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HomeMy WebLinkAboutA014 - Exchange Agreement signed June 15, 1998 - Recorded May 10, 1999 - Instrument No. 99-06104 INST.NO. 9 9 - 0 61 04 STORY COUNTY, IOWA .tom FILED FOR RECORD M © MAY 10 1999 PM 0 SWAN L.VANDE KAMP,Recorders FIECORDW FEE$ I lo. DR AUDROR'S FEE$ Prepared by: Joseph L. Marks, Suite 9, Omega Place, 8515 Douglas, Urbandale, IA 50322 (515)276-7211 EXCHANGE AGREEMENT THIS IS AN AGREEMENT made by and between JOYCE R. LANG and AL- LEN G. LANG; and M. JOAN McDONALD and LARRY W. KERR upon the following terms and conditions: 1. DEFINITIONS. As used in this Agreement, unless otherwise required by the context: (a) "Lang" means Joyce R. Lang and Allen G. Lang, wife and husband, whose mailing address is: 1 So. Creekside, Ames, Iowa 50014. (b) "McDonald/Kerr" means M. Joan McDonald, an unmarried person, and Larry W. Kerr, an unmarried person, whose mailing address is: 5020 Ontario Street, Ames, Iowa 50014. (c) "Agreement" means this instrument as signed by the parties. (d) "Lang's Property"means the real property owned by Lang that will (upon recording of the final plat of Amethyst Place Subdivision, Ames, Story County, Iowa) be legally described as follows: Lot 9, Amethyst Place Subdivision, Anies, Story County, Iowa. (e) "McDonald/Kerr Property" means the real property owned by McDon- ald/Kerr that will (upon recording of the final plat of Amethyst Place Subdivision, Ames, Story County, Iowa) be legally described as follows: Lots 1, 2, 3, 4, 5, 6, 7, and 8; and Outlots "A" and "F", Amethyst Place Subdivision, Ames, Story County, Iowa. 2. TRANSFER SY LANG. Lang, as grantor, agrees to convey by quit claim deed the Kerr/McDonald Property to Kerr/McDonald, as grantee, upon the following terms and conditions: (a) Final Plat. Such conveyance shall be made when the City of Ames, Iowa has approved the final plat of Amethyst Place Subdivision, Ames, Story County, Iowa; all final plat documents have been filed in the office of the Recorder of Story County, Iowa; the homeowners association for Amethyst Place Subdivision, Ames, Story County, Iowa has been incorporated and organized; all documents relating to the final plat and the Homeowners association have been shown in the abstract of title to Lang's property; and all of the foregoing acts have been completed at the sole expense of Kerr/McDonald. - 2 - (b) Construction of British Columbia Avenue. Such conveyance shall be made when British Columbia Avenue has been constructed by Kerr/McDonald at their sole expense in accordance with the final plat of Amethyst Place Subdivision, Ames, Story County, Iowa, and the specifications of the City of Ames, Iowa. (c) Encumbrance. Such conveyance shall be made when the mortgages granted by Kerr/McDonald to Martha E. Cott and Boone Bank & Trust Co., and which mortgages encumber a portion of Lang's Property, have been released as to Lang's prop- erty. (d) - Consideration. The consideration for such conveyance is the exchange of real properties provided for in this Agreement. 3. TRANSFER BY KERR/MCDONALD. Kerr/McDonald, as grantor, agree to convey by quit claim deed the Lang Property to Lang, as grantee, upon the following terms and conditions: (a) Encumbrance. Such conveyance shall be made when the mortgages granted by Lang to Ames Building and Loan Association and First Union Home Equity Corporation, and which mortgages encumber a portion of Kerr/McDonald's Property, have been released as to Kerr/McDonald's property. (b) Consideration. The consideration for such conveyance is the exchange of real properties provided for in this Agreement. 2. TIME AND PLACE OF CLOSING. The Closing of this Agreement shall take place within 14 days after each party has fulfilled its respective obligations under para- graphs 2 and 3, above. Closing shall be held at the offices of David W. Benson attorney for Lang. 3. CLOSING PROCEDURE. At the Closing, each of the parties shall furnish, as applicable and required, the deed, mortgage releases, mechanic's lien waivers, valua- tion declaration, groundwater hazard statement and any corrective instruments. 4. DATE OF POSSESSION. The Date of Possession, on which the grantee shall be entitled to take possession of the real property described in each deed, shall be the Closing date. IN WITNESS OF THIS AGREEMENT, the parties have signed this instrument under date of 7 JN-'7_ / , 1998. 9 9 - 0 61 04 �a� - 3 - JO CE R. LANG M. JO WDONALD ALLEN G. LANG LARRY W. KERR STATE OF IOV% ) )ss: COUNTY OF POLK ) On this 15th day of June, 1998, before me, the undersigned, a Notary Public, in and for the State of Iowa; personally appeared M. Joan McDonald and Larry W. Kerr, to me known to be the identical persons named in and who executed the foregoing instrument and acknowledged that they executed the same as their voluntary act and deed. ltia Kf ��,Y Not Public -- State of Iowa Kimberly N Penimore. t�ta y✓ a r/� tt7' p ar-q 9 9 - 0 61 04' (3)