction of the hotel as provided for in said proposed agree­ment, or shall not within one year from the deposit of said deed have fully complet­ed and have in actual operation said hotel as provided for in said proposed agree­ment, and the said Las Vegas Land & Water Company shall have deposited in escrow with said Bank within the time provided for in said proposed agreement the said deed provided for in said proposed agreement, the said Las Vegas Land & Water Com­pany shall upon the request of the City of Las Vegas, acting by and through its Board of City Commissioners, re-convey said "Public Park" and the whole thereof to said City of Las Vegas, in trust for public park purposes. (c) The said Las Vegas Land & Water Company shall deposit in escrow with said Bank within thirty days after said bond or cash or United States bonds shall have been deposited in said escrow by the said Frank N. Riley, the deed and escrow instruct­ions, all as provided for in said proposed agreement. (d) That if the said bond or cash or United States bonds are deposited in said Bank in escrow as provided for in said proposed agreement, and in the event of the breach of the conditions of said proposed contract, as executed, giving rise to a cause of action on said bond or the recovery of said cash or United States Bonds, or any part thereof, in favor of said Las Vegas Land & Water Company, then and in that event one-sixth of the net amount recovered in any suit upon said bond or any amount equal to one-sixth of said cash or United States Bonds, or any part thereof, or of damages in lieu thereof, shall upon its recovery by the said Las Vegas Land & Water Company, be paid by it to the City of Las Vegas. IN WITNESS WHEREOF, the said party of the first part, acting through its____________________________ and _________________________________,thereunto duly authorized, and said party of the second part acting by and through it Mayor and City Clerk, thereunto duly authorized, have hereunto set their respective corporate names and seals the day and year first above written. LAS VEGAS LAND & WATER COMPANY BY............................................... ITS............................................ Attest:........................................ Its Secretary. CITY OF LAS VEGAS, COUNTY OF CLARK, STATE OF NEVADA. BY............................................................... Its Mayor. ATTEST:........................................ City Clerk." BE IT FURTHER RESOLVED THAT THE FOREGOING Agreement be executed, if at all, within thirty days from the 20th of April, 1928. The vote on the resolution was as follows: Commissioners, Smith, Mundy, German, and his honor, the Mayor Hesse, aye. Noes, none. No further business appearing it was ordered, upon motion duly made, seconded and car­ried that this meeting adjourn