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refund to Applicant upon its demand the excess of such amount over such cost! 3o Applicant to furnish Company necessary easements where said water mains are to be laid! Company to own said water mains % 5o Company to refund to Applicant during the month of April of each year after commencement of rendition of service, 22% of estimated annual revenue of prior calendar year received by it from consumers taking direct service from water mains instailed, for period of 20 years from date of completion of said installation, but the total of refunds made by Company shall not exceed amount of advance and payment made by Applicant! be, and the same is hereby, ratified, approved and confirmed,, On motion duly seconded, it was RESOLVED, that the action of President Stoddard and Assistant Secretary Bachman in executing Agreement CoLoDo No„ 13290s Contract Audit No0 10860, dated May 28, 1959» between Las Vegas Land and Water Company, called "Land Company*, and Murray B„ Marsh Company Inc., called ’'Purchaser* , granting Purchaser option for period of one year from date hereof to purchase Lot 6 and northerly 5 0 o 0 0 feet of Lot 79 Tract No„ 8337» City of Los Angeles, County of Los Angeles, California, for purchase price of $16,185°009 plus any assessments for public improvements levied and assessed upon the option parcel which are chargeable to capital account, subsequent to April 21, 1959 Purchaser may exercise option at any time during the term hereof by delivering to Land Company notice of its intention so to do, together with full amount of purchase price, and shall have entered into agreement for construction on unimproved portion of adjoining Lot 5 of said Tract No0 8337, presently owned by Purchaser, of a good and substantial addition to its existing warehouse, said addition