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EXCHANGE AGREEMENT
TIDS AGREEMENT is made and entered into this _ day of
2002, by and between the City of Meridian, hereinafter "CITY" referred to as the party of the first
part, and Farmers & Merchants State Bank, hereinafter "BANK" referred to as the party of the
second part;
WITNESSETH:
WHEREAS, the party of the first part is the owner of the following described real
property, to-wit:
Lots 1 through 5 in Block 2 of' the amended plat of the Original
Townsite of Meridian, as shown on the official plat thereof filed in
Book 1 of Plats at Page 30, Records of Ada County, Idaho.
which real property is hereinafter referred to as "the "CITY" property";
AND WHEREAS, the party of the second part is the owner of the following described
real property, to-wit:
Lots 1,2,3,4, and 5, Block 2 of the amended plat of Rowan Addition
to Meridian, Ada County, Idaho.
which real property is hereinafter referred to as "the "BANK" property";
AND WHEREAS, the "CITY" property of the former fire station located at 716
North Meridian Road is valued at $260,000.00;
AND WHEREAS, the "BANK" property is valued at $242,740.00;
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AND WHEREAS, the parties have determined to enter into this Exchange Agreement
for the purposes of exchanging their interests in the above real properties.
AND WHEREAS, in addition to receiving the properties currently owned by the
"BANK", the "BANK" proposes to pay to "City" an additional sum of$17,260.00 cash in exchange
for receipt of title to the former fire station.
AND WHEREAS, this agreement is subject to approval by the City Council after
conducting the public hearing required by Idaho Code ~ 50-1402 and 50-1403.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged by the parties hereto, the parties do covenant and agree as follows:
I. The party of the second part shall transfer and convey all of its interest in the
"BANK" property to the party of the first part by good and sufficient warranty deed, free and clear of
all encumbrances thereon, except easements of record.
2. The party of the first part shall transfer and convey all of its interest in the "CITY"
property to the party of the second part by good and sufficient warranty deed, free and clear of all
encumbrances thereon, except easements of record.
3. The party of the first part shall be responsible for the payment of all taxes and
assessments accruing to the "BANK" property for the year 2002, and all subsequent years; the party
of the second part shall be responsible for the payment of all taxes and assessments accruing to the
"CITY" property for the year 2002 and all subsequent years.
4. The party of the second part shall bear all expenses of closing, including title
insurance, recording fees, etc.
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5. Fulfillment of this agreement is contingent upon affirmative action of the City
Council after a public hearing as required by Idaho Code ~50-1402 and 950-1403.
IN WITNESS WHEREOF, the parties have entered into this agreement the date first
above written.
CITY OF MERIDIAN
Mayor Robert D. Corrie
Attest:
William G. Berg, Jr., City Clerk
"Parties of the First Part"
FARMERS & MERCHANTS STATE BANK
Edgar Zimmerman
"Parties of the Second Part"
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STATE OF IDAHO, )
:ss
County of Ada )
On this day of , in the year 20002, before me,
, a Notary Public, personally appeared Robert D. Corrie and
William G. Berg, Jr., known or identified to me to be the Mayor and City Clerk respectively of the
City of Meridian, who executed the instrument on behalf of said City, and acknowledged to me that
such City executed the same.
(SEAL)
Notary Public for Idaho
Commission expires:
STATE OF IDAHO,
)
County of Ada
:ss
)
On this day of . in the year 2002, before me,
, a Notary Public, personally appeared Edgar Zimmerman,
known or identified to me to be the respectively of the
Farmers & Merchants State Bank, who executed the instrument on behalf of said bank, and
acknowledged to me that such bank executed the same.
(SEAL)
Notary Public for Idaho
Commission expires:
Z:\Work\M\MeridianIMeridian 15360MIFarmers & M_ Excbange\Exchange AgreementRevised.doc
EXCHANGE AGREEMENT-4