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AGREEMENT TO PURCHASE AND SELL REAL ESTATE <br /> BETWEEN INDIAN RIVER COUNTY AND LOCKWOOD LANE <br /> ACQUISITION GROUP, LLC <br /> THIS AGREEMENT TO PURCHASE AND SELL REAL ESTATE ("Agreement") is <br /> made and entered into as of the 15thday of August, 2017, by and between Indian River <br /> County, a political subdivision of the State of Florida, 1801 27th Street, Vero Beach, FL <br /> 32960 ("the County"), and Lockwood Lane Acquisition Group, LLC, f/k/a Lockwood Lane <br /> Development Group, LLC, whose address is Post Office Box 690997, Vero Beach, FL <br /> 32968 ("Lockwood"), who agree as follows: <br /> WHEREAS, Lockwood owns property located at the northwest corner of 17th Street <br /> SW and 27th Avenue, Indian River County, Vero Beach, Florida, an aerial photo of the <br /> property is attached to this agreement as Exhibit"A"and incorporated by reference herein; <br /> and <br /> WHEREAS,the County entered into a Developer Agreement with the owners of the <br /> Millstone Landing subdivision to plan, design and construct 17th Street SW from 27th <br /> Avenue to the western boundary of the Millstone Landing development and the Developer <br /> Agreement calls for a southbound right turn lane on 27th Avenue onto 17th Street SW; and <br /> WHEREAS, in order for the County to proceed with its road expansion plans, the <br /> County needs to acquire property to be used as right-of-way along 27th Avenue from <br /> Lockwood; and <br /> WHEREAS, the County has contacted Lockwood about acquiring a 0.61 acre parcel <br /> of property from Lockwood to be used as right-of-way as depicted on Exhibit "B" <br /> (collectively, the Property); and <br /> WHEREAS, Lockwood plans to develop its property into a residential subdivision <br /> and acknowledges that the turn lane on 27th Avenue would benefit the future residents of <br /> the subdivision; and <br /> WHEREAS, the County is prepared to take the Property by using its power of <br /> eminent domain; and <br /> WHEREAS, Lockwood and the County wish to avoid the risk, time and expense of <br /> litigation by entering into this agreement for sale and purchase of the Property; <br /> NOW, THEREFORE, in consideration of the mutual terms, conditions, promises, <br /> covenants and premises hereinafter, the COUNTY and LOCKWOOD agree as follows: <br /> 1. Recitals. The above recitals are affirmed as being true and correct and are <br /> 1 <br />