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A Project/ parcel : Ryall OPTION AGREEMENT FOR SALE AND PURCHASE THIS AGREEMENT is made this 15th day of December 2005 , by and between MARGARET A. RYALL, PO Box 700651 , Wabasso , FL 32970, as " Seller" , and INDIAN RIVER COUNTY, a political subdivision of the State of Florida, whose address is 1840 25 `h Street, Vero Beach, Florida 32960 (APurchaser@ or ALocal Government@ or ACounty@ ) . 1 . GRANT OF OPTION. Seller hereby grants to Purchaser the exclusive option to purchase the real property located in Indian River County, Florida, described in Exhibit "A" , together with all improvements, easements and appurtenances (" Property" ), in accordance with the provisions of this Agreement. This Agreement does not include the purchase of personal property located on the Property; however any personal property remaining after delivery of possession shall become the property of the Purchaser as of that time . This Option Agreement becomes legally binding upon execution by the parties but exercise of the option is subject to approval by Purchaser and is effective only if the County, on behalf of Purchaser, gives written notice of exercise to Seller. 2 . OPTION TERMS . The option payment is $ 100 . 00 (" Option Payment" ). The Option Payment, in the form of a County check, will be forwarded to Seller as soon as possible. The option may be exercised during the period beginning with the Purchaser's approval of this Agreement and ending 90 days after approval of this Agreement by the Indian River County Board of County Commission (" Option Expiration Date" ), unless extended by other provisions of this Agreement. In the event the Purchase Price (as hereinafter defined in paragraph 3 .A) is not available by the Option Expiration Date, the period of exercise of the option may be extended until such funds become available, not to exceed 30 days after the Option Expiration Date, by written notice to Seller. The parties agree to use their best efforts to exercise the option and close as soon as possible, even if prior to the Option Expiration Date, so long as all requirements of this Agreement are fulfilled. 3 .A. TOTAL PURCHASE PRICE. The total purchase price ("Total Purchase Price " ) for the Property is ONE MILLION ONE HUNDRED FIFTY THOUSAND and no/ 100 Dollars ($ 1 , 150,000) which, after reduction by the amount of the Option Payment, will be paid by purchaser at closing to Seller or Seller's designated agent who meets the requirements of Section 253 . 025 , Florida Statutes, in the manner set forth herein . The Total Purchase Price is based on acreage estimates utilized in the appraisals obtained by the County: including a total acreage of approximately 10 . 13 acres, with an approximately 1 ,495 square foot residence built in 1984 . The property is zoned residential . This Agreement is contingent upon approval of the survey by Purchaser. Conveyance of the Property in fee simple from Seller to Purchaser will take place at the closing, in exchange for the payments to be made by Purchaser to Seller at closing as set forth above in this paragraph 3 .A. 3 .B . ADJUSTMENT OF TOTAL PURCHASE PRICE . If, prior to closing and after review of the survey, environmental assessment or title, Purchaser determines that the Total Purchase Price stated in paragraph 3 .A. exceeds the final County approved appraised value of the Property, Purchaser shall, in it' s sole discretion, have the right to terminate this Agreement by written notice to Seller and neither party shall have any further obligations under this Agreement. 12 / 10 / 04 Page 1