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AGREEMENT TO PURCHASE AND SELL REAL ESTATE THIS AGREEMENT TO PURCHASE AND SELL REAL ESTATE ("Agreement") is made and entered into as of the I f day of H ft _ , 2005 , by and between INDIAN RIVER COUNTY, a political subdivision of the Sta a of Florida , 1840 25th Street, Vero Beach , FL 32960 ("County") , and INDIAN RIVER INVESTMENT REALTY, INC . , a Florida corporation , 180519"' Place , Suite 100 , Vero Beach , FL 32960 ("Seller") , who agree as follows : 1 . 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 described as parts of Property Appraiser's Tax # 32392200000100000025.0 located in Vero Beach , Indian River County, State of Florida , and more specifically legally described on Exhibit "A" attached hereto and incorporated by this reference containing approximately 1 .01 Acres , and any improvements thereon , together with all easements , rights and uses now or hereafter belonging thereto (collectively, the " Property") . 2 . Purchase Price , Effective Date. The purchase price (the "Purchase Price") for the Property shall be $45,450 . The Purchase Price shall be paid and title to the described property shall be conveyed on the Closing Date , The Effective Date of this Agreement shall be the date upon which the Indian River County Board of County Commissioners approved the execution of this Agreement at its formal meeting . *$45, 000 per acre will be paid based on the exact calculation of acreage for the parcel to be purchased as determined by a licensed surveyor. . egi#*.e -'v Bior7e-r, 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 specked , 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 titles 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 . 4 . Representations of the Seller. 4 . 1 Seller is indefeasibly seized of marketable , fee simple title to the Property, and is the sole owner of and has good right, title, and authority to convey and transfer the Property which is the subject matter of this Agreement , free and clear of all liens and encumbrances . 1