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LAND EXCHANGE AGREEMENT
(Riverside Water Company Canal Surplus Land)
This LAND EXCHANGE AGREEMENT ("Agreement") is entered into this 'i·H-i. day of S'c l 1:-:< Yl'.\ b ,e c: , 2022, ("Effective Date"), by and between THE CITY OF RIVERSID , a California charter city and municipal corporation ("City") and DARREN RAMSEY and MARY RAMSEY, Trustees of THE RAMSEY TRUST dated JULY 19, 1999 ("Ramsey Trust"). City and Ramsey Trust, will hereafter be collectively referred to as "Parties." In consideration of the mutual covenants and agreements, the Parties agree to the following tenns and conditions:
RECITALS
A. City is a public entity with the power to acquire real and personal property for public uses and purposes. City is engaged in property acquisition that shall be deemed to be for a public use and project for purposes of this Agreement.
B. City owns certain real property in the City of Riverside, California, bearing Assessor Parcel No. 138-402-021 ("City Property"), more particularly described in the legal description and on the plat attached hereto and incorporated herein as Exhibit "A." C. Ramsey Trust own certain real property located in the City of Riverside, California, bearing Assessor Parcel No. 138-200-008 ("Ramsey Trust Parcel"), more particularly described in the legal description and on the plat attached hereto and incorporated herein as Exhibit "B."
D. City agrees to convey fee title of the City Property to Ramsey Trust and in exchange Ramsey Trust agree to convey fee title of a portion of the Ramsey Trust Parcel, consisting of 520 square feet and referred to as "Lot C" in Exhibit "B" ("Ramsey Trust Property"), to City.
E. Parties desire by this Agreement to provide the terms and conditions for this Land Exchange Agreement.
NOW, THEREFORE, Parties hereto agree as follows:
1. Exchange. City agrees to convey fee title of the City Property to Ramsey Trust for the purchase price of Zero Dollars ($0.00), and in exchange Ramsey Trust agree to convey fee title of the Ramsey Trust Property to City for the purchase price of Zero Dollars ($0.00), upon the tenns and for the considerations set forth in this Agreement.
2. Closing Date. This transaction shall close on or before sixty (60) days following the execution of this Agreement ("Closing Date"). If the transaction is not in a condition to close by the Closing Date, any party who is not then in default may, upon notice in writing to the other pa1iy, tenninate this transaction. Upon the return of the documents,