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las Vegas S t J. ROSS CLARK, President, Los Angeles, Cal. C. C. BARRY. Auditor, Los Angeles, Cal. C. P. SMITH, Secretary, Los Angeles, Cal. W. H. LEETE, Treasurer, Los Angeles, Cal. Land and Water company OFFICES Pacific electric building F. a. waters, agent, LOS ANGELES, CAL. LOS ANGELES, CAL. and WALTER R. BRACKEN, VlCE-PRES. and AGT„ LAS VEGAS, NEVADA LAS VEGAS, NEV. Page 2, E#E.C# & J#R#C. February 2b, 1921* deed to the optionee for the lots so sold# The improvements* plus the $50 consideration to be paid, will fix a value on the lots, which will be in excess of the maximum price which has been and is now being paid for adjoining property* Property of this character is assessed for three- fourths of its actual cash value, and that will mean an assessed valuation of at least $75 per lot when platted, which the optionee agrees to assume, and pay during the term of the option* Las Vegas Land & Water Company has a very favorable water franchise, which is confined to Clark’s Las Vegas Town- site only. I am advised by our legal department that under subsequent legislation, it cannot well extend this franchise, for by so doing, it will subject itself to the control of the Public Service Commission, which has authority to compel extensions, etc#, which would be expensive and detrimental to the Company’s interest, and such being the case, it will be necessary for the optionee to make arrangements for water service, which I assume can be done under the same terms as service is now being given to the Wardle Addition* At the present time, there is some demand for town lots by the railroad employees and others, owing to the fact that Clark’s Las Vegas Townslte is practically exhausted. How long this will last, I cannot say, but the time sems opportune to make disposition of the property at this time. The parties who abe interested in getting the option are officers of the First State Bank of Las Vegas, and are thoroughly responsible. It is, of course, understood that the option will be so worded as to protect the Company against lieis or other incumbrances during the term, and with the understanding that the option shall not be recorded, so as to cloud the title, should the property revert# Respectfully submitted, Vice-President and Agent#