upr000120 379

\ njlI • RESOLUTION p ; 717 Intn*l Barv. Co. a On motion duly seconded, It was RESOLVED, that the action of '.President Bailey and Assistant Secretary Cope In executing C.L.D. 15251» agreement dated November 10, 1965, between Las Vegas Land and Water Company and International Harvester Company, covering lease for a term of ten (10) years, beginning on the date on whloh the Land Company notified Harvester that premises are avail­able for occupancy, of a certain parcel of land with the building, spur track and other Improvements thereon, contain­ing 9.67 acres, located at the southeast comer of Procter and Seventh Avenues In City of Industry, California, at an annual rental exclusive of taxes, computed as follows* (a) $% on the sum of $193.93^*00, which is sum established as land value* (b) 5% upon the actual cost to the Land Company for construction of spur track, estimated to cost t3»500*00. (c) upon the actual cost to the Land Company for construction of building and other improvements, which said actual cost shall include all amounts paid to the contractor hereunder, a Land Company engineering fee plus Interest during construction at the rate of $% per annum, from the date upon which the expenditure Is made by the Land Company to the beginning of the date of the term of the lease. It is estimated that the amount to be paid to the contract­or, plus the engineering fee and interest, will total |327,88?.00. Said annual rent shall be payable in equal monthly install­ments in advance, said monthly Installments estimated to be f.2,866.10, arrived at a® follows1 i ,