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LVL&WCO. RESOLUTION Fred J. Russell 745 On motion duly seconded, it was RESOLVED, that the action of Vice President Payne in executing C. L. D. 15242, option agreement dated September ?p9 1965» between Las Vegas Land and Water Company and Fred J. Russell, for purchase by Land Company of approximately 520 acres of land situated in the County of Riverside, State of California, more particularly described as Parcels 2, 3» **?» 5, 6, 7 and 8, in the deed attached as Exhibit WAM to option agreement, portions of property being subject to crop leases, one being with Phillip Modioa, the other with Pete Borba, Jr. Option includes irrigation pipelines owned by Russell, and Russell*s rights under Industry Track Contract between LA&SL-UPBR and Fred J. Russell, identified as Railroad Contract Audit IO5 8 7 8 ; consideration for the option is $50,000.00, payable to Russell, and upon exercise of option Land Company to pay into escrow $2,524,000.00. Purchase price of the property is $2,525,650.00, of the pipelines $11,100.00, and of track agreement $37*250.00, total $2,574,000.00; Russell to deliver to escrows (a) Copy of escrow instructions, as attached to option agreement as Exhibit MEW; (b) Deed in form attached to option agreement as Exhibit MA";