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CONTRACT FOR SALE AND RESERVATION OF ROAD RIGHT-OF-WAY THIS AGREEMENT, made and entered into this aZq mac.day of September, 1987, by and between Indian River County, a political subdivision of the State of Florida (hereinafter "Grantee") and CIBA-GEIGY CORPORATION, a New York Corporation, its successors, and assigns (hereinafter "Grantor"); WHEREAS, Grantor is the owner of certain property within Indian River County located on land more particularly described in Exhibit "A", attached hereto and incorporated herein; and WHEREAS, Grantor wishes to further develop said property in accordance with a site plan approved by the Grantee Indian River County Planning and Zoning Commission on August 29, 1986; and WHEREAS, as a condition of the site plan approval, Indian River County has indicated its willingness to accept certain assurances regarding the reservation of a portion of the aforementioned property, more particularly described in Exhibit "B", attached hereto and incorporated herein, for future right-of-way purposes in lieu of an immediate dedication of a portion of Grantor's property, WHEREAS, Grantor recognizes that the County will purchase said property as described in Exhibit "B" when such acquisition becomes necessary for roadway expansion or improvements incidental to roadway expansion; and WHEREAS, Grantor, desiring that this Reservation of Right -of -Way resolve certain questions pertaining to said property, is willing to commit to the convenants, conditions, and terms further described herein; NOW, THEREFORE, for and in consideration of $10.00 and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in an effort to accomplish the above -stated objectives, Grantor expressly represents and agrees on behalf of itself, its successors, its legal representatives and assigns, as follows: 1. Grantor will not construct or cause to be constructed, built or placed upon the reserved parcel of land described herein, any improvement which would increase the value of said parcel or of the remaining property described in Exhibit "A" herein or any site -related improvement which is required by law to serve the principal use on the property except as shown on existing and approved Site Plan SP -MA -85-10-128. All future structures shall be set back from the reserved parcel in conformance with setbacks established in the zoning code as if the reserved parcel were part of the right-of-way. 2. Grantor acknowledges and agrees with Indian River County that the purpose of this agreement is to prevent improvements or encroachments into the property reserved for future right-of-way, and Grantor further agrees to forego and waive any and all damages or compensation for the value of any intentional or incidental improvements which are made to the reserved property, except as described herein. 3. Indian River County recognizes that Grantor may continue to make such use of the reserved property as will not cause an increase in the value of the reserved property or of the remaining site, until such time as the County acquires the reserved property for right-of-way improvements. 23 SEP 2 0 198 - BOOK 69 PACE576