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SECOND AMENDMENT <br /> TO OPTION AGREEMENT FOR SALE AND PURCHASE <br /> This Second Amendment to Option Agreement for Sale and Purchase ("Second <br /> Amendment') is entered into effective this 31st day of October, 2006 , by and between <br /> Indian River County, a political subdivision of the State of Florida and Shadowbrook <br /> Estates , Inc. ("Seller") . <br /> Background Recitals : <br /> A. On March 30 , 2006 , Seller entered into an Option Agreement for Sale and Purchase <br /> with Indian River County (" Option Agreement') . <br /> B . Pursuant to applicable Florida law, the Option Agreement was approved by the <br /> Indian River County Board of County Commissioners at a duly advertised public hearing <br /> held on June 6 , 2006 . <br /> C . The Option Agreement grants an option to Indian River County to purchase the <br /> Property as more specifically described in Exhibit A of the Option Agreement . <br /> D . Pursuant to the terms of the Option Agreement , Indian River County has elected to <br /> obtain a Phase II Environmental Assessment of the Property (" Phase 11 ") . <br /> E . The Option Agreement was amended by the First Amendment to Option Agreement <br /> for Sale and Purchase dated August 15 , 2006 to extend the Option Expiration Date to <br /> October 31 , 2006 (as so amended , the Option Agreement and the First Amendment <br /> collectively hereinafter referenced as "Amended Option Agreement') . <br /> F . The completed Phase II report is a lengthy and complex document that requires <br /> careful review and analysis by Indian River County and Seller, and such review cannot <br /> be completed prior to the October 31 , 2006 Option Expiration Date . <br /> G . Indian River County and Seller have agreed that it is in their respective best <br /> interests to amend the Amended Option Agreement to extend the Option Expiration Date <br /> and the closing date , pursuant to the terms of the Amended Option Agreement. <br /> H . Seller acknowledges and agrees that: ( i) the Indian River County Board of County <br /> Commissioners must approve this Second Amendment at one of its regularly scheduled <br /> meetings ; (ii) the earliest opportunity to present this Second Amendment to the Indian <br /> River County Board of County Commissioners occurs in November, 2006 , after the Option <br /> Expiration Date ; and ( iii) Seller shall execute this Second Amendment prior to the Option <br /> Expiration Date . <br /> I . The parties acknowledge and agree that they are in complete compliance with all <br /> terms of the Amended Option Agreement as of October 31 , 2006 . <br /> 1 <br />