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Project No.: 201-613 <br /> West Eugene Wetlands Land Acquisitions <br /> OREGON WATERSHED ENHANCEMENT BOARD <br /> WATERSHED ACQUISITION GRANT AGREEMENT <br /> ~I This grant agreement is between the Oregon Watershed Enhancement Board, hereafter <br /> . called "Board," and City of Eugene, Public Works Department hereafter called "Grantee," <br /> in consideration of the mutual covenants contained herein. This agreement consists of the <br /> following, in descending order of precedence: this agreement less all Exhibits; and attached <br /> <br /> it <br /> Exhibits A, B, and C. All Exhibits are incorporated herein by this reference. <br /> A. Authorization <br /> This grant is authorized by ORS 541.351 to 541.401 and is subject to Oregon Administrative <br /> Rules 695-001-0000 to 695-030-0030 as such rules may periodically be amended by the Board. <br /> B. Grant Award <br /> The Board hereby agrees to provide funds in the amount of $500,000.00 on the terms specified in <br /> this agreement for the purpose of funding the acquisition of (fee simple) title to two parcels of <br /> real property located, in Lane County, Oregon, as more particularly_described in the attached <br /> Exhibit A (hereafter, the "Properties"). The Properties consist of two tracts of land: the Lee tract <br /> and the Marvin tract. <br /> C. Funding Conditions <br /> (1) The Board. certifies that at the time this agreement is entered into sufficient funds are <br /> authorized for expenditure within the Board's current appropriation or limitation. <br /> Should a reduction in Ore on State Lotter Funds result in reduced fiandin to the <br /> g Y g <br /> Board, this grant may be reduced in accordance with Oregon Law. <br /> (2) ~ The $500,000.00 in grant funds from the Board will be used exclusively for the purpose <br /> of fee simple title to the Properties, and to secure transfer of title to the Properties to <br /> Grantee. <br /> (3) In addition to the other conditions listed herein, Board fiords will be disbursed to an <br /> escrow account upon written approval by the Executive Director of the Board of escrow <br /> instructions. Such instructions shall include, but are not limited to, requirements that: <br /> (a) Board fiands be returned to the Board in the event the purchase of the Properties by <br /> Grantee has not closed on or before November 30, 2002, unless otherwise instructed in <br /> writing by the Board; and (b) Board funds will not be released from escrow until the <br /> escrow agent receives written notice from the Executive Director that he has approved: <br /> (i) the title report showing the condition of title of the Properties (including any <br /> exceptions listed therein); (ii) the form of deed to the Properties in which title will be <br /> held by Grantee; and (iii) the form of deed, conservation easement or other title <br /> 1 <br /> _ _ _ _ _ <br /> <br />