Loading...
Real Estate Exchange Agreement with WARD for Storey ParkADA COUNTY RECORDER J. DAVID NAVARRO AMOUNT .00 12 BOISE IDAHO 06118/10 12:24 PM DEPUTY Gail Garrett RECORDED -REQUEST OF III I'll'II'IIIIIIII'lllll�l�l'I II Meridian City 110056527 REAL ESTATE EXCHANGE AGREEMENT THIS Agreement is entered into for the purposes stated herein, this 2L±': day of May, 2010, by the Western Ada Recreation District ("WARD"), and the City of Meridian City ("CITY"), collectively referred to herein as " the parties." WHEREAS, WARD owns or controls certain real property located in Ada County, Idaho more particularly described as Parcel A in Exhibit A; and, WHEREAS, CITY owns certain real property located in Ada County, Idaho more particularly described as Parcel B in Exhibit B; and, WHEREAS, the parties desire to enter into this real property exchange agreement whereby WARD will convey Parcel A to CITY in exchange for CITY conveying Parcel B to WARD. WHEREAS, CITY desires to own Parcel A so that the entire parking lot is in the ownership of CITY, and WARD desires to own Parcel B so that the entire pool building and sidewalk are on property owned by WARD; and, WHEREAS, a Property Boundary Adjustment application regarding Parcel A and Parcel B has been approved by the City of Meridian; and, WHEREAS, after the parcels have been exchanged, the ownerships of the parties will be as depicted on Ada County Record of Survey No. 8737, a copy of which is attached hereto for illustrative purposes as Exhibit "C"; and, WHEREAS, the City Council of the City of Meridian has declared that there is no value assigned to either Parcel A or Parcel B for purposes of this exchange agreement and that CITY will benefit from the boundary line adjustment because all WARD operations will now be contained on property owned by WARD; and, WHEREAS, WARD intends to execute a sanitary sewer and water line easement for the portion of the CITY sewer and water lines that will be located on WARD property after its deed is recorded, and CITY intends to execute a cross access and cross parking easement to allow WARD patrons to access the community pool and park vehicles in the adjacent lot owned by CITY. NOW, THEREFORE, in return for good and valuable consideration, including the agreement set forth herein and the parties' proceeding to the closing of the property exchange contemplated hereby (the "Closing"), the receipt and sufficiency of such consideration being hereby acknowledged, the parties do hereby enter into this Agreement and the terms and conditions set forth below. REAL ESTATE EXCHANGE AGREEMENT - 1 - 1. IDENTIFICATION OF EXCHANGE PARCELS. The parcel that WARD intends to exchange to City under the terms of this agreement is legally described as Parcel "A" on Exhibit "A" attached hereto and incorporated herein. The parcel that CITY intends to exchange to WARD under the terms of this Agreement is legally described as Parcel `B" on Exhibit `B" attached hereto and incorporated herein. 2. "AS -IS" SALE. The parcels are sold "as -is." 3. EXECUTION OF AGREEMENT. WARD acknowledges that this agreement will be executed by WARD before CITY executes the agreement and that the execution of the agreement by the CITY is contingent upon ratification of the terms and conditions of this agreement by the Meridian City Council and the Council's authorization for the Meridian City Mayor to execute this agreement on behalf of the CITY. 4. TITLE COMPANY /TITLE INSURANCE. A) The parties agree that Lawyers Title Company of the Treasure Valley shall provide any requested title policy and preliminary report of commitment. B) WARD agrees to pay for standard coverage owner's title insurance policy on the parcel to be received by CITY under the terms of this Agreement. The Title Company will provide a preliminary Title Report as soon as possible after execution of this agreement. Any party requesting and reviewing a preliminary Title Report shall have five (5) days after receipt of the Report to object in writing to the condition of the title as set forth in the report, unless said time period is extended pursuant to this Agreement. In the event that a party makes written objection to the title, the other party shall have a reasonable time to cure any defects of title. In the event the other party cannot cure said defects, the objecting party may elect, as its sole remedy, to either (i) REAL ESTATE EXCHANGE AGREEMENT - 2 - terminate this Agreement, (ii) cure the defects at the objecting party's expense, or (iii) proceed to closing, taking title subject to such defects. If the parties do not so object, the parties shall be deemed to have accepted the condition of the title. 5. CLOSING DATE AND TITLE CONVEYANCE A) Closing shall occur on the date on which the deeds to all properties are recorded in satisfaction of the requirements of this Agreement. B) Title to the properties identified under this agreement shall be conveyed by Warranty Deed and shall be marketable and insurable with the exception of any other liens, encumbrances or defects allowed herein or otherwise approved by the receiving party. C) The deeds shall substantially conform to the sample deed set forth in Exhibit "D" attached hereto and incorporated herein. D) When WARD is satisfied with the state of title to the parcel that it is receiving under this agreement and is ready to proceed to Closing, WARD shall deliver its Deed to City with a written instruction to record the deed when City is satisfied with the state of title to the parcel that it is receiving under this agreement and is ready to proceed to closing. City shall record the deeds concurrently and shall only do so after the requirements of this clause have been met. E) Immediately after Closing, WARD shall record a sanitary sewer and domestic water line easement in favor of CITY, the form and content of which have already been approved by the parties. F) Immediately after Closing, CITY shall record a cross access/cross parking REAL ESTATE EXCHANGE AGREEMENT - 3 - easement in favor of WARD, the form and content of which have already been approved by the parties. 6. POSSESSION. The parties shall be entitled to possession of their respective properties on the day of closing. 7. DEFAULT. In the event that a party does not perform in accordance with the terms and conditions of this agreement then the other party shall have any recourse under the law to enforce this contract. 8. ATTORNEY FEES. In the event of default by either of the parties in their performance of the terms or conditions of this agreement, the defaulting party agrees to pay all attorney fees and costs incurred by the non -defaulting party and in the event of suit the prevailing party shall be entitled to its reasonable attorney fees and costs. 9. CONDITION OF PROPERTY AT CLOSING/MAINTENANCE AFTER CLOSING. The parties shall maintain their respective properties until the closing in their present condition, ordinary wear and tear excepted. After Closing, each party shall be responsible for maintenance of the parcels that they receive under this Agreement. 10. REPRESENTATIONS AND WARRANTIES. Each party represents and warrants to the other regarding their respective properties: A. The party has received no notice from any governmental agency that the properties are in violation of any statute, law, ordinance, rule, regulation, or deed restriction affecting the Properties. B. The parties have good, marketable title to their respective parcels. At the time the deeds are placed into escrow, no other party shall have any right, title, or interest in the REAL ESTATE EXCHANGE AGREEMENT - 4 - subject property. C. There is no pending or threatened litigation or condemnation proceedings affecting the Properties and there are no governmental assessments or local improvement district assessments on the Properties nor are there any agreements to convey any portion of the Properties to any other party. D. Each party has disclosed to the other party the presence of all hazardous substances or storage tanks that the disclosing party is aware of on their respective properties. "Hazardous Substances" means any hazardous, dangerous or toxic substance (including petroleum products) as defined under federal, state and/or local law, including all regulations promulgated under such laws. 11. ENTIRE AGREEMENT. This Agreement, including any addendum or exhibits, constitutes the entire Agreement between the parties, and no warranties, including any warranty of habitability, agreements or representations have been made or shall be binding upon either party unless herein set forth. 12. TIME IS OF THE ESSENCE IN THIS AGREEMENT. THIS IS A LEGALLY BINDING AGREEMENT. THE PARTIES EACH REPRESENT THAT THEY HAVE HAD THE OPPORTUNITY TO CONSULT LEGAL COUNSEL REGARDING THE TERMS AND CONDITIONS OF THIS AGREEMENT AND THE INSTRUMENTS REFERRED TO HEREIN. 13. SURVIVAL OF TERMS: All the terms and conditions hereof and all instruments referred to herein and contemplated hereby shall survive closing and the transfer of title and shall REAL ESTATE EXCHANGE AGREEMENT - 5 - remain in full force and effect in accordance with their terms. 14. BINDING ON SUCCESSORS: This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns. 15. IDAHO LAW: This Agreement shall be construed and governed in accordance with the laws of the State of Idaho. 16. HEADINGS: Headings preceding the text of the several Articles and Sections hereof, and the table of contents, are solely for convenience or reference and shall not constitute a part of this Agreement or affect its meaning, construction or effect. REAL ESTATE EXCHANGE AGREEMENT - 6 - IN WITNESS WHEREOF, the parties have executed and attested this Agreement as of the date and year first above written. WESTERN ADA RECREATION DISTRICT f/-// 414 Walt Morrow, President Gary D. Smitd, Secretary THE CITY OF MERIDIAN Tammy Olerd, MAYOR ATTEST: ���,�.,� Ov- &F?/) '•% v� TFO aycee loolman, CITY CLERK EAL "Y pM '90 P151 • �.:. ,COUNTY , ���, -Sll llf 1111 REAL ESTATE EXCHANGE AGREEMENT - 7 - STATE OF IDAHO ) ss. County of Ada ) On this r) day of in the year 2010, before me, iC W . � ,v�� , personally appeared Walt Morr w and Gary D. Smith, known or identified to me to be the President and Secretary, respectively, of the Western Ada Recreation District who executed said instrument on behalf of s"jrict, and acknowledged to me that the District executed the same. -WA ' MARk (SEAL) •' a .d e. • to • STATE OF IDAHO ) ss. County of Ada ) ••'• NOTARY PUBLIC FOR IDAHO csf Residing at: fl -o j -e Idaho My Commission expires: '7 a- ya On this 2(o} day of �--iaJ , 2010, before me, a notary public in and for said state, personally appeared Tammy de Weerd and Jaycee L. Holman known to me to be the Mayor and City Clerk of Meridian City, Idaho, who executed the within instrument, and acknowledged to me that Meridian City executed the same. IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year first above written. � 51CA Jp�•. (SERF %�oTA�P�,�.�'�, • '9; E OF - &.06000 Notary Public f I aho Residing at� Idaho My commission expires: Jan , tour REAL ESTATE EXCHANGE AGREEMENT - 8 - Project No.: 3365 Date: January 21, 2010 EXHIBIT 'A' TEALETS LAND 187 E. 50th Street . Garden City, Idaho 83714 SURVEYING (208) 385-0636 Fax (208) 385-0696 DESCRIPTION OF _COMMUNITY POOL EXCHANGE PARCEL FOR WESTERN ADA RECREATION DISTRICT A parcel of land, as shown on Record of Survey No. 673q , on file under Instrument No. in the Office of the Recorder for Ada County, Idaho, lying in the Northwest 1/4 of Section 18, T.3N., RAE., B.M., Meridian, Ada County, Idaho, and more particularly described as follows: COMMENCING at the North 1/4 corner of said Section 18, marked by a brass cap; thence along the North line of said Section 18 South 89°20'05" West 1309.06 feet to the Northeast corner of Government Lot 1 of said Northwest 1/4 of Section 18; thence along the East line of said Government Lot 1 South 00040'03" West 381.70 feet to the POINT OF BEGINNING, marked by an iron pin; thence continuing South 00°40'03" West 32.54 feet to a point, marked by an iron pin; thence North 51°52'37" West 51.93 feet to a point; thenge along a line parallel with said North line of Section 18 North 89°20'05" East 41.23 feet to the POINT OF BEGINNING. Said Parcel Contains 671 Sq. Ft., more or less. EXHIBIT "B" TEAT -EYES LAND 187 E. 50th Street • Garden City, Idaho 83714 SURVEYING (208) 385-0636 ED Fax (208) 385-0696 Project No.: 3365 Date: January 21, 2010 DESCRIPTION OF STOREY PARK EXCHANGE PARCEL FOR WESTERN ADA RECREATION DISTRICT A parcel of land, as shown on Record of Survey No. RT3 7 , on file under Instrument No. 1, L G o a. I R29 in the Office of the Recorder for Ada County, Idaho, lying in the Northwest 1/4 of Section 18, T.3N., R.1 E., B.M., Meridian, Ada County, Idaho, and more particularly described as follows: COMMENCING at the North 1/4 corner of said Section 18, marked by a brass cap; thence along the North line of said Section 18 South 89°20'05" West 1309.06 feet to the Northeast comer of Government Lot 1 of said Northwest 1/4 of Section 18; thence along the East line of said Government Lot 1 South 00040'03" West 381.70 feet to a point, marked by an iron pin; thence along a line parallel with said North line of Section 18 South 89°20'05" West 41.23 feet to the POINT OF BEGINNING; thence continuing South 89020'05" West 318.57 feet to a point, mR*ed by an iron pin; thence North 00040'03" East 11.43 feet to a point, marked by an iron pin; thence North 87°14'16" East 173.69 feet to a point of curve, marked by an iron pin; thence along the are of a curve to the left 55.71 feet, said curve having a radius of 66.00 feet, a central angle of 48021'47", and a long chord bearing North 63°03'22" East 54.07 feet to a point, marked by an iron pin; thence North 38°52'29" East 44.52 feet to a point, marked by an iron pin; thence South 51°07'31" East 19.67 feet to a point, marked by an iron pin; thence South 38052'29" West 16.49 feet to a point, marked by an iron pin; thence South 51 °52'37" East 81.11 feet to the POINT OF BEGINNING. Said Parcel Contains 7,501 Sq. Ft., more or less. 4347 mow. a EXHIBIT 'C' EI 3 �� � C�ll 1- i Q g a U] A kM o Xs w as $ �rrrellll� uF5pg rz.d' z O C by S Z O fLl, Q� 1- At'I� Qggi a iY: QE F W I w i m A E 0 Zy U ■ MM + sffi Y Y W 8 $ttSN�gN3�eIgQ __.. Q F F: 4 a Q'+ s €��F h t ]� IN vmw3B 30 Slsve t.IL'6Mi7 .crNq A.a.a.mc�__o'y: •• F: ��i•! 'Fif1Fi :+2i V'.i Yi{3h!iJ}a ,. 1I - I _?__ --_-- --- e0.9Y01 A.EO.O*.00S ri 1•: � pg .. A: I 4� � rpr�•, n � ;�$�88 w - Ind •� n W ���� 7�•: � IIsm :c •. Ct A EO,OY.0 16YEZ 0 \ bl'916 5 � •' °' t3.EO,Ok.00N I�m W� W W T T 1.1 Q � � fill "ry M y 7] ^. 2 "t g Ilp Yvl�t W,6 J; �^ lit C a J• �m � oil Ila 1-•�. � - .19'L6E - .� vl __ ���� 3� � � : ��i I 340,9WO N- 0< . rg ly all _—_ —_ Mkgg O r� g s >a ].».F.I0] —is Fera •s a—$I� w �� 9.r0W.lOM ]• .ra'uu ffi it ab Q -__ JCrLR ]d0.6Y.W�•�___ •08 NVIOPMW r J N 7 0 30 60 120 SCALE IN FEET I" = 60' EXCHANGE PARCEL EXHIBIT FOR WESTERN ADA RECREATION DISTRICT LYING IN THE NW 1/4, SECTION 18, T.3N., R -IE., B.M., MERIDIAN, ADA COUNTY, IDAHO E. FRANKLIN ROAD 12 7 S 89_°20'05" W 2401.71' 137- I8 1092.65' Z Q Wv� a N 89°20 ::E41.2_ L- IN 87-14'16" E 173.69' NE COR. NORTH GOV. LOT I i/4 COR. 7 *11309.06 18 I I - Iv i N _ I old 5" E co I Im to I� ID POOL IN CURVE TABLE CURVE RADIUS DELTA Y_I-Y-l-C CHORD _ ° "I— P.0.6. 1 55.71' N 63°03'22" E S 89 °20'05" W 318.57' PARK 32.54' \ P.O.B. \ STOREY PARK EXCHANGE PARCEL N 51°52'3 W \ AREA = 7,501 Sq. Ft. 51.93'' \ COMMUNITY POOL \ EXCHANGE PARCEL \ AREA = 671 Sq. Ft. /, d. Vis_ N is• - LINE TABLE 4S LINE BEARING LENGTH LI N 00°40'03" E 11.43' L2 N 38°52'29" E 44.52' L3S 51°07'31" E 19.67' N L4 S 38 °52'29" W 16.49' \ 1 CURVE TABLE CURVE RADIUS DELTA I LENGTH BEARING CHORD C— 1 66.00' 48°21'47" 1 55.71' N 63°03'22" E 1 54.07' 3365-EXHIBITS.dwg 01-04-10 10:06:56 Margo TEALETS LAND SURVEYING 187 EAST 50th STREET - GARDEN CITY, ID. 83714 208-385-0636 -1 51