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AGREEMENT TO PURCHASE AND SELL REAL ESTATE !
<br /> THIS AGREEMENT TO PURCHASE AND SELL REAL ESTATE ( "Agreement" ) is made and a .
<br /> entered into as of the 12thday of July , 2005 , by and between INDIAN RIVER
<br /> COUNTY , a political subdivision of the State of Florida , 1840 25th Street , Vero Beach , FL32960
<br /> ( " County" ) , and EFFIE R. LYLES , a single woman , an undivided 1 /5 interest , WILLIE T .
<br /> REESE , a married man , an undivided 1 /5 interest, MICHAEL D . REESE , a married man , an
<br /> undivided 1 /5 interest, ILLOURA REESE , surviving spouse of CARL L . REESE , a married
<br /> man , deceased , an undivided 1 /5 interest , and STEWART A. REESE , a single man , an
<br /> undivided 1 /5 interest, as tenants in common , C/O Michael Reese , 106 Radcliff Circle ,
<br /> Durham , NC 27713 ( " Seller" ) , who agree as follows :
<br /> 1 . Agreement to Purchase and Sell . The Seller hereby agrees to sell to the County , and the
<br /> County hereby agrees to purchase from Seller, upon the terms and conditions set forth in this
<br /> Agreement that certain parcel of real property described as parts of Property Appraiser' s Tax
<br /> # 32392200000100000014 . 0 located in Vero Beach , Indian River County , State of Florida , and
<br /> more specifically legally described on Exhibit "A" attached hereto and incorporated by this
<br /> reference containing approximately 1 . 99 Acres , and any improvements thereon , together with all
<br /> easements , rights and uses now or hereafter belonging thereto ( collectively , the " Property" ) .
<br /> 2 . Purchase Price , Effective Date . The purchase price (the " Purchase Price " ) for the
<br /> Property shall be $ 89 , 550 . 00 . The Purchase Price shall be paid and title to the described
<br /> property shall be conveyed on the Closing Date , The Effective Date of this Agreement shall be
<br /> the date upon which the Indian River County Board of County Commissioners approved the
<br /> execution of this Agreement at its formal meeting . *$45, 000 per acre will be paid based on the exact
<br /> calculation of acreage for the parcel to be purchased as determined by a licensed surveyor.
<br /> 3 . Title . Seller shall convey marketable title to the Property by warranty deed free of claims ,
<br /> liens , easements and encumbrances of record or known to Seller; but subject to property taxes
<br /> for the year of Closing and covenants , restrictions and public utility easements of record provided
<br /> ( a ) there exists at Closing no violation of any of the foregoing ; and ( b ) none of the foregoing
<br /> prevents County's intended use and development 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 the
<br /> Effective Date of this Agreement deliver written notice to Seller of title defects . Title shall be
<br /> deemed acceptable to County if (a ) County fails to deliver notice of defects within the time
<br /> specified , or ( b ) County delivers notice and Seller cures the defects within thirty (30 ) days from
<br /> receipt of notice from County of title defects ( "Curative Period " ) . Seller shall use best efforts to
<br /> cure the defects within the Curative Period and if the title defects are not cured within the
<br /> Curative Period , County shall have thirty (30 ) days from the end of the Curative Period to elect ,
<br /> by written notice to Seller, to : ( i ) to terminate this Agreement , whereupon shall be of no further
<br /> force and effect , or ( ii ) extend the Curative Period for up to an additional 90 days ; or ( iii ) accept
<br /> title subject to existing defects and proceed to closing .
<br /> 4 . Representations of the Seller.
<br /> 4 . 1 Seller is indefeasibly seized of marketable , fee simple title to the Property , and is the sole
<br /> owner of and has good right , title , and authority to convey and transfer the Property which is the
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