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\ price is $98,343o00 plus any assessments levied subsequent to date of option for public improvements chargeable to Capital Accounts; Purchaser has right to exercise option at any time by delivering to Title Insurance and Trd$t Company, as escrow holder, full amount of purchase price and delivering to Land Company written notice of such fact, and to furnish Laud Company plans, together with evi­dence of written agreement for construction upon the option parcel of a good and substantial concrete tilt-up office and warehouse building containing a floor area of not less than 20,000 sq. ft.; Land Company to deliver to Purchaser, through escrow, grant deed conveying the parcel subject to: (a) Taxes for the fiscal year in which the option is exercised, whether yet payable or not; (b) Conditions, restrictions, reservations, easements and encumbrances of record; (c) Any and all encumbrances or defects in title made or suffered by Purchaser. Deed to except and reserve all oil and mineral rights as outlined in option agreement; deed shall also reserve to Land Company an ease­ment for roadway purposes in area described therein, Land Company to reserve the right to dedicate easement areas to City of Industry. Purchaser to enter into an agreement with the Los Angeles & Salt Lake Railroad Company and its Lessee, Union Pacific Railroad Com­pany, for construction, maintenance and operation of an industry spur track. Railroad Company to construct at its expense, to property line of option Parcel No. 1; Industry to construct -2-