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^ RESOLVED, that the action of Vice President Ashby and Assistant Secretary Bachman, on behalf of this Company, in execut­ing L.S. Deed Audit No. 4741, dated April 2, 1945, conveying to Ceco Steel Products Corporation, in consideration of payment of $10.00 and other good and valuable consideration, Lots 45 and 46, Union Pacific Tract, East Yard, Los Angeles, California; subject to: General and special taxes for the year 1945-1946, including any special district levies, payment for which is included therein and collected there­with; excepting and reserving unto LVL&WCo. all minerals and mineral rights, including oil and gas and rights thereto, with right of entry upon a "Development Area", being the southerly 100 feet of said Lot 46, in consideration for which Land Co. agrees to pay to the record owners a royalty of 2-1/2$ of gross value of minerals produced and saved at the Development Area; be, and the same is hereby, ratified, approved and confirmed. On motion duly seconded, it was RESOLVED, that the action of Vice President Strong and Secretary in executing agreement, NLD 1332, dated June 16, 1945, between LVL&WCo., called "Company", and Biltmore Homes, Inc., called "Subdivider", providing for: 1 - Construction by Company of approximately 1200 ft. of water mains to serve Blocks 2 and 3 of Biltmore Addition Annex No. 3, Las Vegas, Nevada. 2 - Subdivider to deposit $3100 to cover estimated cost of water lines, and in event actual cost is more or less than $3100, Subdivider to pay excess or be refunded difference as case may be. -3-