Common use of Exchange Value Clause in Contracts

Exchange Value. The County and the Town agree that the properties to be exchanged are of equal value and each parcel is fair and reasonable consideration for the other. The parties acknowledge that this transfer of properties is for a public purposes. The County is in need of the property in question for the extension of a county jail. The City is in need of the property in question for the expansion of parks and the expansion in the future of the waste water plant. Parties further acknowledge that this transfer is allowed pursuant to Tennessee law.