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PROPERTY SALES AGREEMENT THIS AGREEMENT entered into this g{Wday of May, 1990 by and between the City of Moscow, a Municipal Corporation of Idaho, herein referred to as PURCHASER, and Peter 0. Fountain and Ella R. Fountain, herein referred to SELLERS; this agreement constitutes additional consideration for a right-of-way deed from the SELLERS to the PURCHASER. IN CONSIDERATION OF THE MUTUAL PROMISES CONTAINED HEREIN, THE SELLERS AND THE PURCHASER AGREE AS FOLLOWS: 1. The SELLERS agree to execute a right-of-way deed to the PURCHASER granting and conveying a right-of-way to the PURCHASER for the property described herein. 2. PROPERTY. The property which is the subject of this agreement is described as follows: A tract of land located in Section 20, Township 39 North, Range 5 West, Boise Meridian, Latah County, Idaho, more particularly described as follows: Beginning at the northwest corner of said Section 20; thence s 0° 11' W, along the west line of said Section 20, 30 feet; thence S 89° 30' 24" E, parallel to and 30 feet from the north line of said Section 20, 302. 9 feet to the point of intersection with the west line of a 30 foot wide right-of-way as described in instrument No. 276855 as recorded at the Latah County Courthouse, Latah County, Idaho; then N 0° 11' E, along said west line, 30 feet to the north line of said Section 20; thence N 89° 30' 24" W, along said north line, 302. 9 feet to the point of beginning. Excepting therefrom 6740 square feet of existing public right-of-way which lies within 25 feet of the centerline of the existing road. The area of the subject property remaining after the said existing right-of-way exception is 2347 square feet, more or less. 3. In consideration of the right-of-way deed, the PURCHASER shall immediately, upon delivery of the executed deed, deposit the sum of 694 to a fund held by the city to be applied to future LID payments owed by SELLERS for LID No. 111. This fund will accrue interest at the same rate as that paid by LID No. 111. It shall be applied to SELLERS' LID payments as they come due. ---PAGE BREAK--- 4. As additional consideration for the deed, PURCHASER hereby assumes responsibility to pay any LID assessment for improvements on Palouse River Drive or street against the SELLERS' property which could be assessed against the SELLERS during a ten-year period commencing on the date of this agreement excluding LID No. 111, which was formed by Moscow City Ordinance No. 89-19. IN WITNESS WHEREOF, the SELLERS and the PURCHASER, by and through its Mayor and city Clerk have executed this agreement to be effective the day and year first setforth above. Jr.w Eia R. Fountain PURCHASER: City of Moscow E 11, City Clerk ---PAGE BREAK--- STATE OF Id a.)o County of j_ A_ ss On this ?t}J day of 7 , 1990, before me a Notary Public in and for said appeared Peter o. Fountain and Ella R. Fountain, husband and wife, and acknowledged to be the persons who executed the foregoing agreement. STATE OF County of: ss Notary Pubhic_ lljandfOr State ofLlJ On this &CJJ day of 22/fF. , 1990, before me a Notary Public in and for said Stappeared Paul c. Agidius and Elaine Russell, known to me to be the Mayor and City Clerk of the city of Moscow and acknowledged to me that they executed the foregoing agreement. /2;2t&kz Notary Pubnd for state of ( '