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P 2 c <br /> THIRD AMENDMENT <br /> TO OPTION AGREEMENT FOR SALE AND PURCHASE <br /> This Third Amendment to Option Agreement for Sale and Purchase ('Third <br /> Amendment' ) is entered into effective this 12`h day of December, 2006 , by and <br /> between Indian River County, a political subdivision of the State of Florida and <br /> Shadowbrook Estates , Inc. ("Seller"). <br /> Background Recitals : <br /> A . On March 30 , 2006 , Seller entered into an Option Agreement for Sale and <br /> Purchase 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 <br /> hearing 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 elected to <br /> obtain a Phase II Environmental Assessment of the Property (" Phase II " ) . <br /> E . The Option Agreement was amended by the First Amendment to Option <br /> Agreement for Sale and Purchase dated August 15 , 2006 to extend the Option <br /> Expiration Date to October 31 , 2006 , and by the Second Amendment to Option <br /> Agreement for Sale and Purchase , effective October 31 , 2006 to extend the Option <br /> Expiration Date to December 12 , 2006 , (as so amended , the Option Agreement , the <br /> First Amendment, and the Second Amendment collectively hereinafter referenced as <br /> "Amended Option Agreement' ). <br /> F . The completed Phase II report, a lengthy and complex document, has been <br /> carefully reviewed and analyzed by Indian River County and Seller. Based on such <br /> review, Indian River County and Seller are in the process of negotiating the terms of an <br /> escrow agreement and another amendment to the Amended Option Agreement; and <br /> such negotiations cannot be completed prior to the December 12 , 2006 Option <br /> Expiration Date . <br /> G . Indian River County and Seller have agreed that it is in their respective best <br /> interests further to amend the Amended Option Agreement to extend the Option <br /> Expiration Date and the closing date , pursuant to the terms of the Amended Option <br /> Agreement. <br /> H . Seller acknowledges and agrees that : ( i ) the Indian River County Board of <br /> County Commissioners must approve this Third Amendment at one of its regularly <br /> scheduled meetings ; (ii ) the earliest opportunity to present this Third Amendment to <br /> 1 <br /> ATTACHMENT j <br />