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1 <br /> <br />LAND EXCHANGE AGREEMENT <br /> <br /> <br />This Purchase Agreement (the “Agreement”) is made this ____ day of __________, 20___ by and <br />between the CITY OF ORONO, a Minnesota municipal corporation (“City”) and JACOB J. <br />BARKLEY and MAUREEN L. BARKLEY, husband and wife (“Barkleys”). <br /> <br /> RECITALS <br /> <br /> A. City is the fee owner of certain real property, situated in Hennepin County, Minnesota <br />and described on “Exhibit A” hereto (“City Land”). <br /> <br /> B. The Barkleys are the fee owners of certain real property consisting of three parcels, <br />situated in Hennepin County, Minnesota and described on “Exhibit B” hereto (“Barkley Land”): <br /> Parcel 1 is a residential parcel (“Residence Parcel”) <br /> Parcel 2 is a dock parcel (“Dock Parcel”) <br /> Parcel 3 is a remnant (“Remnant Parcel”) <br /> <br /> C. Whereas the Barkleys desire to acquire the City Land for additional dock area; <br /> <br /> D. The Barkleys agree to convey the Remnant Parcel and other consideration to the <br />City in exchange for the City Land. <br /> <br /> The City Land and Remnant Parcel are collectively referred to hereunder as “Properties.” <br /> <br /> NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: <br /> <br />1. SALE AND PURCHASE OF REAL PROPERTY. In consideration of the <br />agreements herein contained, the City agrees that it will convey the City Land to the Barkleys . <br />Concurrently, the Barkleys agree that they will convey to City the Remnant Parcel. <br /> <br />2. PURCHASE PRICE. In addition to the conveyance of the Remnant Parcel, <br />Barkleys will shall pay to the City for conveyance of the City Land Twenty-Five Thousand and <br />no/100 Dollars ($25,000.00), which the Barkleys shall pay in cash on the Date of Closing. <br /> <br /> 3. ENVIRONMENTAL ASSESSMENT. As soon as possible after the execution <br />hereof, the City and the Barkleys shall have the right, if they desire, at their own expense to <br />inspect the respective properties of the other party being exchanged for the purpose of <br />determining whether or not there are any environmental conditions that affect the parcel to be <br />acquired. If the environmental inspection reveals any environmental conditions that are <br />unsatisfactory to the respective party, said party may elect either of the following options: <br /> <br />(a) Terminate this Agreement as provided by statute; or <br />