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t l-3 • © j jD ^ 9 REAL ESTATE EXCHANGE AGREEMENT Between INDIAN RIVER COUNTY AND THE ESTATE OF ELVESTER B . MOWATT This Agreement entered into this 3rd day of Novemher , 2009 between Indian River County, a political subdivision of the State of Florida ( "the County " ) 1801 27th Street , Vero Beach , Florida 32960 ; and the Estate of Elvester B . Mowatt , c/o Mary Dabner , Personal Representative and her attorney Michael J . Swan , Rossway , Moore and Taylor , 5070 North Highway A- 1 -A , Suite 200 , Vero Beach , Florida 32963 ( " Mowatt Estate ") . WHEREAS , the County plans to widen and improve County Road 510 that will require the utilization of part of the Mowatt Estate ' s property located at 8540 85th Street , Vero Beach , Florida ; and WHEREAS , the County owns a parcel of land adjacent to the Mowatt Estate and both parcels abut County Road 510 ; and WHEREAS , the County and the Mowatt Estate hereby agree to an exchange of portions of their respective properties as follows : a . The County hereby agrees to convey two parcels of its property ( identified on Exhibit "A" , attached ) containing 5 , 100 square feet or 0 . 117 acres to the Mowatt Estate , together with the sum of $ 28 , 004 . 80 and in exchange b . The Mowatt Estate agrees to convey two parcels of its property ( identified on Exhibit " B " , attached ) containing 12 , 176 square feet or 0 . 28 acres to the County ; and WHEREAS , each party is indivisibly seized of their respective parcel of property and shall convey marketable title to their respective parcel by warranty deed free of claims , liens , easements , and encumbrances , but subject to property taxes for the year of closing ; and WHEREAS , this Exchange Agreement is subject to final approval by the Indian River County Board of County Commissioners ( BCC ) through the adoption of a Resolution . Such an exchange is allowed under Section 125 . 37 , Florida Statutes . Notice is required to be published once a week for two weeks before consideration by the BCC . NOW THEREFORE , in consideration of the mutual terms , conditions , promises and covenants hereinafter , the Mowatt Estate and the County agree as follows : 1 . The above recitals are true and correct and incorporated by reference into this agreement .