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'FEB 21 11989 BOOK 76 F'�»E214 distribution and collection lines, lift stations, meters and other installations and facilities which are a part of the water and sewer systems. The parties recognize that chlorine and other materials and supplies will be consumed, pending closing. B. Real Property: Tracts A and C, Breezy Village Mobile Home Subdivision, Unit 1, as in Plat Book 9, Page 34, of the Public Records of Indian River County, Florida. 2. PURCHASE PRICE:. The purchase price for the Property is $65,000.00 payable in cash or by cashier's check at the time of closing. 3. CLOSING DATE: The closing in this transaction shall occur on March 1, 1989, unless extended by other provisions of this contract. 4. CONVEYANCE DOCUMENTS: The real property shall be conveyed free and clear of all encumbrances by general warranty deed. The personal property shall be conveyed by Bill of Sale with warranties of title. 5. PERSONAL PROPERTY IN "AS -IS" CONDITION: All personal property will be conveyed to the county in as -is condition. The Seller makes no warranties or representation with respect to the physical condition of the personal property. 6. TITLE TO THE REAL PROPERTY: The title to the real property shall be good and marketable. Buyer may, at its expense, obtain an abstract or title insurance binder/policy on the property showing the title to be good and marketable. Marketable title should be determined according to applicable Title Standards adopted by authority of the Florida Bar and in accordance with law. If title is found to be defective, Buyer shall, prior to closing, notify Seller in writing, specifying defects. If the defects render title unmarketable, Seller will have 120 days from receipt of notice within which to remove the defects, failing which, Buyer shall have the option of either accepting title as it then is or of cancelling this contract. Buyer shall take title subject to zoning, restrictions, prohibitions, and other requirements imposed by governmental authority; restrictions, easements and other matters appearing on the plat or otherwise common to the subdivision and taxes for the year of closing and subsequent years. 7. RIGHT OF REPURCHASE AS TO TRACT C: The Buyer and Seller acknowledge and agree that the Buyer intends to continue to utilize Tract C for the purpose of providing sewer utility service to the Breezy Village Mobile Home Subdivision, Unit 1 and other service areas. At such time as the Buyer no longer utilizes Tract C for such purposes, the` Buyer shall give the Seller written notice that said use has discontinued, and the Seller shall have 90 days after delivery of the said notice to repurchase Tract C for a price equal to the fair -market value of the land, only. The fair -market value shall be determined by a registered real estate broker with experience in land appraisals ("Qualified Appraiser"), mutually selected by the parties. If the parties are unable to agree upon the selection of a Qualified Appraiser, then each party shall select its own Qualified Appraiser and the two appraisers so selected shall select a third Qualified Appraiser. Three appraisals shall be prepared and the arithmetic' average of the three shall be deemed to be the fair -market value. The appraisal costs shall be shared by the parties, 50/50. The Seller shall give the Buyer written notice of its election to repurchase the property within the said 90 -day period and a closing on the transaction shall occur within 30•days following the completion of the appraisals and the determination of the fair -market value. The provisions of Paragraph 6 shall apply with respect to the condition of title. The recording expenses shall be divided evenly between the parties. Unless otherwise agreed to by Seller, the Buyer shall remove all sewer plant improvements, equipment and 54