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The proposed escrow should be set up subject to the following terras and conditions: (a) At the close thereof, the Seller shall deliver to the Buyer a good and sufficient Grant Deed to said property, and also a policy of title insurance showing such property to be free and clear of any and all liens and encumbrances; and vesting clear title to said property in Buyer; (b) All taxes and assessments to be pro-rated as of the date of the close of said escrow (c) Revenue Stamps on deed to be paid for by Seller; (d) Costs of recordation of deed to be borne by Buyer; (e.) Escrow costs to be borne equally by Seller and Buyer, in the usual manner. This proposal intends that the above purchase price of $275,000.00 shall be net to the Seller, save and except for those costs and fees specifically above set forth in connection with the escrow covering the transaction, there being no other fees or commissions involved. The undersigned agrees that if this offer is accepted, together with the enclosed check for $27,500.00 and an escrow set up as outlined hereinabove, and if the undersigned fails to make either or both of the subsequent payments of $100,000.00 and $147.500.00 as stated above in such event, the undersigned agrees to forfeit to the City of Las Vegas, any and all sums paid in this connection prior to his default in payment, as liquidated, damages. Titles may be taken in the name of a Nevada Corporation to be designated by Buyer or a Nominee. Thereafter Commissioner Whipple moved the above proposal be accepted. This motion died for lack of second. Commissioner Bunker stated that he felt the above proposal was fair one and equitable one and that he would be willing to accept if the City had originally advertised for bids with the Truck Highway included in such advertisement. He felt the Commission would be subject to criticism by the Public if they accepted the above and had not given notice that the Truck Highway would be included. No action was taken on this matter. There being no further business to come before the Board at this recessed special meeting the meeting adjourned. ATTEST: APPROVED: