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upr000120 395

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upr000120-395
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    University of Nevada, Las Vegas. Libraries

    hereby, ratified, approved and confirmed. On motion duly seconded, it was RESOLVED, that the action of Vice President Payne in executing C.L.D. 15242, option agreement dated September 7* 1965* between Las Vegas Land and Water Company and Fred J. Russell, for purchase by Land Company of approximately 520 acres of land situated in the County of Riverside, State of California, more particularly described as Parcels 2, 3* 4, 5* 6* 7 and 8, in the deed attached as Exhibit "A" to option agreement, portions of property being subject to crop leases, one being with Phillip Modica, the other with Pete Borba, Jr. Option Includes irrigat­ion pipelines owned by Russell, and Russell's rights under Industry Track Contract between LA&SL-UPRR and Fred J. Russell, identified as Railroad Contract Audit 1 0 5 8 7 8 ; consideration for the option is $50,000.00, payable to Russell, and upon exercise of option Land Company to pay into escrow $2,524,000.00. Purchase price of the property is $2,525*650.00, of the pipe­lines $11,100.00, and of track agreement $3 7 *2 5 0 .0 0 , total $2,574,000.00; Russell to deliver to escrow: (a) Copy of escrow instructions, as attached to option agreement as Exhibit "E” ; (b) Deed in form attached to option agreement as Exhibit "A". (c) A quitclaim deed to a certain roadway easement in form attached to option agreement as Exhibit MG"; (d) A grant, assignment and conveyance of crop agree- \ -2-