Deed of Gift Gramercy Subdivision Park Site - Tuscany Development IncADA COUNTY RECORDER J. DAVID NAVARRO AMOUNT 12.00 4
BOISE IDAHO 12129100 04:18 PM II I ff 11 gg ffff
DEPUTY. VlcM Allen
RECORDED -REQUEST OF 10-6201581
Uvryers Title
After Recording
Return to:
Michael T. Spink
Spink Butler, LLP
P.G. Sox 639
Boise, IID 83701
FOR RECORDING INFORMATION
DEED OF GIFT
THIS DEED OF GIFT is made this 29th day of December, 2006, between Kenai Partners,
LLC, an Idaho limited liability company ("Grantor"), and City of Meridian, a political
subdivision of the State of Idaho whose current address is 33 East Idaho, Meridian, Idaho 83642
("Grantee").
WITNESSETH:
AS A GIFT to Grantee, Grantordoes hereby grant and convey to Grantee all of the real
property Iocated in the County of Ada, State of Idaho, described on Exhibit A, attached hereto
and made a part hereof (hereafter, the "Property"), to be used as a public park ("Park") .
TOGETHER with all and singular the tenements, hereditaments and appurtenances
thereunto belonging or in anywise appertaining.
Section 1. Exceptions
This conveyance by Grantor to Grantee is made subject to the following exceptions:
I . All taxes and assessments levied against the Property, including liens and
assessments of any irrigation district ("Taxes") for the year in which the
conveyance is made shall be prorated between Grantor and Grantee as of the date
of this Deed of Gift. Taxes levied and assessed for the prior year shal I be paid by
Grantor.
2, Easements and rights-of-way for roads, ditches, utilities and other purposes and
uses, which easements and rights-of-way are of record or visible upon a physical
inspection of the Property.
3. Exceptions, reservations, terms, covenants and conditions of record, provided,
however, that Grantee shall not be subject to the Declaration of Covenants,
Conditions and Restrictions for Gramercy Subdivision recorded in the records of
i Ada County, Idaho; and further, Grantee shall not be a member of the Gramercy
' Subdivision Homeowners' Association, nor subject to assessments thereof.
DEED OF GIFT— l
SVocsquscany Development, InctGramercy SubdivisionWE1Deed of Gift (Kenai to City ofMaidian).floC
Section 2. Conditions of Conveyance.
TO HAVE AND TO HOLD the Property unto Grantee subject to the following express
conditions and covenants which are accepted and agreed to by Grantee as evidenced by
Grantee's execution of this Deed of Gift (collectively, "Grantee's Covenants"):
Grantee covenants and agrees to use the Property to provide community open
space and recreation facilities for the citizens of the City of Meridian. All
maintenance of the Property shall be undertaken by Grantee, and Grantee shall
maintain the Property and all fixtures and equipment in satisfactory park -like
condition.
2. Without the prior written consent of Grantor, which consent shall be within the
sole and exclusive discretion of Grantor, at no time and under no circumstances
shall the Property, or any portion thereof, or the park to be constructed thereon, be
utilized for any residential, commercial, industrial or use other than the use of the
Property as a public parte.
Section 3. Term of Grantee Covenants — Succession.
The term of the Grantee's Covenants shall commence on the date of recordation of this
Deed of Gift, and continue thereafter for a period of thirty (30) years following the date of
recordation of this Deed of Gift ("Covenant Term"). From and after the expiration of the
Covenant Term, the Grantee's covenants shall automatically terminate and end, and shall be of
no further force or effect.
The Grantee's Covenants shall be a burden on the Property for the benefit of the Grantor,
its successors and assigns, and shall run with the land.
Section 4. Acceptance.
By its acceptance below, Grantee shall be deemed to have accepted and agreed to comply
with the conditions and restrictions set forth in this Deed of Gift.
1N WITNESS WHEREOF, Grantor has caused its name to be subscribed this 29th day of
December, 2006.
GRANTOR:
KENAI PARTNERS, LLC
an Idaho limited liability company
By: R. Craig Groves
Its: Managing Member
DEED OF GIFT — 2
5-MacslTuseany development, tnclGramacy SubdivisionlDEEMeed of Gift (Kenai to City of Meridian).DOC
ACKNOWLEDGMENT
STATE OF IDAHO )
ss.
County of Ada )
On this 29" day of December, 2006, before me, the undersigned, a Notary Public in and
for said State, personally appeared R. Craig Groves, known or identified to me to be a Managing
Member of Kenai Partners, LLC, the Idaho limited liability company that executed the within
and foregoing instrument, or the person who executed the instrument on behalf of said Idaho
limited liability company, and -acknowledged to me that such Idaho limited liability company
executed the same.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the
day and year in this certificate first above written.
Notary Public r Idaho
c
a• a� B U� Residing at: �
•'• Commission Expires.aaa5
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DEED OF GIFT — 3
SMacs\Tuscany Development, lnclGrameray Subdivision%DEEIVeed of Gift (Kenai to City of Meridian).DGC
March 24, 2006
(Description for proposed Park Site
Kenai Subdivision
A parcel of land located in the West 1/2 of the NE 1/4 of Section 20, T.3N.,
R.1 E., S.M., Ada County, Idaho, more particularly described as follows: Commencing at
the North 1/4 comer of said Section 20, from which the Northeast comer of said section
bears North 89°46'02" East, 2656.88 feet; Thence along the North-South mid-section line
South 00°24'04" West, 1541.32 feet to the REAL POINT OF BEGINNING.
Thence South 89°35'56" East, 40.00 feet;
Thence South 00°24'04" West, 9I5.87 feet;
Thence North 89°54'13" East, 120.08 feet;
Thence North 55°29'51" East, 43.98 feet to a point on a curve;
Thence 30.20 feet along the arc of a non -tangent curve to the left, having a radius
of 75.00 feet, a delta angle of 23104'26", and a long chord bearing South 34°30'09" East,
30.00 feet;
Thence South 55°29'51" West, 32.35 feet;
Thence South 00°05'47" East, 154.82 feet;
Thence North 89'54'13" East, 1060.00 feet to a point on the westerly boundary of
Bonito Subdivision, as same is recorded in Book 86 of Plats at Page 9783, records of Ada
County, Idaho;
Thence along the West boundary of said subdivision South 01'42'39" West,
15.01 feet to the Southwest corner of said subdivision lying on the North boundary of
Thousand Springs Subdivision No. 5, as same is recorded in Book 79 of Plats at Page
8535, records of Ada County, Idaho;
Thence along said North boundary South 89154'l 3" West, 1247.79 feet to the
Center of said Section 20;
Thence along the North-South mid-section line and the East boundary of
Resolution Subdivision No. 1, as same is recorded in Book 82 of Plats at Page 9041,
records of Ada County, Idaho, North 00°24'04" East, 1104.;
Beginning. Containing 2.04 acres, more or less.
51115151115-parksite. dog
11 .. FARMERS & MERCHANTS
IIIII A BANK OF THE CASCADES COMPANY
IRREVOCABLE STANDBY LETTER OF CREDIT
Irrevocable Standby Letter of Credit No. 519
Date: June 20, 2007
Expiration: December 20, 2007
At the counters of: Farmers & Merchants, A Bank of the Cascades Company
121 North 9`I' Street, Boise, ID 83702
Beneficiary: City of Meridian
660 E Watertower Ln. Suite 150
Meridian, Idaho 83642
To Whom It May Concern:
Farmers & Merchants, A Bank of the Cascades Company [the Bank] hereby establishes in favor of the City
of Meridian, the Beneficiary, for the account of Tuscany Development, Inc., the Applicant, our Irrevocable
Standby Letter of Credit in the amount of Eight Hundred Eighty Nine Thousand Five Hundred Seventy
Dollars and Sixty Five Cents in United States Dollars ($889,570.65 USD) available by immediate payment
upon presentation of Beneficiary's sight draft drawn on Farmers & Merchants, A Bank of the Cascades
Company in an amount not exceeding the credit hereby established during the dates of June 20, 2007
through December 20, 2007.
Surety Reduction Inspection(s): The Bank's understanding is that the outstanding liability of this Letter of
Credit will be reduced as the covered improvements are completed to the Beneficiary's satisfaction by its
Surety Reduction Inspection process.
Partial drawings are permitted.
Reimbursement Instructions: Sight drafts drawn under this Letter of Credit must bear the clause: "Drawn
under Farmers & Merchants, A Bank of the Cascades Company, Irrevocable Standby Letter of Credit No.
519 dated June 20, 2007". Beneficiary's sight drafts must also be accompanied by the following
conforming documents:
1. Beneficiary's written statement, signed by a person purportedly authorized by the Beneficiary,
stating that Tuscany Development, Inc. has not complied with the City of Meridian's
conditions of approval for gravity irrigation, pressurized irrigation, street lights, landscaping,
sewer, water and other improvements for the Gramercy Subdivision Phase I.
2. The original of this Letter of Credit and any subsequent amendments.
The Bank hereby promises to Beneficiary that any sight drafts drawn under the terms of this Letter of
Credit will be duly honored if presented to the Boise Downtown Branch of Farmers & Merchants, A Bank
of the Cascades Company at 121 North 9h Street, Boise, ID 83702, along with the required conforming
documents, December 20, 2007.
Except so far as otherwise stated herein, this letter of credit is subject to the International Standby Practices
(ISP 98), International Chamber of Commerce Publication No. 590.
Farmers & Merchants,
A Bank of the Ca ades Comp
Mike Roach, ce President Date
BOISE 1 GARDEN CITY I MERIDIAN � KUNA I NAMPA I CALDWELL I FRUITLAND ; fmsb.com
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