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3. The legal descriptions contained in this Agreement are descriptive of the parties' intent, <br /> and may be revised as necessary to secure title commitments not inconsistent with the <br /> parties expressed intent. <br /> 4. The parties agree that the exchange of these parcels, together with the mutual <br /> covenants herein recited, shall constitute good and valuable consideration. <br /> 5. City shall construct or cause to be constructed a parking lot, including painting of <br /> pavement markings and parking blocks, as described generally on Exhibit A, attached <br /> hereto and incorporated by reference. The parties agree that as of the date of the <br /> negotiation of this Agreement, the estimated cost to construct the parking lot is <br /> $122,350.00. <br /> 6. Striglos agrees to pay City $17,190.00 for its share of constructing the parking lot. City <br /> shall pay the balance of the construction costs. <br /> 7. Striglos has already completed the filling of the sub-surface vault under the proposed <br /> parking lot with sand. Any additional costs regarding the sub-surface vault will be the <br /> responsibility of Striglos. <br /> 8. Striglos shall deposit $17,190.00 in escrow prior to commencement of construction of <br /> the parking lot. If construction of the parking lot is not commenced within 180 days of <br /> the date the funds are escrowed, the escrowed funds shall be returned to Striglos. <br /> 9. City shall grant Striglos a permanent easement for ingress/egress to a portion of the <br /> parcel it will own as a result of the consummation of this agreement, which easement <br /> shall be a 16 foot drive lane immediately to the north of and adjacent to the Striglos <br /> parcel, for the length of the Striglos parcel, to accommodate Striglos' parking needs. <br /> 10. City shall be responsible for such surveying and re-platting as may be necessary to <br /> implement identification and transfer of the parcels. <br /> 11. Striglos shall deliver to City, at settlement, a Warranty Deed to the City parcel in such <br /> form and together with such documentation as shall be required for recording said deed. <br /> 12. City shall deliver to Striglos, at settlement, a Warranty Deed to the Striglos parcel in such <br /> form and together with such documentation as shall be required for recording said deed. <br /> 13. Each party shall be responsible for seller's usual and customary title insurance <br /> expenses, for the parcel it conveys. Each party shall be responsible for purchaser's <br /> usual and customary title insurance expenses, and for fees for recording all documents <br /> necessary to consummate the transaction, for the parcel it receives. <br /> 14. Each party shall be responsible for all prior real property taxes, and current real property <br /> taxes pro-rated through the date of closing, for the parcel it conveys. <br /> 15. Each party represents there are no outstanding liens or encumbrances against the <br /> parcel it conveys. <br /> 16. City shall execute a written lease agreement, attached hereto as Exhibit B, with Striglos <br /> to lease up to twelve (12) spaces (for weekdays between the hours of 9:00 a.m. and <br /> 4:30 p.m.) in the City's parking area of the parking lot as shown on EXHIBIT A for <br />