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AGREEMENT <br /> In consideration of the mutual promises set forth herein, and the recitals set forth above, the <br /> parties agree as follows: <br /> Section 1. Conveyance of Parcels. <br /> (a) Agreement to Exchange. The City hereby agrees that upon District's completion <br /> of the conveyance conditions described in Section 2 of this Agreement, it will convey to the District <br /> a parcel of land of approximately 312,600 square feet, shown as a part of tax lot 17- 04-36 -30 -1500, <br /> designated as Lot 1, Block 5, PARK -AIRE, as platted and recorded in Book 23, Page 8, Lane <br /> County Land Records and depicted as "Parcel B" on Attachment A (the "School Site Parcel ") in <br /> exchange for a parcel of land of approximately 342,000 square feet shown as a part of tax lot 17-04 - <br /> 36 -30 -1600 designated as Lot 2, Block 5, PARK -AIRE, as platted and recorded in Book 23, Page <br /> 8, Lane County Land Records and depicted as the "Parcel A" on Attachment A (the "Exchange <br /> Parcel "). <br /> (b) Manner of Conveyance. The manner of conveyance of the School Site Parcel and <br /> the Exchange Parcel shall be by general warranty deed, free of all encumbrances except for those <br /> easements, reservations and restrictions of record that are described below for each parcel: <br /> School Site Parcel: Those encumbrances shown on the preliminary title report attached <br /> hereto as Attachment B, except for special exception No. 7, concerning the dedication of the <br /> subject property as a public park, which special exception shall be revised or removed to <br /> allow the District's intended use of the School Site Parcel prior to conveyance of the School <br /> Site Parcel. <br /> Exchange Parcel: The Exchange Parcel shall be cleared of improvements as provided in <br /> Subsection 2(c) and free of all encumbrances except for those encumbrances shown on the <br /> preliminary title report attached hereto as Attachment C, with the exception of any restriction <br /> on the use of the Exchange Parcel for the City's intended purposes. Whether shown in the <br /> preliminary title report or otherwise, any special exception or restriction that dedicates or <br /> limits the use of the Exchange Parcel to school purposes shall be removed or revised to allow <br /> the Exchange Parcel to be used for parks and recreation purposes prior to the conveyance of <br /> the School Site Parcel. <br /> (c) Closing. The exchange of deeds shall be handled by a commercial title company <br /> mutually agreeable to both parties. District shall be solely responsible for all closing costs. The date <br /> for closing of the School Site conveyance may be set at any time requested by the District but not <br /> later than ninety (90) days after execution of this Agreement. The date for closing of the Exchange <br /> Parcel shall be as soon as practical after demolition of the existing structure on the Exchange Parcel <br /> is completed. <br /> IGA - Patterson School Land Exchange Page 2 <br />