Las Vegas City Commission Minutes, March 1, 1922 to May 10, 1929, lvc000002-255

said City; that such deed of reconveyance may be made, as aforesaid, either in conjunction with a deed executed by the County of Clark or separately; that in such deed of re-conveyance the right shall be specifically reserved to said City, either separately or in conjunction with the said County of Clark, to remove the improvements from said public park within ninety days from the date of such deed, so executed by and on behalf of said City . The vote on said Resolution was as follows: Commissioners Mundy, Elwell, Smith and his honor, the Mayor Hesse, voting Aye; Noes, none Thereupon, upon motion of Commissioner W.H. Elwell seconded by Commissioner the following Preambles and Resolution were duly adopted: Whereas, by Resolution duly adopted at this meeting, held on the 16th of February, 1927. the Board of City Commissioners of the City of Las Vegas have authorized the Mayor and City Clerk to execute and deliver to Las Vegas Land & Water Company, a corporation, a deed of re-conveyance of what was denominated therein as "Public Park," the premises embraced therein being more particularly described in said Resolution, to which reference is hereby had and made, and Whereas, it is deemed necessary in order to protect the rights and interests of the City of Las Vegas and its citizens that further provision should be made with respect to the delivery of said deed of re-conveyance as hereinafter set forth, and Whereas, one of the principal considerations for the making and delivery of said deed of recon­veyance was and is the assurance that the said tourist hotel and adjuncts will be completed and put in operation as provided in the said agreement between said Las Vegas Land & Water Company and said A. L. Richmond, and it is also now considered and was considered in the adoption of said Resolution at this meeting, as aforesaid, that provision should be made for the re-conveyance to said City of said public park in the event the said proposed agreement is executed and delivered by and between said Las Vegas Land & Water Company and said A. L. Richmond, and said A. L. Richmond shall fail to execute and deliver the $50,000 indemnity bonds provided for in said agreement, and further that in the event said bonds are executed and delivered as required in said agreement, said City of Las Vegas should have a reasonable share of the net proceeds derived from said indemnity bonds in the event of their successful enforcement upon a breach of the conditions thereof. NOW THEREFORE BE IT RESOLVED, that as a further condition precedent to the delivery of said deed of re-conveyance by said Mayor and City Clerk they shall on behalf of said City of Las Vegas, under the hand of said Mayor, attested by said City Clerk under the seal of said City enter into an agree­ment with said Las Vegas Land & Water Company upon the following conditions: 1. That in the event said A. L. Richmond shall within the period of ninety days, provided for in said agreement, fail, neglect or refuse to deliver the said two $50,000 indemnity bonds therein provided for, and said deed of re-conveyance shall have passed to said Las Vegas Land & Water Company, then and in that event the said Las Vegas Land & Water Company shall re-convey said Public Park to the City of Las Vegas, in trust for public park purposes. 2. That in the event said bonds are executed and delivered, as aforesaid, and in the event a breach of the conditions of said bonds is made by said A. L. Richmond, giving rise to a cause of action upon said bonds by said Las Vegas Land & Water Company, then and in that event one-sixth of the net amount recovered in any suit upon said bonds shall be, upon its recovery by said Las Vegas Land & Water Company paid to said City of Las Vegas. The vote on said Resolution was as follows: Commissioners Mundy, Elwell, Smith and His Honor the Mayor Hesse, Aye. Noes, None. AGREEMENT THIS AGREEMENT, made and entered into in duplicate this 16th day of February, A.D., 1927, by and between Las Vegas Land & Water Company, a corporation organized and existing under and by virtue of the laws of the State of Nevada, with its principal office and place of business at the City of Las Vegas, said state, the party of the first part, and the City of Las Vegas, a municipal corporation of the State of Nevada, the party of the second part, WITNESSETH: WHEREAS, the said party of the second part, on this 16th day of February, A. D., 1927, at an adjourned regular meeting of the Board of City Commissioners of said City of Las Vegas, duly adopted these two certain Resolutions which are attached hereto, marked respectively Exhibits "A" and "B" and made a part hereof, and WHEREAS, the said agreement between said Las Vegas Land & Water Company and said A. L. Richmond, as mentioned in said Resolutions, Exhibits "A" and "B" was heretofore, on the 9th day of February, 1927 entered into between said Las Vegas Land & Water Company and said A. L. Richmond, a copy of which said agreement, so entered into between said Las Vegas Land & Water Company and said A. L. Richmond is at­tached hereto and made a part hereof, marked "Exhibit C." NOW THEREFORE, in consideration of the premises, and under and by virtue of the terms of said Resolutions, Exhibits "A" and "B" aforesaid, it is hereby mutually agreed between the parties hereto, as follows, to-wit: 1. That if the said A. L. Richmond shall within ninety days from the date of the execution and delivery of said agreement, "Exhibit C." namely, within ninety days from February 9, 1927, fail, neg­lect or refuse to deliver to the said Las Vegas Land & Water Company the said indemnity bonds in the penal sum of Fifty Thousand Dollars ($50,000) each, as provided for in said agreement, "Exhibit C." and said deed of reconveyance shall have passed to the said Las Vegas Land & Water Company from said City of Las Vegas and the County of Clark to the public park mentioned in said Resolutions, Exhibits "A" and "B", then and in that event the party of the second part herein shall, upon the request of said City of Las Vegas, acting by and through its Board of City Commissioners, re-convey said Public Park and the whole thereof to said City of Las Vegas, in trust for public park purposes. 2. That if said bonds of Fifty Thousand Dollars each are executed and delivered to said second party herein, as provided in said agreement, "Exhibit C," and in the event of a breach of the conditions of said bonds by the said L. Richmond, or his assigns, giving rise to a cause of action on said bonds by said Las Vegas Land & Water Company, then and in that event one-sixth of the net amount recovered in any suit upon said bonds shall be, upon its recovery by said Las Vegas Land & Water Company, paid to said City of Las Vegas. 3. Within ten days after the execution and delivery of said bonds of Fifty Thousand Dollars ($50,000) each to said Las Vegas Land & Water Company, a full, true and correct copy thereof, as executed shall be delivered to said City of Las Vegas by said Las Vegas Land & Water Company, certified by the Secretary of said Las Vegas Land & Water Company to be correct copies. IN WITNESS WHEREOF, the said party of the first part, acting through its_________________________ and _______________________, thereunto duly authorized, and said party of the second part, acting by and through its Mayor and City Clerk, thereunto duly authorized, have hereunto set their respective corporate names and seals the day and year in this agreement first above written. LAS VEGAS LAND & WATER COMPANY