upr000258 100

Re? Sale of Las Vegas water system Water District to Las Vegas Valley Los Angeles, May 21, 1954 80-11 W M . ft. Mr. A. E. Stoddard ^ AY 1954 Mr. Wm. Rjffeinhardt>^ Mr. W, H, Hulslzer Mr. R. M. Sutton Mr, C. M. Bates Mr. Calvin M, Cory Mr. L. R. Maag) I am enclosing a revised copy of Escrow Instructions, which incorporates substantially all of the suggestions which have been received from representatives of the Dis­trict and Company officials to date. With reference to the suggestions contained in Items 6, 8, 11 and 12 of your letter to me of May 18, 1954, re­garding the proposed Escrow Instructions, it is not our intention to condition the payment of the sales price up­on the furnishing of a preliminary title report or a pol­icy of title insurance on the small parcel of land de­scribed in paragraph (l) of Section 1 of the Sale Agree­ment. The reference to paragraph (l) of Section 1 at line 5, page 12, of the first draft of the Escrow Instructions was in error and should have been to paragraph (a) of Sec­tion 1* There is nothing In the Sale Agreement of June 1, 1953# which requires the Sellers to furnish any title re­port or policy of title insurance to the District with re­spect to this piece of property. I believe this explana­tion will clear up the questions which you ask in the a-bove mentioned items of your letter of May l8, 1954. I have sent a copy of the proposed Escrow Instruc­tions to the First National Bank of Nevada for the pur­pose of obtaining any suggestions which the Bank may have and to ascertain the basis for the escrow fees which will be charged. Mr. W, R. Rouse: (cc -