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loan to Mr. San tongue and to be covered by our regular form of lease with privilege of purchase, under which latter agreement this employe was to deed to the hand and Water Company hie lots and this company agree to construct a house upon them, the cost of which was to be paid to the Land and later / Company in sixty monthly installments, with Interest at 1$ on all deferred payment s. The Secretary further explained that under date of May 13th, 1933, former President Calvin authorised construction of said dwelling house on Lots 15 and 18, Block 35, Clark's Las Vegas Town-site, and sale thereof to Mr. Van Santongue for a consideration of 13,300, plus interest, taxes, etc., under standard form of least with privilege of purchase, which was duly executed under date of June 4 th, 1923, providing for payment by Mr. Ban tongue at the rate of $55.00 per month. Vice-President Bracken advised under date of May 38th, 1930, that payments under said oontraet had been paid in full and that Mr. Ban tongue has requested deed. thereupon, on motion duly made, seconded and carried, it was, by unanimous vote, HEgQLVSBJ that the notion of the President and Secretary in executing and delivering deed, dated June 37th, 1930, from this company to Van 3antongue covering Lots 15 and 16, Block 35, Cleric1 s Las Vegas Towns!te, together with all appurtenances, be, and the same is hereby, ratified, approved and confirmed. It was explained to the Board that under date Juhy 20th, 1929, this company addressed letter-agreement to the Willard Storage Battery Company, providing that the former would withhold from sale to other parties for period of three months from that date, or until October 30, 1929, parcel of land containing 1.91 acres in Union Pacific Industrial Tract No. 7207, Los Angeles, adjoining 4-acre parcel sold to the Willard Company under agreement dated July 29, 1929; further providing that the Willard Company may purchase said parcel upon payment to the Land and Water company of a purchase price computed at the rate of #7,000 per acre, plus interest upon the total purchase price at the rate of 6$ per annum for the period that shall elapse between the date of delivery of deed for the 4-acre parcel and date -1 3 -