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hereof by delivering to Land Company notice of its intention so to do, together with full amount of purchase price, and shall have awarded contract for construction of a brick or cohcrete office and warehouse building containing floor area of not less than 25,000 sq0 ft„, and shall have entered into agreement to lease land with Improvements to Dorsett & Jackson, Inc», for term of not less than 10 years 5 Land Company, provided Purchaser be not in default under agreement, to deliver to Purchaser deed conveying option parcel, and standard policy of title insurance in amount of purchase price, showing title to option parcel to be vested in Purchaser, subject to J (a) Taxes for the fiscal year in which the option is exercised, whether yet payable or not, and taxes for all subsequent years; (b) An easement granted to City of Los Angeles, for concrete storm drain stub lines and catch basins over northerly 20 feet of Lot D, Tract No. 8337, by document recorded in Book 6192, Page 67, Official Records of Los Angeles County; (c) Conditions, restrictions, reservations, easements and encumbrances of record; said deed excepting and reserving unto Land Company all minerals and all mineral rights, including oil and gas and rights thereto, without right of entry; Purchaser in consideration for said option, agreeing to pay all taxes and all assessments not chargeable to capital account, assignable to option parcel; 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 LVL&W LS Deed Audit No„ 5671, dated June 16, 1959, conveying to Charles E. Keas and Gloria