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^ 2. Sum of $9,618.35 as down payment upon pur­chase price, together with promissory note in amount $25,000, payable in five equal annual installments, together with interest at rate of 5% per annum upon unpaid balance secured by a deed of trust. 3. Notice that Purchaser has awarded contract for construction of warehouse and office building containing 15,000 sq. ft. of ground floor space on the option parcel. (b) Within reasonable time after exercise of option, Land Company shall deliver to Purchaser deed and policy of title insurance in amount of purchase price, subject to 1. A H unpaid taxes and assessments levied and assessed upon the parcel purchased subsequent to September 13, 1951; 2. Conditions, restrictions, reservations, ease­ments and encumbrances of record, or which have been made or suffered by the Purchaser subsequent to September 13, 1951; 3. An unrecorded agreement for a 34,500 volt power line across the northerly portion of said option parcel granted to Southern Nevada Power Company by Las Vegas Land and Water Company under date of February 28, 1944; 4. An unrecorded agreement for a 12 KW power line across said option parcel granted to Southern Nevada Power Company by Las Vegas Land and Water Company under date of June 21, 1950; and 5. The aforesaid deed of trust delivered by the Purchaser to secure payment of the unpaid pur­chase price. Deed shall except and reserve unto Land Company 1. All minerals and all mineral rights, in­cluding oil and gas and rights thereto, without right 6f entry; 2. A H water and water rights, be, and the same is hereby, ratified, approved and confirmed. 4-