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REAL ESTATE EXCHANGE AGREEMENT <br /> Between <br /> INDIAN RIVER COUNTY AND KAH DEVELOPMENT CORPORATION <br /> This Agreement entered into this day of July, 2013 between Indian River <br /> County, a political subdivision of the State of Florida ("the County") 1801 27th Street, <br /> Vero Beach, Florida 32960; and KAH Development Corporation, a Michigan <br /> Corporation, 631 Big Beaver, Suite 201, Troy, Michigan, 48083 ("KAH"). <br /> WHEREAS, KAH has purchased two parcels of property on Oslo Road whose <br /> addresses are 820 and 816 9th Street SW (Oslo Road) in Vero Beach, Florida. Those <br /> parcels are depicted in Exhibit A attached and incorporated by reference herein; and <br /> WHEREAS, the County owns a parcel of land adjacent to the KAH parcels <br /> whose address is 830 9th Street SW (Oslo Road) Vero Beach, Florida ("County Parcel"). <br /> That parcels is also depicted on Exhibit A; and <br /> WHEREAS, the County acquired its parcel on December 12, 2003 via a Tax <br /> Deed after the parcel had remained on the list of lands available for taxes since <br /> December 1996, a period of 7 years, and <br /> WHEREAS, the County Parcel is approximately 5,600 sq feet, 0.13 acres in size <br /> (50' by 112'), zoned commercial and is unimproved with no structures, and <br /> WHEREAS, KAH acquired one of its parcels via a short sale from PNC Bank on <br /> November 30, 2012 (PNC Parcel), and <br /> WHEREAS, unbeknownst to KAH, the PNC Parcel included a portion of a dirt <br /> roadway known as 8th Court SW also depicted on Exhibit A <br /> WHEREAS, KAH is interested in acquiring the County Parcel and the County is <br /> interested in acquiring the 8th Court SW parcel and the Murphy Act/Right-of-Way <br /> reservations from KAH <br /> WHEREAS, each party is indivisibly seized of their respective parcel of property <br /> and shall convey marketable title to their respective parcel by an appropriate deed, free <br /> of claims, liens, easements, and encumbrances, but subject to property taxes for the <br /> year of closing; and <br /> WHEREAS, this Exchange Agreement is subject to final approval by the Indian <br /> River County Board of County Commissioners (BCC) through the adoption of a <br /> Resolution. Such an exchange is allowed under Section 125.37, Florida Statutes. <br /> Notice is required to be published once a week for two weeks before consideration by <br /> the BCC. <br /> 1 <br /> 240 <br />