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REAL ESTATE EXCHANGE AGREEMENT Between INDIAN RIVER COUNTY AND RUBEN AND SANDRA KOCH This Agreement entered into this day of August, 2007 between Indian River County, a political subdivision of the State of Florida ("the County") 1840 25th Street, Vero Beach, Florida 32960; and Ruben and Sandra Koch, husband and wife, 5745 36th Place, Vero Beach, Florida 32966 ("the Koch's"). WHEREAS, the County plans widening and improvements to 8th Street from 66th Avenue to 74th Avenue that will require the utilization of part the Koch's property located on 8th Street, Vero Beach, Florida; and WHEREAS, the County owns a parcel of land adjacent to the Koch's property (former Franks property) and both parcels abut 8th Street; and WHEREAS, the County and the Koch's hereby agree to an exchange of portions of their respective properties as follows: a. The County hereby agrees to purchase from the Koch's, 0.81 acres of property identified as parcels 111, 112, 114 and 115 depicted on the sketch and legal description attached and incorporated by reference as Exhibit A. The Agreement to Sell and Purchase Real Estate is attached and incorporated by reference as Exhibit "B", b. The County agrees to reimburse the Koch's for their tree nursery stock lost as a result of the exchange, and in exchange b. The Koch's agree to purchase from the County a 0.19 acre parcel of property (8,250 sq. ft.) depicted on the sketch and legal description attached and incorporated by reference as Exhibit C. and c. The parties acknowledge that there is a lease covering the former Franks parcel that will expire on March 30, 2008; 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 Koch's and the County agree as follows: 1. The above recitals are true and correct and incorporated by reference into this agreement.