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consideration fojr granting option,, purchaser shall pay to Seller the sum of $5,000000; purchase price for said land shall be the sum which is obtained by multiplying the total number of acres contained in said land by $19,000®00 per acre; Purchaser shall have the right to exercise option at any time during the last five days of the term, by delivering to Seller written notice of its intention to do so and by depositing in escrow the amount of the purchase price less the $5,000®00 referred to above; Seller to deliver deed con­veying land to Purchaser, reserving easements for ingress and egress, and for water and sewer lines in areas described therein and subject to matters provided therein, be, and the same is hereby ratified, approved and confirmed® On motion duly seconded, it was RESOLVED, that the action of Vice President Payne in executing C® L® D® 155(j4, agreement entered into September 14, 1966 between Helene M® Airey and Andre Moynier, each as to an undivided one half interest, "Sellers,” and Las Vegas Land and Water Company, "Purchaser”, granting option to purchase land described in Exhibit "A" attached to agreement, option to commence on September 6, I960 and continue for a forty-five (45) day period, or until Purchaser shall have given written notice to Seller of its desire to release the option; as consideration for granting option, Purchaser shall pay to Seller the sum of $5,OOOoOO; purchase price for said" land shall be the sum which is obtained by multiplying the total number -5“