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JAN-09-2004 11 : 16 P . 01 Colutract for Sale and Purchase This Contract made this day of , 2003 , by and between The City of Vero Beach, a municipal corporation of the State of Florida, 1053 20'h Place, Vero Beach, Fl . 32960, Tel (772) 9784730 , hereinafter "City, " and Indian River County, a political subdivision of the State of Florida, 1840 251h St. . , Vero Beach, Florida, 32960, Tel (772) 567 - 8000, hereinafter " County, " WITNESSES : That for and in consideration of the premises and other good and valuable consideration, the receipt of which is hereby acknowledged, the City and County agree as follows : 1 . Sale & Purchase The City shall sell to the County and the County shall buy from the City the real property with the legal descriptionias shown on Attachment A to this contract (the "Property"), consisting of approximately 6 . 84 acres of land and generally referred to as the City' s former public works facility . 2 . Purchase Price The purchase price for the Property shall be $ 860,000 (eight hundred and sixty thousand dollars) payable by County warrant at closing. 3 . Closiniz Date and Location The closing shall take place on or about April 1 , 2004, at the office of the City Attorney. 4 . Survey County shall provide a boundary survey to City at County ' s expense within a reasonable time after the execution of this contract. The survey shall be certified by a registered Florida surveyor. 5 . Title The City shall transfer title by statutory warranty deed. If title insurance is desired by the County it shall be obtained by and at the expense of County. 6 , Defects In Title If the title insurance commitment or survey discloses any defects in title that are not acceptable to County, City shall, within 90 days after notice ;from County, remove said defects in title . City agrees to use diligent effort to correct the defects in title within the timeframe provided. If City is unsuccessful in removing the title defects within that time or if City fails to make a diligent effort to correct the title defects , County shall have the option to either: ( a) accept the title as it then is with no reduction in the total purchase price, (b) extend the amount of time that City has to cure the defects in title, or (c) terminate this agreement, thereupon releasing County and City from all further obligations under this agreement . NACiryAtny\STl\Client Docs\City ManagedLeases-AgiVemcnts-COntractS%Cantra¢C for Sale and Purehase.lRC. Admimbuilding .doc