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?/) '•%
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aycee loolman, CITY CLERK EAL
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REAL ESTATE EXCHANGE AGREEMENT - 7 -
STATE OF IDAHO )
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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.
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STATE OF IDAHO )
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County of Ada )
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NOTARY PUBLIC FOR IDAHO
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Residing at: fl -o j -e Idaho
My Commission expires: '7
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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.
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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.
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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
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Wv� a N 89°20
::E41.2_
L- IN 87-14'16" E 173.69'
NE COR. NORTH
GOV. LOT I i/4 COR.
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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