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V 2. Encroachments by City of Vernon, consisting of electric power transmission line, an 2-inch water main, a storm water catch basin and storm drain, and an electric power transmission line; said agreement excepting and reserving unto Lessor all minerals and all mineral rights, including oil and gas and rights thereto, without right of entry; premises to be used for warehouse, shop and office purposes; Lessee may renew lease for additional ten-year period upon like terms and conditions by giving Lessor wit-ten notice not later than sixty days prior to expiration of original term; agreement granting Lessee, or its nominee, option to purchase leased premises, including building, improvements and track thereon, at any time during the term of said lease by payment to Lessor of a sum computed as follows: $3 7 ,2 0 3 . 5 0 for land, plus $7.00 per lineal foot for that portion of said spur track on leased premises, plus actual cost of said building and improvements, plus assessments for public improvements chargeable to capital account paid by Lessor, plus cost to Lessor of policy of title insurance in the amount of the purchase price, and less 2% per annum upon actual cost to Lessor for said building and improvements theretofore paid by Lessee as rental; Lessor, upon payment to it by Lessee of said purchase price, to convey said leased premises to Lessee, excepting and reserving unto Lessor all minerals and all mineral rights, including oil and gas and rights thereto, without right of entry, and subject to: * Any unpaid taxes and assessments for public improvements then a lien upon said leased premises and which were levied and assessed upon the leased premises subsequent to date of said agreement; An unrecorded easement, dated August 2 5 , 193^> by LVL&WCo. to City of Vernon, covering an 2-inch sanitary sewer line; ’ Encroachments by City of Vernon, consisting of an electric power transmission line, an 2 -inch water main, a storm water catch basin and storm drain, and an electric power transmission line; An easement, if theretofore granted, to municipal or public authority for public highway purposes in connection with widening and improving Downey Road; and Any covenants, conditions, restrictions, reservations and encumbrances resulting from the conveyance of the leased premises to Lessee; be, and the same is hereby, ratified, approved and confirmed. - 3-