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forth in this Agreement, that certain parcel of real property located at 6875/6885 66th <br /> Avenue , Vero Beach , Florida and more specifically described in the sketch and legal <br /> description attached as Exhibit "A" , containing approximately 2 . 47 acre, and all <br /> improvements thereon , together with all easements , rights and uses now or hereafter <br /> belonging thereto (collectively, the " Property") . <br /> 2 . 1 Purchase Price , Effective Date . The purchase price (" Purchase Price") for the <br /> Property shall be $400 , 000 . 00 (Four Hundred Thousand Dollars) . The Purchase Price <br /> shall be paid on the Closing Date . The Effective Date of this Agreement shall be the date <br /> upon which the County shall have approved the execution of this Agreement, either by <br /> approval by the Indian River County Board of County Commissioners at a formal meeting <br /> of such Board or by the County Administrator pursuant to his delegated authority. <br /> 3 . Title . Seller shall convey marketable title to the Property by warranty deed free of <br /> claims , liens , easements and encumbrances of record or known to Seller; but subject to <br /> property taxes for the year of Closing and covenants, restrictions and public utility <br /> easements of record provided (a) there exists at Closing no violation of any of the <br /> foregoing ; and (b) none of the foregoing prevents County's intended use and development <br /> of the Property (" Permitted Exceptions") . <br /> 3 . 1 County may order an Ownership and Encumbrance Report or Title Insurance <br /> Commitment with respect to the Property. County shall within fifteen ( 15) days following <br /> the Effective Date of this Agreement deliver written notice to Seller of title defects . Title <br /> shall be deemed acceptable to County if (a) County fails to deliver notice of defects within <br /> the time specified , or (b) County delivers notice and Seller cures the defects within thirty <br /> (30) days from receipt of notice from County of title defects ("Curative Period") . Seller shall <br /> use best efforts to cure the defects within the Curative Period and if the title defects are not <br /> cured within the Curative Period , County shall have thirty (30) days from the end of the <br /> Curative Period to elect , by written notice to Seller, to: (i) to terminate this Agreement, <br /> whereupon shall be of no further force and effect, or (ii) extend the Curative Period for up <br /> to an additional 90 days ; or (iii) accept title subject to existing defects and proceed to <br /> closing . <br /> 4 . Representations of the Seller. <br /> 4 . 1 Seller is indefeasibly seized of marketable , fee simple title to the Property, and is the <br /> sole owner of and has good right, title, and authority to convey and transfer the Property <br /> which is the subject matter of this Agreement, free and clear of all liens and <br /> encumbrances. <br /> 4 . 2 From and after the Effective Date of this Agreement, Seller shall take no action <br /> which would impair or otherwise affect title to any portion of the Property, and shall record <br /> no documents in the Public Records which would affect title to the Property, without the <br /> prior written consent of the County. <br /> 4 . 3 There are no existing or pending special assessments affecting the Property, which <br /> 2 <br />