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AMENDMENT NO. 1 TO PURCHASE AGREEMENT <br />THIS FIRST AMENDMENT to that certain Purchase <br />Agreement dated the 25th day of April, 1988, by and between <br />INDIAN RIVER COUNTY, a political subdivision of the State of <br />Florida, 1840 25th Street, Vero Beach, Florida 32960 <br />("COUNTY"), and NORTH BEACH WATER COMPANY, a Florida <br />corporation, Post Office Box 156, Wabasso, Florida 32970 <br />("UTILITY"), is hereby entered into this 1st day <br />of November , 1988, by amending Paragraph 5 of said <br />Contract to read as follows: <br />"5. PURCHASE PRICE <br />The purchase price shall be $3,100,000.00, <br />to be paid in CASH AT CLOSING, ready funds. The <br />COUNTY intends to use certain revenues of the <br />system, including a surcharge, on all customers <br />of the system as security for repayment of the <br />bonds to be issued by the COUNTY in connection <br />with the purchase of the system. The surcharge <br />will not exceed $13 per equivalent residential <br />unit per month for a period of at least five (5) <br />years from date of the closing. The UTILITY, on <br />behalf of itself and its shareholders, agrees to <br />cooperate from time to time with the COUNTY in <br />connection with the surcharge and any note and/or <br />bond issues relating directly or indirectly to <br />the system purchased hereunder. This provision <br />of this Contract shall survive closing <br />hereunder." <br />IN WITNESS WHEREOF, the parties have hereunto caused <br />this Amendment No. 1 to Purchase Agreement to be executed the <br />day and year set forth next to their names. <br />Date: November 1, 1988 <br />Witness <br />do ov 11988 <br />BOARD OF COUNTY COMMISSIONERS <br />INDIAN RIVER COUNTY, FLORIDA <br />BY: %".,. <br />Don C. Scur <br />Chairman <br />ock, <br />1 <br />Freda Wrigty , Clete,. <br />rNairestatApu D ,C • <br />NORTH BEACii WATER COMPANY <br />By: <br />Steve Pate, President <br />1 <br />1$ <br />at <br />90 <br />APPROVED AS TO FORM <br />AND LEGAL SUFFACi <br />Charles P. Vitunac <br />County Attorney <br />BOOK 75 FA <br />