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(a) After all requirements of AS 38.50 and 11 AAC 67.200 - 11 AAC 67.280 have been met, and before the exchange is executed, a final exchange agreement must be entered into by all parties to an exchange.
(b) A final exchange agreement must contain all terms, conditions, and considerations of the proposed exchange, including
(1) final descriptions of the land or interests in the land proposed to be exchanged;
(2) an identification of the instruments by which ownership of the land or interests in land was obtained;
(3) an identification of any taxes and assessments owed on the property and third-party interests including, but not limited to, liens, claims, encumbrances, easements, rights-of-way, leases, reservations, covenants, and other agreements that affect the land to be exchanged, including a declaration of the extent to which these obligations will be discharged or interests extinguished before the proposed exchange is executed;
(4) a detailed accounting of the amount of money or other consideration, if any, to be paid to, or offered by, any party to the proposed exchange to equalize the values of the land or interests in land proposed for exchange;
(5) the easements, reservations, or other title encumbrances, if any, to be reserved in the final conveyance documents; and
(6) a determination of the consistency of the proposed exchange with the Alaska Coastal Management Program (AS 46.40), if applicable.
(c) For the purposes of this section and AS 38.50.140 , the appraised fair market values of the land or interests in land proposed for exchange may be equalized by:
(1) full cash payment at the time of the execution of the proposed exchange; or
(2) subtracting from the appraised fair market value of the land or interests in land that a party to the exchange proposes to exchange, the value of that portion of the land or interests in land being given to the state as a donation.
(d) In no case may the value of cash equalization made by any party to the exchange under (c)(1) of this section, or a donation made by a party to the exchange under (c)(2) of this section, exceed 25 percent of the appraised fair market value of the state land or interests in state land proposed for exchange.
History: Eff. 10/21/84, Register 92
Authority: AS 38.50.010
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Last modified 7/05/2006