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doc7 - >. CONTRACT FOR PURCHASE AND SALE THIS CONTRACT FOR PURCHASE AND SALE ("Contract ") is made by and between THE SCHOOL BOARD OF INDIAN RIVER COUNTY, FLORIDA, a Florida political subdivision, (hereinafter referred to as " Seller" ) , with a principal address of 1990 25th Street, Vero Beach, FL 32960, and INDIAN RIVER COUNTY BOARD OF COUNTY COMMISSIONERS, STATE OF FLORIDA, (" Buyer") with a principal address of 1840 251h Street, Vero Beach, FL 32690 . For and in consideration of a valuable sum in dollars, the premises and the mutual covenants and obligations created hereby, as well as other good and valuable considerations, Buyer agrees to buy and Seller agrees to sell the following described real property subject to and upon the terms and conditions set forth below. The effective date of this Contract (the "Effective Date") shall be the date upon which the last of Seller and Buyer shall have signed this Contract. ARTICLE I - PROPERTY The real property (the " Property ") which is the subject matter of this Contract is generally depicted in Exhibit " A " attached hereto and made a part hereof. ARTICLE II - PURCHASE PRICE Purchase Price. The purchase price (the " Purchase Price " ) for the Property shall be THREE HUNDRED EIGHTY- SEVEN THOUSAND AND 00/ 100 ($387,000.00) DOLLARS . ARTICLE III - CLOSING AND CLOSING DATE The transaction contemplated by this Contract shall be closed (the " Closing" ), the Purchase Price applied to closing costs and the deed, and the exclusive possession of the Property, free of all occupants, shall be delivered to Buyer at Closing. The closing date shall be on or before thirty (30) days following the Effective Date . ARTICLE IV - TERMS AND CONDITIONS The additional terms and conditions of this Contract are as follows : 4 . 1 . Evidence of Title. Buyer, at Buyer's expense and within thirty (30) days from the Effective Date, shall obtain a title insurance commitment (the "Title Commitment") to issue an ALTA Owner's Title Insurance Policy - Form B from a title insurance company acceptable to Buyer (the "Title Insurance Company ") in the amount equal to the appraisal of the property, naming Buyer as the proposed insured. The Title Commitment shall show good, marketable and insurable fee simple title to the Property to be vested in Buyer, liens, encumbrances, exceptions and qualifications which will not interfere with or impair the Property 's use; exceptions permitted by the provisions of this Contract; and those exceptions which are capable of and are actually to be discharged by Seller at or before Closing (all other exceptions to title being deemed title defects for purposes of this contract). Legible and complete copies of all instruments listed as exceptions to title (commonly identified as Schedule B- II exceptions in the Title Commitment) shall be delivered with the Title Commitment . If