JOHNSON CHAPEL, THE AFRICAN ESPICOPAL CHURCH

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BX 1228CPS 6C0. G= Property can have real value only to said Henry J. Oxnard or the Church as owner of adjoining property. F. Further, a portion of the Church building pres- ently extends onto Church Property I, and such portion of the Church building is excepted from the conveyance herein. Therefore, the parties enter into this Agreement to permit the Church building to encroach upon Church Property I con- veyed to the City herein until such time as City needs said land for the widening of Bristol Street. wHEREFORE,in_consideration of the respective and mutual covenants and promises hereinafter contained and made, and subject to all of the terms and conditions hereof, the parties hereto do hereby agree as follows: I Church agrees to convey to City, by good and suf- ficient grant deed, Church Property I described on attached "Exhibit A," and City agrees to convey to Church by good and sufficient grant deed, City Property described on at- tached "Exhibit B." Mho For the purposes of said exchange, Church Property I is deemed to have a fair market value of $7,078.00. As additional consideration, Church will necessarily incur expenses, presently estimated at $400.00 for step structures and paving, $23,000.00 for costs of moving and restoring the Church building to its present condition, and $500.00 for clearing and grading the remainder of the site, for a total consideration from Church in the amount of $30,978.00. III For purposes of said exchange, the City Property is agreed to have a fair market value of $80,000.00, and there are no encumbrances thereon. IV The difference in the respective equities of Church Property I and the City Property is $49,022.00, and Church agrees to pay said difference by executing a promissory note in the sum of $49,022.00 in favor of City, said note to be secured by a first deed of trust on City Property, with interest from the date of the close of escrow at the current F.H.A. interest rate and payable in equal monthly payments on the first day- of each month after the execution hereof in an amount that will fully amortize said sum over fifteen (15) years. V Each party agrees to provide the other with a California Land Title Association standard coverage title policy issued by Security Title Insurance Company with liability in at least the value of the property insured. VI Security Escrow Company shall act as escrow holder herein. The parties shall open escrow within fifteen (15) days from the date of this Agreement. The parties agree - 2 -