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Project/ parcel: Shadowbrook Estates
<br />'aOD
<br />OPTION AGREEMENT FOR SALE AND PURCHASE
<br />THIS AGREEMENT is made this 30— day of M, ,„H 2006, by and between
<br />SHADOWBROOK ESTATES, INC., a Florida corporation, 5865 Pine Ridge Circle, Vero Beach, Florida,
<br />32967 ("Seller"), and INDIAN RIVER COUNTY, a political subdivision of the State of Florida, whose
<br />address is 1840 25`h Street, Vero Beach, Florida 32960 ("Purchaser" or "County").
<br />1. GRANT OF OPTION. Seller hereby grants to Purchaser the exclusive option to purchase the real
<br />property located in Indian River County, Florida, described in Exhibit "A", together with all improvements,
<br />easements and appurtenances ("Property"), in accordance with the provisions of this Agreement. This Option
<br />Agreement becomes legally binding upon execution by the parties but exercise of the option is subject to
<br />approval by Purchaser and is effective only if the County, on behalf of Purchaser, gives written notice of
<br />exercise to Seller.
<br />2. OPTION TERMS. The option payment is $100.00 ("Option Payment"). The Option Payment, in the
<br />form of a County check, will be forwarded to Seller as soon as possible. The option may be exercised during
<br />the period beginning with the Purchaser's approval of this Agreement and ending on August 15, 2006 ("Option
<br />Expiration Date"), unless extended by other provisions of this Agreement. In the event the Purchase Price (as
<br />hereinafter defined in paragraph 3.A) is not available by the Option Expiration Date, the period of exercise of
<br />the option may be extended until such funds become available, not to exceed 30 days after the Option
<br />Expiration Date, by written notice to Seller. The parties agree to use their best efforts to exercise the option
<br />and close as soon as possible, even if prior to the Option Expiration Date, so long as all requirements of this
<br />Agreement are fulfilled.
<br />3. TOTAL PURCHASE PRICE. The total purchase price ("Total Purchase Price") for the Property is
<br />SEVENTY FIVE THOUSAND SIX HUNDRED TWENTY SEVEN DOLLARS AND THIRTY SIX CENTS
<br />($75,627.36) per acre which, after reduction by the amount of the Option Payment, will be paid by purchaser at
<br />closing to Seller or Seller's designated agent who meets the requirements of Section 253.025, Florida Statutes,
<br />in the manner set forth herein. The acreage estimates utilized in the appraisals obtained by the County were as
<br />follows: total acreage of approximately 29.09 gross acres, with approximately 22.89 acres of uplands and
<br />approximately 6.20 of wetlands. The property is zoned A -L. The Total Purchase Price will determined by
<br />multiplying the per acre price stated above ($75,627.36) times the total acreage determined by the survey
<br />required in paragraph 5. This Agreement is contingent upon approval of the survey, and consequent approval
<br />of the Total Purchase Price, by Purchaser. It is understood and agreed that Purchaser may, in its sole
<br />discretion, submit the final survey, title information, environmental assessment information, and any other
<br />relevant information, to the appraisers hired by the County to confirm that the Total Purchase Price is
<br />supported by the appraisals. If the Purchaser determines that the Total Purchase Price is not supported by the
<br />appraisals, Purchaser shall have the option of terminating this Agreement by notice to Seller. Conveyance of
<br />the Property in fee simple from Seller to Purchaser will take place at the closing, in exchange for the payments
<br />to be made by Purchaser to Seller at closing as set forth above in this paragraph 3.A.
<br />4.A. ENVIRONMENTAL
<br />SITE
<br />ASSESSMENT.
<br />The County
<br />may, at its expense
<br />and prior to the Option
<br />Expiration
<br />Date, conduct an environmental
<br />site assessment of the
<br />Property which
<br />meets the standard of
<br />practice of
<br />the American Society of
<br />Testing
<br />Materials ("ASTM").
<br />The examination
<br />of hazardous materials
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