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\ written notice given by either the Lessor or the Lessee on any date in such notice stated, not less, however, than ten (10) days subsequent to the date on which such notice shall be given; be, and the same is hereby, ratified, approved and confirmed* On motion duly seconded, it was RESOLVED, that the action of President Bailey and Assist­ant Secretary Cope in executing agreement bearing C.L.D. No. 1507^» dated March 19, 19&5, between Las Vegas Land and Water Company and Sears, Roebuck and Co., leasing with option to purchase, certain parcel of land together with the improvements thereon to use for any lawful purpose, in Vernon, California, for term of 25 years, to commence on the date the Land Company obtains title to the land and improvements, Sears to pay rent of $10,000.00 per month, pay­able monthly in advance, computed as the total of 1/12 of of the value of the land, 1/12 of 5% of the value of the spur tracks on the land, and 1/12 of of the value of the improvements on the land, based on value of the land $890,000.00, value of the spur tracks $10,000.00, and value of the Improvements $1,000,000.00; Sears further to pay all taxes and assessments levied and assessed during the continuance of the lease of the land and improvements, except assessments for public improvements chargeable to capital account; Sears to keep the land and improvements in good condition and repair, to pay all charges for water, gas, electricity or other public utility services, and shall have the right to erect or install buildings and improvements with the prior written con­sent of the Land Company. Lease shall not be terminable by Sears except in the -3-