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d` <br />District is prepared to transfer title to the Broadway Avenue Property to Agency, through an <br />exchange of such properties upon terms and conditions mutually acceptable to the parties. <br />E. The parties, having appraised their respective properties, agree that the fair market <br />value of the Broadway Avenue Property exceeds the fair market value of the Bradford Street <br />Property by an amount represented by the sum of Two Million Dollars ($2,000,000) and an <br />additional amount of Forty -Two Thousand Three Hundred Twenty -One Dollars ($42,321) payable <br />annually over fifteen (15) years, beginning on May 1, 1999. <br />F. The parties desire to enter into an agreement setting forth the terms and conditions <br />upon which an exchange of the Bradford Street Property and the Broadway Avenue Property may <br />be consummated. <br />NOW, THEREFORE, Agency and District agree as follows: <br />1. Acquisition of Bradford Street Prouertv by District. <br />a. The execution of this Agreement by Agency shall constitute an offer to convey fee <br />title to the Bradford Street Property to District, subject to the terms and conditions stated herein. <br />b. The execution of this Agreement by District shall constitute an acceptance of <br />Agency's offer to convey fee title to the Bradford Street Property, subject to the terms and <br />conditions set forth herein. <br />c. District's acceptance of Agency's offer to convey fee title to the Bradford Street <br />Property shall be conditioned on (1) the simultaneous transfer of fee title to the Broadway Avenue <br />Property from District to Agency, (2) Agency's payment into escrow of the sum of Two Million <br />Dollars ($2,000,000) to be paid to District upon close of escrow, (3) Agency's commitment, in the <br />form of a non-interest bearing promissory note (the "Note"), to pay to District the sum of Forty -Two <br />Thousand Three Hundred Twenty -One Dollars ($42,321) each year for a period of fifteen (15) <br />2 <br />