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EXCHANGE AGla:TMENT <br /> <br /> This Exchar~e 'Agreement (-Ag~eement") is entered in~o on this 5th day <br /> <br />of June ., 198~, by and t~;tween Sohio O~1 co~p~.y , an Ohio <br /> <br />co~poration ("Exchangor"), and the City of Lakewood ., <br /> <br />a Municipa] Corporation ("Exchangee"). <br /> <br /> RECITPLS <br /> <br /> ~. Exchangor is the owner of a ce~cain pa~c~l of real p~operty located <br />at w. ll7th and l~r~ r ~Ro~d .,, in the City <br /> . ' (ali such property refe£zed to <br />Of Lakewood Ohio <br />herein as the "PrOperty") anJ' more particularly described .in Exhibit A <br />attached hereto and incorporated by reference herein, together with <br />Exchangor's right, title, ard interest in and to (1) all buildings, <br />structures, and other improvements, excluding all gasoline storage tanks and <br />piping upon and below the ground, and (2) all easements and rights appurtenant <br />or related to the Property. <br /> B. Exchangee wishes to acquire the Property, and Exchangor desires to <br />exchange such Property for like-kind property, within the meaning of Section <br />1031 of the Internal Revenue Code of 195~, as amended ("Code"). Exchangee <br />intends to accommodate Exchangor in the consummation of. an exchange of <br />like-kind property in accordance with Section 1031, of the Code. <br /> NOW, THSREFORE, the parties hereto agree as follows: <br /> <br /> 1. Exchar~e. <br /> Subject to the terms and conditions contained herein, Exchangor agrees <br />to grant, transfer, convey, and assign the Property to .Exchangee, and <br />Exchargee agrees to acquire and accept the Property and to acquire, convey, <br />and transfer to Exchangor certain other property or properties of like-kind <br />("Excharge Property") as designated from time-to time by Exchangor pursuant to <br />the terms of this Agreement. It is the intention of the parties that the <br />mutual conveyances of the Property and the Exchange Property shall qualify as <br />an "exchange" within the meaning of Section 1031 of the Code. Exchangor and <br />Exchar~ee agree to execute and deliver all necessary doct~ents and take such <br />other steps as may be required to effectuate the exchange contemplated <br />he reunde r. <br /> <br /> 2. Value of Property and Exchange Property. <br /> (a) Fair Market Value. For purposes of exchange, the Property has an <br />agreed fair market value of One hundred ninety-f~ve thousand <br />Dollars ($195,000 )- <br /> <br /> <br />