Las Vegas City Commission Minutes, March 1, 1922 to May 10, 1929, lvc000002-323

said original and amended agreements hereinabove referred to, has terminated and become void and of no further force or effect, and WHEREAS, the said City of Las Vegas is entitled, upon its request, to a re-conveyance from the said Las Vegas Land & Water company of the "Public Park" as mentioned in said agree­ment and amendments between the parties hereto, in trust for public park purposes, and WHEREAS, THE PARTY OF THE FIRST PART HEREIN IS ABOUT TO ENTER into an agreement with one Frank N. Riley, of Los Angeles, California, to convey to said to said Frank N. Riley the said "Public Park" and other lands upon the condition that said Frank N. Riley shall construct, fully complete and have in actual operation a first class modern tourist hotel containing not less that one hundred fifty rooms and to cost and be reasonably worth not less than $450,000 together with suitable adjuncts upon a site located within three miles from the court house in the City of Las Vegas, within one year from the deposit of a deed of conveyance of said "Public Park" and said other lands in the First State Bank of Las Vegas, Nevada, Inc., at Las Vegas, Nevada, all as is more fully set forth in said prop­osed agreement (which is hereinafter called the "proposed agreement"), a draft of which has been presented to the Board of Commissioners of the City of Las Vegas and is on file with said City, and which said proposed agreement is incorporate herein by reference, and WHEREAS, it is desired by the parties hereto to provide for the recission of the said agreement of date February 16, 1927, and said amendments thereto of date May 10, 1927, and Aug. 18, 1927, and to substitute in lieu thereof the present agreement, predicated upon the basis of said proposed agreement between the said Las Vegas Land & Water Company and said Frank N. Riley, and WHEREAS, the Board of City Commissioners of the City of Las Vegas at an adjourned reg­ular meeting thereof, held on the 21st day of April, 1928, has by resolution duly adopted by said Board, authorized the execution of this agreement on behalf of the City of Las Vegas, a copy of which said Resolution is attached hereto, marked Exhibit "A" and made a part thereof, NOW THEREFORE, in consideration of the premises, and under and by virtue of the terms of said Resolution "Exhibit A" it is hereby mutually agreed between the parties hereto, as follows, to-wit: 1. That if the said proposed agreement between the said Las Vegas Land & Water Comp­any, in the form presented to the Board of City Commissioners of said City and now on file with said City of Las Vegas shall be duly executed by the parties thereto and a signed copy thereof filed with the Board of Commissioners of the City of Las Vegas within thirty days from the date thereof, then and in that event the said agreement of February 16, 1927, and the said amendments thereto of date May 10, 1927, and Aug, 18, 1927, shall ipso facto become rescinded and of no further force and effect, and the following terms of this agree­ment shall at once become operative, to-wit: (a) If the said Las Vegas Land & Water Company shall within thirty days after the date of said proposed agreement, when executed, between it and said Frank N. Riley, which shall be the date of the execution thereof, furnish the said Frank N. Riley an abst­ract of title provided for therein and the said Frank N. Riley shall reject the title shown thereby or fails to accept said title within the time therein provided for the acceptance or rejection thereof, then and in that event the said party of the first part herein 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. (b) If the said las Vegas Land & Water Company shall furnish said abstract of title, and the title is accepted by the said Frank N. Riley within the time provided for in