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(a) To accept from Spencer Kellogg and Sons, Inc., the sum of $110,000.00 in lieu of the latter*s obliga­tion to restore the former Spencer Kellogg plant at 305 Henry Ford Avenue, Long Beach, California, which was damaged by fire June 16, 1961; (b) Upon receipt of said payment from Spencer Kellogg and Sons, Inc., to restore said premises to a value equal to that Immediately prior to said fire; be, and the same is hereby, ratified, approved and confirmed. On motion duly seconded, it was RESOLVED, that the action of Vice President Johnson in executing Agreement C.L.D. No. 14115, dated March 1, 1962, between Las Vegas Land and Water Company and Eugene L. Davis and George L. Duty, a partnership, doing business as Davis and Duty, covering license for a 2-1/2 inch steel pipe line, for purpose of conveying waste water over and across property of Land Company near Califor­nia and Patterson (Prospect) Streets, Long Beach, California, for term beginning March 1, 1962 and extending to February 28, 19^7» rental $5*00 per annum payable annually in advance, said license being subject to revocation by Land Company on 60 days written notice, and also to agreement between Los Angeles & Salt Lake Bail-road Company and Pan American Petroleum Company, dated July 12, 1923, Land Company*s Contract Audit No. ^292 (Land Company has succeeded to the interests of Los Angeles Salt Lake Railroad Com­pany and Richfield Oil Corporation has succeeded to the interests of Pan American Petroleum Company), covering lease of said property for purpose of prospecting and drilling for oil, gas and other hydro carbon substances, and Licensee shall secure written consent of Rich field Oil Corporation before doing any work in connection with con- -3