Mailliard

In this declaratory relief action, plaintiffs-respondents are the assignees of the grantees of a timber *373 grant executed on June 2, 1958 by one Baxman and wife to respondents’ assignors. The purchase price was $30,000 and the grant was recorded on June 4,1958. The subject timber is on a 3,600-acre tract located near Jenner, Sonoma County, and the land and timber were owned, prior to the above sale of the timber, by the Baxmans. The land will be referred to herein as the Baxman Ranch.

The timber grant provided that Baxman and wife granted to respondents’ assignors “all of the merchantable timber on grantors’ ranch,” including “the right to clear cut the area down to any size diameter grantees deem merchantable. . . . Grantees have eight years in which to remove the timber provided that if the timber is not all removed in eight years, then Grantees may have additional time to remove it upon paying to Grantors the sum of $250.00 for each additional year necessary or desirable. ’ ’ (Italics added.)

On or about February 20, 1961, the original grantees under the timber grant assigned all of their interest therein to respondents. This assignment was recorded on February 23, 1961. On…