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I <br /> I <br /> I <br /> I <br />,I <br />I <br /> <br />I <br />I <br />I <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />LAND EXCHANGE AGREEMENT <br /> <br />Agreement, made this __ day of ,2000, between the City of. Ramsey, a <br />municipal corporation, Anoka County, Minnesota ("City") and Lord of Life Lutheran Church, a <br />Minnesota Non-Profit Corporation ("LOL"); <br /> <br />Recitals <br /> <br />City is in the process of reconstructing TH 47 in the vicinity of Nowthen Boulevard, and <br />northerly thereof, adjacent to property owned by LOL (the "LOL Property"). City is the owner <br />in fee title of a certain tract of land on the westerly side of TH 47, adjacent to other property <br />owned by LOL (the "Ramsey Property"). City desires to acquire right of way over a portion of <br />the LOL Property (the "ROW"). The ROW and the Ramsey Property are described on Exhibit A <br />attached hereto. <br /> <br />IT IS THEREFORE AGREED: <br /> <br />1. Land Exchange <br /> <br />City shall convey, by warranty deed, the Ramsey Property to LOL. LOL shall convey, by <br />warranty deed, the ROW to City. The deeds shall be exchanged simultaneously at closing. <br /> <br />2. Excess Fill <br /> <br />In the event that the highway contractor does not need fill material excavated from the ROW for <br />balancing earthwork on the TH 47 improvement project, the fill material so excavated shall be <br />deposited and left on the LOL Property, and such fill material shall become the property of LOL. <br /> <br />3. State Deed Tax and Real Estate Taxes <br /> <br />City shall pay for any State Deed Tax attributable to the conveyance to LOL; LOL shall pay any <br />State Deed Tax attributable to the conveyance to City. City shall pay any real estate taxes due on <br />the Ramsey Property through the year 2000. The LOL Property is presently tax-exempt. <br /> <br />4. Evidence of Title <br /> <br />At least ten days prior to closing, each party shall furnish to the other an abstract of title, certified <br />to within thirty days, demonstrating good and marketable title to their respective parcels, or at <br />the option of either party, a party may furnish to the other a commitment for Title Insurance, <br />insuring the respective parcels in an amount of $ , on a standard ALTA <br />commitment form. Prior to closing, LOL shall obtain a release of the ROW from any existing <br />mortgage or other encumbrance. <br /> <br /> <br />