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m for the election of Vice President to fill the vacancy created by the resignation of Mr. Bracken. Whereupon, on motion duly seconded, Wm. Reinhardt was nominated and unanimously elected to office of Vice President, effective November 1, 1946. On motion duly seconded, it was RESOLVED, that the action of President Ashby and Asst. Secretary Bachman in executing agreement, Audit No. 10367, dated June 10, 1946, between LVL&WCo., called ’'Land Company”, ancj. P. P. Garside and A. E. Cahlan, called ’’Partnership”, granting sqid Partnership option to purchase a parcel of land, 350 ft. x 75 ft., and containing an area of 26,250 sq. ft., located on Main Street, Las Vegas, Nevada, together with portion of spur track thereon, within two years from date of delivery to Partnership of executed agreement, for the sum of £>5,625, plus proportion of assessments for public improvements properly chargeable as capital expenditures, assessed subsequent to effective date of said agreement; Partner-ship, as consideration for said option, to pay to Land Co., general and special taxes, including any special district levies; said option to be exercised by delivery through escrow of purchase price and written agreement that Purchaser will promptly construct there­on a warehouse building covering ground area of not less than 5,000 sq. ft.; Land Company., through escrow, to deliver to Partner­ship grant deed conveying title to said option parcel, subject to: 1 - Taxes and assessments levied on or assessed against said land subsequent to year 1945; 2 - Conditions, restrictions, reservations, easements and encumbrances of record.; -2-