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2.1 Purchase Price, Effective Date The purchase price ("Purchase Price") for the <br />Property shall be $32,000 and shall be paid on the Closing Date. The Effective Date of <br />this Agreement shall be the date upon which the County shall have approved the <br />execution of this Agreement, either by approval by the Indian River County Board of <br />County Commissioners at a formal meeting of such Board or by the County <br />Administrator pursuant to his delegated authority. <br />3. Title. Seller shall convey marketable title to the Property by warranty deed free <br />of claims, liens, easements and encumbrances of record or known to Seller; but subject <br />to property taxes for the year of Closing and covenants, restrictions and public utility <br />easements of record provided (a) there exists at Closing no violation of any of the <br />foregoing; and (b) none of the foregoing prevents County's intended use and <br />development of the Property ("Permitted Exceptions"). <br />3.1 County may order an Ownership and Encumbrance Report or Title Insurance <br />Commitment with respect to the Property. County shall within fifteen (15) days following <br />the Effective Date of this Agreement deliver written notice to Seller of title defects. Title <br />shall be deemed acceptable to County if (a) County fails to deliver notice of defects <br />within the time specified, or (b) County delivers notice and Seller cures the defects <br />within thirty (30) days from receipt of notice from County of title defects ("Curative <br />Period"). Seller shall use best efforts to cure the defects within the Curative Period and <br />if the title defects are not cured within the Curative Period, County shall have thirty (30) <br />days from the end of the Curative Period to elect, by written notice to Seller, to: (i) to <br />terminate this Agreement, whereupon Agreement shall be of no further force and effect, <br />or (ii) extend the Curative Period for up to an additional 90 days; or (iii) accept title <br />subject to existing defects and proceed to closing. <br />4. Representations of the Seller. <br />4.1 Seller is indefeasibly seized of marketable, fee simple title to the Property, and is <br />the sole owner of and has good right, title, and authority to convey and transfer the <br />Property which is the subject matter of this Agreement, free and clear of all liens and <br />encumbrances. <br />4.2 From and after the Effective Date of this Agreement, Seller shall take no action <br />which would impair or otherwise affect title to any portion of the Property, and shall <br />record no documents in the Public Records which would affect title to the Property, <br />without the prior written consent of the County. <br />4.3 There are no existing or pending special assessments affecting the Property, <br />which are or may be assessed by any governmental authority, water or sewer authority, <br />school district, drainage district or any other special taxing district. <br />2 <br />