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AGREEMENT TO PURCHASE AND SELL REAL ESTATE THIS AGREEMENT TO PURCHASE AND SELL REAL ESTATE ("Agreement") is made and entered into as of the day of � � ��u �/ , 200 , by and between Indian River County, a political subdivision of the State of Florida (" County") , and Low Key, Inc. , a corporation existing under the laws of the State of Florida, (" Seller") , who agree as follows : 1 . Agreement to Purchase and Sell . The Seller hereby agrees to sell to the County, and the County hereby agrees to purchase from Seller, upon the terms and conditions set forth in this Agreement, that certain parcel of real property located at 4th Street (Proposed Right-of-Way, north side of 4th Street, west of 58th Avenue), County of Indian River, State of Florida and more specifically described on Exhibit "A" and Exhibit ` B " * , containing approximately . 3741 acre and .2806 acre respectively, and all improvements thereon, together with all easements , rights and uses now or hereafter belonging thereto (collectively, the "Property") . (* The property described on Exhibit ` B " is to be dedicated without compensation, per the County ' s Land Development Regulations to make up the site ' s deficiency of the minimum 60 foot right-of--way requirement) . (�NDRk � 1#M# I r j T1ta�shnlp UNE /U' 100 ,60 Trr- iA*AV 2 . Purchase PrA, Effective Date . The pure se price (the "Purchase Price") for the Exhibit "A" property shall be Dollars ($ 0) . The Purchase Price shall be paid on the Closing Date . The Effective Date of this Agreement shall be the date upon which the County shall have approved the execution of this Agreement, either by approval by the Indian River County Board of County Commissioners at a formal meeting of such Board or by the County Administrator pursuant to his delegated authority. 3 . Title . Seller shall convey marketable title to the Property by warranty deed free of claims , liens, easements and encumbrances of record or known to Seller; but subject to property taxes for the year of Closing and covenants, restrictions and public utility easements of record provided (a) there exists at Closing no violation of any of the foregoing; and (b) none of the foregoing prevents County's intended use and development of the Property. 3 . 2 County may order an Ownership and Encumbrance Report with respect to the Property. County shall, within thirty (30) days from, either, receipt of the Ownership and Encumbrance Report, or execution of this Agreement by all parties (whichever occurs last) deliver written notice to Seller of title defects . Title shall be deemed acceptable to County if (a) County fails to deliver notice of defects within the time specified, or (b) County delivers notice and Seller cures the defects within thirty (30) days from receipt of notice from County of title defects ("Curative Period") . Seller shall use best efforts to cure the defects within the Curative Period and if the title defects are not cured within the Curative Period, County shall have thirty (30) days from the end of the Curative Period to elect, by written notice to Seller, to : (i) to terminate this Agreement, whereupon shall be of no further force and effect, or (ii) extend the Curative Period for up to an additional 90 days ; or (iii) accept title subject to existing defects and proceed to closing . 4 . Representations of the Seller. 4 . 1 Seller is indefeasibly seized of marketable, fee simple title to the Property, and is the sole Standard Agreement — I. R. County and Low Key, Inc. 1 Return To I . R . County