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the Property for the purpose of exploration and development of minerals on the property will be released prior to closing . 1 . 5 . Beneficial Interest Disclosure . In the event Seller is a partnership , limited partnership, corporation , trust, or any form of representative capacity whatsoever for others, Seller shall provide a fully completed , executed , and sworn beneficial interest disclosure statement in the forms attached to this Agreement as Exhibit "C" that complies with all of the provisions of Florida Statutes Section 286 .23 prior to approval of this Agreement by Purchaser. However, pursuant to Florida Statutes Section 286 .23 (3 )(a) , the beneficial interest in any entity registered with the Federal Securities and Exchange Commission , or registered pursuant to Florida Statutes Chapter 517, whose interest is for sale to the general public, is exempt from disclosure ; and where the Seller is a non-public entity, that Seller is not required to disclose persons or entities holding less than five (5% ) percent of the beneficial interest in Seller. 2 . OPTION TERM . The option payment for the Property is $ 100 . 00 ("Option Payment"). The Option Payment, in the form of a check, will be forwarded to Seller as soon as possible after the public hearing to approve this Agreement. The option may be exercised during the period beginning with the Indian River County Board of County Commission 's approval of this Agreement at the required public hearing and ending 120 days after the public hearing ("Option Expiration Date"), unless extended by other provisions of this Agreement. In the event the conditions precedent are not satisfied at the end of the Option Expiration Date , Seller and Purchaser agree that the Option Expiration Date may be extended by Purchaser, not to exceed 30 days after the Option Expiration Date , by written notice from Purchaser to Seller. Purchaser and Seller agree to use their best efforts to exercise the option and close as soon as possible , even if prior to the Option Expiration Date , so long as all requirements of this Agreement are fulfilled . 3 . PURCHASE PRICE . The purchase price for the Conservation Easement is Five Million Nine Hundred Ninety Nine Thousand and no/ 100 Dollars ($5 ,999 , 000 .00) (" Purchase Price") and , after reduction by the amount of the Option Payment, will be paid by Purchaser at closing to Seller as set forth herein . The Purchase Price is based on acreage estimates utilized in the appraisals obtained by the County, including a total acreage of approximately 857 acres . The Purchase Price shall be adjusted up or down in the amount of SEVEN THOUSAND DOLLARS ($7 ,000.00) per acre or portion thereof (the " Per Acre Price") from a base of 857 acres , in accordance with the actual acreage shown on the Survey. 4 . 1 . ENVIRONMENTAL SITE ASSESSMENT. Purchaser shall , at its sole cost and expense, provide an environmental site assessment of the Property that is certified to Purchaser: meets the standard of practice of the American Society of Testing Materials ("ASTM") Practice E 1527 ; meets all of the standards and requirements attached to this Agreement as Exhibit " D"; bears a date that is not less than 35 days prior to the Option Expiration Date; and is performed by an environmental site assessment professional firm satisfactory to Purchaser (" Phase I"). For purposes of this Agreement " Hazardous Materials" shall mean any hazardous or toxic substance , material or waste of any kind or any other substance which is regulated by any and all applicable federal , state or local 2