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X thereof, which are chargeable to capital expenditures; Purchaser to have the right to exercise said option by delivering to Land Company notice of its intention so to do, together with the full amount of purchase price, provided Purchaser shall have received all necessary governmental approvals and shall have awarded a contract for construction upon said option parcel of a warehouse and office building containing not less than 15,000 sq. ft. of ground floor space, and shall have given written notice of such facts to Land Company at the time of exercise of said option; Land Company, provided Purchaser be not in default under said agreement C. A. No. 10598, to deliver to Purchaser deed conveying said option parcel, and policy of title insurance in amount of purchase price, showing title to said option parcel to be vested in Purchaser, subject to: (a) A H unpaid taxes and assessments levied and assessed upon the parcel purchased subsequent to September 15, 1951; (b) Conditions, restrictions, reservations, easements and encumbrances of record, or which have been made or suffered by Purchaser subsequent to said date; (c) An unrecorded agreement for a 54,500 volt power line across northerly portion of said option parcel granted to Southern Nevada Power Company by LVL&WCo. under date of February 28, 1944; and (d) An unrecorded agreement for a 12 KV power line across said option parcel granted to Southern Nevada Power Company by LVL&WCo. under date of June 21, 1950; said deed excepting and reserving unto Land Company all minerals and all mineral rights, including oil and gas and rights thereto, without right of entry; also excepting and -5-