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Project/ parcel : Pressley Ranch , Inc . CONTRACT FOR SALE AND PURCHASE THIS AGREEMENT is made this 16 day of August 2011 , by and among PRESSLEY RANCH , INC . , whose address is PO BOX 690155 , Vero Beach , Florida 32969 , ( " Seller " ), and INDIAN RIVER COUNTY , a political subdivision of the State of Florida, whose address is 1801 27`h St . , Vero Beach, Florida 32960 (" Purchaser" or "County") . 1 . AGREEMENT . Seller agrees to sell and Purchaser agrees to buy , on the terms and conditions set forth in this Agreement 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 becomes legally binding upon execution by the parties . 2 . EARNEST MONEY DEPOSIT . Upon execution of this Agreement, Purchaser shall deliver the sum of ONE HUNDRED DOLLARS ( $ 100 ) (the " Deposit") in escrow with Gould Cooksey Fennell , P . A . (the " Closing Agent") as escrow agent to be held in an interest bearing account. The earnest money deposit and the interest earned on the deposit are referred to as the " Deposit" . The Deposit shall become non . refundable in the event the conditions described herein for the benefit of Purchaser are satisfied or are waived by Purchaser . If and when Closing occurs , the Deposit shall be applied to the Purchase Price of the Property . 3 , SATISFACTORY INSPECTION AND REVIEW. The Seller and Purchaser expressly covenant and agree that Purchaser' s satisfaction upon the review and inspection provided for herein is a specific condition precedent to the obligation of Purchaser to purchase the Property . The period of inspection (the " Inspection Period " ) shall terminate on the earlier of: (i ) Receipt by Seller of notice from Purchaser that the Property is suitable for purchase ; or (ii ) Midnight, prevailing Eastern Time, ninety ( 90) days following the Purchaser ' s approval of this Agreement . 4 . TOTAL PURCHASE PRICE . The total purchase price ( " Total Purchase Price " ) for the Property is ONE MILLION and no/ 100 Dollars ($ 1 ,000 , 000 ), which , after reduction by the amount of the Earnest Money Deposit, will be paid by Purchaser at closing to Seller or Seller' s designated agent in the manner set forth herein . 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 . 5 . A . ENVIRONMENTAL SITE ASSESSMENT . Purchaser may , at its expense and prior to the end of the Inspection Period , obtain an environmental site assessment of the Property . For purposes of this Agreement " Hazardous Materials " shall mean any hazardous or toxic substance , material or waste of any kind or any other substance which is regulated by any Environmental Law (as hereinafter defined in paragraphA . B . ) . l 5 5 . B . HAZARDOUS MATERIALS . In the event that the environmental site assessment provided for in paragrapl?..4�. A . confirms the presence (or significant risk of the presence , as determined in Purchaser ' s � sole discretion ) of Hazardous Materials on the Property , Purchaser, at its sole option , may elect to terminate this Agreement and neither party shall have any further obligations under this Agreement . Page 1