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\ Land and Water Company and Northwest Whittier Properties, a Joint Venture composed of Pyron Company, a California corpor­ation, and Upland Industries Corporation, a Utah corporation, whereby Las Vegas Land and Water Company agrees to loan to Northwest Whittier Properties $3,832,000*00 for the purpose of purchasing certain real property located in the County of Los Angeles, State of California, for the purpose of developing the real property for sale as finished lots, said real property particularly described in Exhibit "A" attached to Letter Agreement C* L0 Do 16107; interest rate shall be 8% per annum, availability of loan commencing August 1, 1968 with maturity on July 31, 1973; repayment shall commence on July 31, 1969, and each year thereafter until maturity, semiannual payments to be made as set forth in the agreement, all payments to be applied first to interest and balance to principal; the loan shall be evidenced by a promissory note payable to Las Vegas Land and Water Company or order in the amount of $3,832,000*00, note shall be prepayable from time to time and at any time without penalty, note shall be secured by a Deed of Trust on the real property which shall be insured by a CLTA policy of title insurance, Las Vegas Land will release individual lots from its deed of trust provided that at the time of any release Northwest is not in default in any obligations under 2-