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M <br /> the Indian River County Board of County Commissioners is December 12 , 2006 , the <br /> same date as the Option Expiration Date ; and ( iii) Seller shall execute this Third <br /> Amendment prior to December 12 , 2006. <br /> I . The parties acknowledge and agree that they are in complete compliance with <br /> all terms of the Amended Option Agreement as of December 12 , 2006 . <br /> NOW THEREFORE , for good and valuable consideration , the receipt and <br /> sufficiency of which is hereby acknowledged , the parties hereto , intending to be legally <br /> bound , agree to amend the Amended Option Agreement as follows : <br /> 1 . From and after the effective date of this Third Amendment , the second sentence <br /> of paragraph 2 of the Amended Option Agreement is amended in its entirety to read as <br /> follows : <br /> The option may be exercised on or before January 17 , 2007 <br /> ("Option Expiration Date" ) , with closing , if the Option is <br /> exercised , on or before February 28 , 2007 . <br /> 2 . From and after the effective date of this Third Amendment, the first sentence of <br /> wi�paragraph 13 of the Amended Option Agreement is amended in its entirety to read as <br /> Febi clat y 282 20OTL. <br /> follows : <br /> ( � The closing , if the option is exercised , shall be on or before <br /> January 31 , 2007 , <br /> 3 . The Option will expire if the County fails to approve and execute this Third <br /> Amendment on December 12 , 2006 . <br /> 4 . All terms and provisions of the Amended Option Agreement not amended by <br /> this Third Amendment shall be and remain in full force and effect. <br /> 5 . All defined terms not otherwise defined herein shall have the same meaning as <br /> set forth in the Amended Option Agreement. <br /> 6 . This Third Amendment may be executed in one or more counterparts , each of <br /> which shall be deemed to be an original copy and all of which shall constitute but one <br /> and the same instrument . <br /> 7 . The background recitals are true and correct and form a material part of this <br /> Third Amendment. <br /> [SIGNATURES ON NEXT PAGE] <br /> 2 <br />