It is further agreed between the parties hereto that the parties of the second part shall at once and as continuously as practicable and without delay, survey and subdivide all of the land herein mentioned, and lay out at least one street, and grade, sidewalk and curb the same, and furnish therefor all necessary labor and materials at their own cost and expense and pay for all work and materials done and provided upon and for the above described premises; provided, nevertheless, that every lot shall front on a street that has been graded, sidewalked and curbed.

It is further agreed between the parties hereto that all mortgages given as aforesaid to said parties of the first part shall be recorded without delay in the office of the County Recorder of the County of Los Angeles, in the proper records in said office, at the cost and expense of said parties of the second part, and that the said parties of the second part shall pay to all outside real estate dealers or brokers for sales made by them of lots in the premises above described, a commission at the rate of five (5) per cent, on the first $1,000, and 2% on amounts in excess thereof, and shall also pay all taxes and assessments which may be levied on said premises during the term of this agreement for State, County and municipal purposes, excepting for the present fiscal year 1004-5, which last named taxes the said parties of the first part agree to pay.

It is further agreed between the parties hereto that the parties of the second part shall hold said property and the said parties of the first part harmless from all liens for all work, labor and materials, or any of them, done or furnished upon the property above described, and pay all liens which may attach thereto when due; provided, that in the event the amount of, or the validity of, any lien is disputed by the parties of the second part, they shall, at their own cost and expense, contest the same, paying all costs and expenses connected therewith, including attorney's fees, and shall not be obliged to pay such disputed lien until the same has been finally adjudged a lien against said land or a claim against the parties of the first part, or against the parties of the second part, either by operation of law or otherwise, and that in the event a lien is in process of litigation at the expiration of the term hereinafter mentioned, the parties of the second part agree to continue their obligation to pay the same.

It is further agreed between the parties hereto, that the party of the second part will pay for all labor and materials supplied on the premises above described, though such materials are not herein specifically set forth, and that all street and sidewalk work shall conform to the rules and regulations of the Board of Supervisors of the County of Los Angeles, and shall be subject to the approval of the Superintendent of Streets of said City of Los Angeles.

It is further agreed between the parties hereto that in the event the said parties of the first part shall sell any of the subdivisions or lots comprising the premises above described, they shall be entitled to the regular commission of 5% on the first $1,000, and at the rate of 2% on all amounts in excess of said sum of $1,000, such commission to be allowed them upon consummation of sale.

It is further agreed between the parties hereto that the parties of the first part shall be entitled to receive and retain, for their own use and benefit, all interest accruing on the notes and mortgages made in their favor as a part of the purchase price of said subdivisions or lots, and such interest shall not be taken to be, or deemed as, a part of the aforesaid sum of Eleven Thousand Dollars ($11,000) to be paid to the said parties of the first part.

It is further agreed between the parties hereto that after the said parties of the second part shall have paid to the parties of the first part the sum of Eleven Thousand Dollars ($11,000), net, as aforesaid, the parties hereto shall each receive one-half of the balance, whether in lots, monies or mortgages, or any or all of them, after said street work, expenses, advertising and commissions are deducted and when the same are fully discharged.

It is further agreed between the parties hereto that the parties of the first part shall make all conveyances or other instruments in writing as shall be necessary to effect such division, upon the request of said parties of the second part, after their final settlement with the parties of the first part, provided the parties of the second part shall have fulfilled on their part the covenants of this agreement.

It is further agreed between the parties hereto that time is of the essence of this agreement, and that the parties of the second part agree to complete the sale of the entire premises above described as soon as the same can reasonably be done, not to exceed three years from and after the tenth day of June, 1905.

It is further agreed between the parties hereto that the parties of the second part shall not assign, set over or transfer this contract, or any of the rights hereunder, to any person or persons without the consent in writing first had and obtained from said parties of the first part.

It is further agreed that all conveyances, and agreements to convey, shall be made only by the parties of the first part.

It is further agreed between the parties hereto that this contract is made on each and all of the said covenants and agreements, and the failure to comply with each and every one of the above covenants will immediately, at the option of the parties of the first part, work a forfeiture of this contract and terminate the same.

The covenants herein by which the respective parties have bound themselves shall bind their respective heirs, executors, administrators, assigns and successors in interest, and all reservations herein made and all benefits to accrue hereunder to the respective parties hereto shall inure to the benefit of their respective heirs, executors, administrators, assigns and successors in interest.

In Witness Whereof, the said parties hereto have hereunto set their hands and seals the day and year first above written.

S. A. Belcher. (Seal)

Sarah Belcher, (Seal)

James R. Black, (Seal)

George L. White, (Seal)