upr000121 284

V (b) At its expense? keep improvements and chattels insured against loss by 'fire and perils covered by extended coverage insurance in amount and with company approved by Land Company, with loss payable to Land Company; (c) Agrees to assume risk of further subsidence and any damage to subject lands, easement parcel and chattels resulting from continued oil operations and releases Los Angeles & Salt Lake Railroad Company and Union Pacific Railroad Company, their successors and assigns, agents and others from liability for damage resulting from such operations; (d) Pay all expenses in connection with acquisition of subject property from Spencer Kellogg and Sons and subsequent conveyance to Pacific Corporation; be, and the same is hereby, ratified, approved and confirmed. On motion duly seconded, it was RESOLVED, that the action of President Stoddard in accept­ing and approving Letter of Understanding C.l .D. No. 13965-1, Con­tract Audit No, 10881, dated July 10, 1961, between Las Vegas Land and Water Company and Spencer Kellogg and Sons, Inc., concerning payment by Pacific Vegetable O'il Corporation, for tax year beginning July 1, 1961, of real and certain personal property taxes on premises to be leased to it at Long Beach, California, and in event Pacific Corporation fails to do so Spencer Kellogg will pay such taxes and the Land Company will reimburse Spencer Kellogg pro-rata share thereof for period from date of recording of deed conveying the property to Land Company; 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 C.L.D. No, llj.002-2, - 5-