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AGREEMENT FOR WAIVER OF COMPENSATION THIS AGREEMENT, dated this 30 day of NX:>J\cJ.A__ , 1993, by and between Indian Hills Trading Company, Inc., an Idaho Corporation (IHTC) and the City of Moscow, a municipal corporation ofldaho (CITY): WHEREAS, IHTC is the owner of the following described real property, to wit: A tract of land located in Government Lot Three of Section Seven Township Thirty-Nine (39) North, Range Five West, Boise Meridian, Latah County, Idaho, more particularly described as follows: Beginning at a point on the west line of said Government Lot Three said point being N01 001 '22"E, 2291.59 feet from the southwest corner of said Section Seven thence N01°01'22"E 73.53 feet, along said west line; thence southeasterly 44.99 feet, along a curve to the left, said curve having a radius of 565.00 feet, a central angle of 4°33'44", and a chord bearing S72°18'53"E 44.98 feet; thence S74035'45"E 444.23 feet; thence southeasterly 54.02 feet along a curve to the right, said curve having a radius of 635.00 feet, a central angle of 4052'27", and a chord bearing S72009'31 "E 54.00 feet, to a point on the westerly boundary of said Baker Addition to the City of Moscow as shown on the recorded plat thereof, said point being N39026'27"E 4.96 feet from the southwest corner of Lot 1 of Block 3 of said Baker Addition; thence S39026'27"W 74.67 feet along said westerly boundary to a point, said point being S39026'27"W 5.71 feet from the northwest corner of Lot 4 of Block 2 of said Baker Addition; thence northwesterly 23.55 feet, along a curve to the left, said curve having a radius of 565.00 feet, a central angle of 2°23'17", and a chord bearing N73°24'06"W 23.55 feet; thence N74035'45"W 444.23 feet; AGREEMENT FOR WAIVER OF COMPENSATION PAGE 1 ---PAGE BREAK--- thence northeasterly 26.69 feet, along a curve to the right, said curve having a radius of 635.00 feet, a central angle of 2°24' 28", and a chord bearing N730 23' 3l"W 26.68 feet to the point of beginning. WHEREAS, the CITY is in the process of procuring real property for use as public right of-way in connection with the construction of the Street construction project; WHEREAS, the City desires to procure the above described real property from IHTC for the purpose of utilizing said real property as public right-of-way, including the improvement of portions of said real property for improvement of Street; WHEREAS, IHTC is entitled to be compensated for such real property from the City; WHEREAS, IHTC is willing to waive its right to such compensation upon the following conditions, and the CITY is willing to accept such conditions. NOW THEREFORE, IHTC and the City, in consideration of the mutual covenants and stipulations set out, do hereby agree as follows: 1. That IHTC shall execute a deed and dedicate to the City the above referenced real property for use as public right of way, provided that unless the portion of the public right of way to be improved in the Street project is not so improved to CITY standards or a contract has not been let to construct improvements to CITY standards within the period of three years from the date of the execution of the deed, title to said real property shall revert ownership back to IHTC. 2. That IHTC agrees to participate in a local improvement district to improve Street pursuant to Idaho Code Section 50-1701, et.seq., without objection to the formation of such district. The approximate boundaries of such local improvement district are shown by Exhibit , attached hereto and incorporated herein by this reference. 3. That IHTC's participation in said local improvement district shall be limited to the amount of the City Engineer's estimate of construction costs, plus adjustments not to exceed twenty percent (20%) of construction costs, and shall not include any costs of engineering and/or administration. The City Engineer's estimate of construction costs are shown by Exhibit attached hereto and incorporated herein by this reference. IHTC further agrees that it shall not object to the assessments levied within such local improvement district provided such assessments are within the limits contemplated by this paragraph 3. AGREEMENT FOR WAIVER OF COMPENSATION PAGE 2 ---PAGE BREAK--- 4. The CITY agrees that any crop damage that results from the construction work performed pursuant to the local improvement district shall be reimbursed by CITY, said reimbursement to be calculated by subtracting the crop costs from the proven yield. 5. That IHTC understands and agrees that properties other than those owned by IHTC which are located within the boundaries of the local improvement district described herein shall receive no assessment for participation in said local improvement district. 6. That the City shall participate in the construction costs of the local improvement district described above, to the amount of seventy-five thousand dollars ($75,397.00). 7. That IHTC shall execute any documents required by the Federal Government to evidence IHTC's waiver of compensation for the above described real property. 8. That at any time in the future, IHTC shall not object to the annexation into the City of Moscow, any properties owned by IHTC which are located within the boundaries of the local improvement district as shown on Exhibit and further that IHTC shall agree that such annexation shall be at the sole discretion of the CITY, and may be by summary proceeding. 9. This agreement shall run with the land affected hereby, as shall all covenants contained herein. This Agreement shall be recorded with the office of the Latah County recorder. I 0. This agreement shall be binding upon the heirs, assignees of the parties. IN WITNESS WHEREOF, IHTC and the CITY have caused this Agreement to be executed on the day and year first above written. INDIAN HILLS TRADING CO.: CITY OF MOSCOW: Paul C. Agidius, May ATTEST: ?#\J"4J\A. Secretary Elaine Russell, City Clerk AGREEMENT FOR WAIVER OF COMPENSATION PAGE 3 ---PAGE BREAK--- ACKNOWLEDGMENT State of County of ) ) ss. ) On this day personally appeared before me Paul C. Agidius in his official capacity as Mayor of the City of Moscow, Idaho, known to me to be the person described in the foregoing instrument and acknowledged that he executed the same as his free and voluntary act and deed, for the uses and purposes therein mentioned. GIVEN under my hand and official seal this & c;-/day of 0--t ' 1993. JJ NotafYUblic in and for the State of cfl.£Z, Residing at '--JV My Commission Expires 3/0/z:r ACKNOWLEDGMENT State of d2..R d County of / æ ) ) ss. ) On this day personally appeared before me Elaine Russell in her official capacity as City Clerk of the City of Moscow, known to me to be the person described in the foregoing instrument and acknowledged that she executed the same as her free and voluntary act and deed, for the uses and purposes therein mentioned. GIVEN under my hand and official seal this c-toay of 0 ' 1 993. Nota Public in and for the State ofçè Residing at ? My Commission Expires 37/5? AGREEMENT FOR W AJVER OF COMPENSATION PAGE4 ---PAGE BREAK--- . i ACKNOWLEDGMENT State of _ _ County of _ _ _ ) ) ss. ) On this day personally appeared before me , ) fD ac , in his/her official capacity as President oflndian Hills Trading ompany, Inc., known to me to be the person described in the foregoing instrument and acknowledged that he/she executed the same as his/her free and voluntary act and deed, for the uses and purposes therein mentioned. -t.h GIVEN under my hand and official seal this day of 'f1}3.cr.b , I 993. ob[):A rau.L'n otary Public in and for the State of tj.g? H . Residing at 0.\fti \a WdJ l-B 1 My Commission Expires 5/ I 10 I q b . ACKNOWLEDGMENT State of County of _ ) ) ss. ) On this day personally appeared before me Sl L 1 N, -R'sul'=Qr