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HomeMy WebLinkAboutLicense Agreement IMT FreelyLICENSE AGREEMENT (Bienville Square) This License Agreement ("Agreement") is effective the 19'~ day of February, 2010, between Idaho Mutual Trust, LLC, a Delaware limited liability company ("lMT") and Scott Feely, an individual ("Licensee") (Licensee is referred to in the singular for simplicity regardless of the number of licensees). In consideration of the mutual promises contained in this Agreement, the Parties agree that the following Recitals are correct and that the terms of this Agreement are binding: RECITALS A. IMT owns the real property commonly known as the Bienville Square Subdivision, located in Meridian, Ada County, Idaho (the "Subdivision"). The Subdivision is more particularly described on attached Exhibit A and is marked as "Bienville Square Subdivision" on the drawing attached hereto as Exhibit B. B. Licensee owns the real property commonly known as 1470 Leslie Way, Meridian, Ada County, Idaho 83646 ("Licensee's Property"). Licensee's Property is marked as "SF" on Exhibit B. C. A cinder block fence runs along the Westerly boundary of the Subdivision in the approximate location depicted on Exhibit B (the "Fence"). The Fence is not located directly on the boundary between the Subdivision and Licensee's Property. It is located approximately four feet (4') inside the boundary of the Subdivision. The. four foot gap between the Fence and Licensee's Property (the "Subject Property") is the subject of this Agreement. D. The Fence was erected to provide a barrier between the Subdivision and the neighboring community where Licensee's Property is located. The Fence does not reflect the legal boundary for the Subdivision. E. Licensee desires to have the use of the Subject Property pursuant to the terms of this Agreement. AGREEMENT 1. GRANT OF LICENSE. IMT grants to Licensee a license to occupy and use the Subject Property, pursuant to the terms and conditions of this Agreement (the "License"). As consideration for the granting of the License, Licensee agrees and acknowledges that the Fence has been constructed in an acceptable manner and relinquishes all objections, if any, relating to the installation of the Fence. Additionally, during the term of this License, Licensee covenants to maintain the Subject Properly so that it is not deemed a nuisance by any governmental agency. 2. TERM OF LICENSE. The License shall remain effective and inure to the benefit of Licensee's heirs and assigns unless the Fence is demolished. In the event the Fence is demolished, the License shall terminate. 3. INDEMNIFICATION. Licensee (jointly and severally if more than one) agrees to indemnify and hold IMT harmless from any claims, damages, liabilities, costs or expenses relating to Licensee's, or Licensee's guests, agents or invitees, use of the Subject Property and/or the Fence. 4. ADDITIONAL CONSIDERATION. As additional consideration for this Ageement, IMT shall pay Licensee Three Thousand Four Hundred Sixty Three Dollars and Sixty Two Cents ($3,463.62) upon execution of this Agreement. 5. ENTIRE AGREEMENT. This Ageement contains the entire ageement between the parties to this Ageement with respect to the subject matter of this Ageement and supersedes all prior understandings, ageements, representations and warranties, if any, with respect to such subject matter. IDAHO MUTU ST, L G~ By: Ben r Its: Authorized Member Date: a/~ q /, Q SCOTT FEELY ~/~~/ ~ - /~j- 020! o Date: EXHIBIT A LEGAL DESCRIPTION Lots 1, 2, 3, 4, 5, 6, 7,8,9,10,11,12,13,14,15,16,17,18,19,20,21,22,23,24,25,26,27&28in Block 1, Lots 1, 2, 3, 4, 5, 6, 7, 8, 9,10,11,12, 13,14, 15, 16,17,18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34 & 35, Block 2 and Lot 1 in Block 3 of Bienville Square Subdivision, according to the plat thereof filed in Book 102 of Plats at Page 13,495 thru 13,498, records of Ada County, Idaho. r n n 0 n 3 ,~ (~ 1° '~ / ~4 ~, ,. i w W A ~ ~ "~ n ~q co 0 .-.