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<br /> <br />CONTRACT TO EXCHANGE REAL PROPERTY <br />THIS CONTRACT TO EXCHANGE REAL PROPERTY is made on this _ day of <br />, 1996 between the City of North Olmsted as the First Party, and Angelo Papotto, <br />7r. and Denise Papotto, Husband and Wife, as the Second Party. The terms "First Party" and <br />"Second Party" will be construed in the singular or plural number according to whether they <br />respectively represent one or more than one person, and references to any gender include the <br />other gender. <br />RECITALS <br />The First Party is the owner of land and premises described a.s follows: The LIGHT <br />shaded area on the attached Plat Map, Exhibit "A" hereto, legended as the "vacation" area, <br />referred to in this agreement as Parcel A. <br />The Second Party is the owner of the land and premises described as follows: The DARK <br />shaded areas on the attached Plat Map, Exhibit A hereto, legended as "dedication" areas, referred <br />to collectively in this agreement as Parcel B. <br />The First Party and the Second Party desire to exchange property in a tax-free transaction <br />under Section 1031 of the Internal Revenue Code of 1986, as amended. <br />NOW, TBEREFORE, in consideration of the mutual covenants contained in this <br />agreement, the First Party and the Second Party agree as follows: <br />ARTICLE I. CONVEYANCE AND CONSIDERATION <br />Agreement to Convey <br />1.01. For the consideration and subject to the terms set forth in this agreement, the First <br />Party agrees to convey to the Second Party the Property described above as Parcel A, together <br />with all the rights and appurtenances of the Property, including any right, title, and interest of the <br />First Party in adjacent streets, alleys, or rights-of-way (this real property, including its rights and <br />appurtenances, is referred to as Parcel A in this ageement) together with any improvements, <br />fixtures, and personal property situated on and attached to the Property, in exchange for the <br />conveyance by the Second Party to the First Party of the Property described above as Parcel B, <br />together with a11 the rights and appurtenances of the Property, including any right, title and <br />interest of the Second Party in adjacent streets, alleys, or rights-of-way (this real property, <br />including its rights and appurtenances, is refened to as Parcel B in this agreement) together with <br />any improvements, fixtures, and personal property situated on and attached to the Property. <br />EXHIBIT "A"