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2 . 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 7375 85th Street, Vero Beach , Florida and more specifically described in the sketch and legal description attached as Exhibit "A" , containing approximately . 207 acres , and all improvements thereon , together with all easements , rights and uses now or hereafter belonging thereto (collectively, the " Property") . 2 . 1 Purchase Price , Effective Date . The purchase price (" Purchase Price" ) for the Property shall be two hundred seventy one thousand seven hundred dollars ($271 ,700 .00) The purchase price was established by : ( 1 ) an appraisal of the . 207 acres performed by an MAI appraiser who was mutually agreed upon by the parties ; and (2 ) an amount equal to eighty (80% ) percent of the cost of building a house similar in size to the existing house located at 7375 85th Street , Vero Beach , Florida as established by Bill Handler of Woodside Homes ("Contractor" ) and Ameron Homes , Inc. attached as Exhibit " B". The County shall pay and Vogel shall accept the appraised value of the . 207 acres and eighty (80% ) percent of the cost of building a house similar in size to the existing house located at 737585 th Street, Vero Beach , Florida , as the Purchase and Sale price of the Property . 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 ("Permitted Exceptions" ). 3 . 1 County may order an Ownership and Encumbrance Report or Title Insurance Commitment with respect to the Property. County shall within fifteen ( 15) days following the Effective Date of this Agreement 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 . 2