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2 . Agreement to Purchase and Sell . The Seller hereby agrees to sell to the County, <br /> and the County hereby agrees to purchase from Seller, upon the terms and conditions set <br /> forth in this Agreement, that certain parcel of real property located at 7375 85th Street, <br /> Vero Beach , Florida and more specifically described in the sketch and legal description <br /> attached as Exhibit "A" , containing approximately . 207 acres , and all improvements <br /> thereon , together with all easements , rights and uses now or hereafter belonging thereto <br /> (collectively, the " Property") . <br /> 2 . 1 Purchase Price , Effective Date . The purchase price (" Purchase Price" ) for the <br /> Property shall be two hundred seventy one thousand seven hundred dollars ($271 ,700 .00) <br /> The purchase price was established by : ( 1 ) an appraisal of the . 207 acres performed by <br /> an MAI appraiser who was mutually agreed upon by the parties ; and (2 ) an amount equal <br /> to eighty (80% ) percent of the cost of building a house similar in size to the existing house <br /> located at 7375 85th Street , Vero Beach , Florida as established by Bill Handler of <br /> Woodside Homes ("Contractor" ) and Ameron Homes , Inc. attached as Exhibit " B". The <br /> County shall pay and Vogel shall accept the appraised value of the . 207 acres and eighty <br /> (80% ) percent of the cost of building a house similar in size to the existing house located at <br /> 737585 th Street, Vero Beach , Florida , as the Purchase and Sale price of the Property . <br /> The Purchase Price shall be paid on the Closing Date . The Effective Date of this <br /> Agreement shall be the date upon which the County shall have approved the execution of <br /> this Agreement, either by approval by the Indian River County Board of County <br /> Commissioners at a formal meeting of such Board or by the County Administrator pursuant <br /> to his delegated authority. <br /> 3 . Title . Seller shall convey marketable title to the Property by warranty deed free of <br /> claims , liens , easements and encumbrances of record or known to Seller; but subject to <br /> property taxes for the year of Closing and covenants , restrictions and public utility <br /> easements of record provided (a ) there exists at Closing no violation of any of the <br /> foregoing ; and ( b) none of the foregoing prevents County's intended use and development <br /> of the Property ("Permitted Exceptions" ). <br /> 3 . 1 County may order an Ownership and Encumbrance Report or Title Insurance <br /> Commitment with respect to the Property. County shall within fifteen ( 15) days following <br /> the Effective Date of this Agreement deliver written notice to Seller of title defects . Title <br /> shall be deemed acceptable to County if (a) County fails to deliver notice of defects within <br /> the time specified , or ( b) County delivers notice and Seller cures the defects within thirty <br /> (30 ) days from receipt of notice from County of title defects ("Curative Period " ) . Seller shall <br /> use best efforts to cure the defects within the Curative Period and if the title defects are not <br /> cured within the Curative Period , County shall have thirty (30 ) days from the end of the <br /> Curative Period to elect , by written notice to Seller, to : ( i ) to terminate this Agreement, <br /> whereupon shall be of no further force and effect, or (ii ) extend the Curative Period for up <br /> to an additional 90 days ; or ( iii ) accept title subject to existing defects and proceed to <br /> closing . <br /> 2 <br />