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7 ` <br /> Project/ parcel : SEBASTIAN HARBOUR <br /> OPTION AGREEMENT FOR SALE AND PURCHASE <br /> THIS OPTION AGREEMENT FOR SALE AND PURCHASE ("Agreement") is made this <br /> 5th day of December , 2006 , by and between LINCOLN LAND <br /> DEVELOPMENT , L . L . C . , 1682 West Hibiscus Blvd . , Melbourne , Florida 32901 <br /> ("Seller") and INDIAN RIVER COUNTY, a political subdivision of the State of Florida , <br /> whose address is 1840 25th Street, Vero Beach , Florida 32960 ( " Purchaser") . <br /> 1 . GRANT OF OPTION . Seller hereby grants to Purchaser the exclusive option to <br /> purchase the real property located in Indian River County, Florida , described in Exhibit "A" , <br /> together with all improvements, easements and appurtenances ('Property") , in accordance <br /> with the provisions of this Agreement. This Agreement becomes legally binding upon <br /> execution by the parties but exercise of the option is subject to approval by Purchaser and <br /> is effective only if Purchaser gives written notice of exercise to Seller. The parties <br /> acknowledge and agree that this Agreement is an "option contract" within the meaning of <br /> Florida Statutes section 125 . 355 ( 1 ) (a) . The parties further acknowledge and agree that <br /> the exercise of the option is subject to : (a) the satisfaction , or written waiver by both <br /> parties , of all conditions precedent contained in this Agreement; ( b) the approval of the <br /> Purchase Price for the Property by Purchaser; and (c) the approval of this Agreement by <br /> the County at a public meeting after 30 days' public notice . As to conditions (b) and (c) <br /> above , same shall be satisfied within 60 days of execution of this Agreement by Seller, <br /> unless such time period is extended by mutual written agreement by Seller and Purchaser. <br /> 2 . OPTION TERMS . The option payment is $ 100 . 00 ("Option Payment") . The Option <br /> Payment , in the form of a check, will be forwarded to Seller as soon as possible . The <br /> option may be exercised during the period beginning with the Purchaser' s approval of this <br /> Agreement and ending 90 days after approval of this Agreement by the Indian River <br /> County Board of County Commission ("Option Expiration Date") , unless extended by other <br /> provisions of this Agreement. The parties agree to use their best efforts to exercise the <br /> option and close as soon as possible , even if prior to the Option Expiration Date, so long as <br /> all requirements of this Agreement are fulfilled . <br /> 3 . PURCHASE PRICE . The total purchase price ("Purchase Price") for the Property is <br /> THIRTEEN MILLION SEVEN HUNDRED THOUSAND and no/100 Dollars <br /> ($ 13 , 700 , 000 . 00) . The Purchase Price is subject to adjustment in accordance with this <br /> Agreement and , after reduction by the amount of the Option Payment, will be paid by <br /> purchaser at closing to Seller as set forth herein . The parties acknowledge and agree that <br /> the Purchase Price is based on an estimated size of the Property of 162 . 67 acres . Upon <br /> completion of the Survey (as defined below) and approval of the Survey by Purchaser, the <br /> Purchase Price shall be adjusted up or down in the amount of EIGHTY FOUR THOUSAND <br /> TWO HUNDRED NINETEEN DOLLARS AND FIFTY EIGHT CENTER ($84 , 219 . 58) per <br /> 1 <br />