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2.1 Purchase Price, Effective Date. The purchase price ("Purchase Price") for the <br />Property shall be $30,900.00 (Thirty Thousand and Nine Hundred 00/100 Dollars). The <br />Purchase Price shall be paid on the Closing Date. The Effective Date of this Agreement <br />shall be the date upon which the County shall have approved the execution of this <br />Agreement, either by approval by the Indian River County Board of County Commissioners <br />at a formal meeting of such Board or by the County Administrator pursuant to his delegated <br />authority. <br />2.2 Remainder Parcel. The subject remainder parcel is estimated to contain <br />approximately 187,770 square feet or 4.3106 acres, after the proposed taking, which is <br />below the minimum lot size requirement for a residential ranchette in the A-1 zoning <br />district. The subject property currently contains a conforming single family residence, thus <br />continued use would be allowed. After the taking if the subject site were to become vacant, <br />it would not have adequate site area. The Seller is requesting from Indian River County to <br />have the subject remainder site area considered adequate in size for ranchette <br />development, if reduced by the proposed right-of-way taking. The remainder parcel would <br />be considered a legal non -conforming parcel as so long as the non -conformity is not <br />increased, the parcel and house would be permitted to remain as such. <br />3. Title. Seller shall convey marketable title to the Property by warranty deed free of <br />claims, liens, easements and encumbrances of record or known to Seller; but subject to <br />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 development <br />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 within <br />the time specified, or (b) County delivers notice and Seller cures the defects within thirty <br />(30) days from receipt of notice from County of title defects ("Curative Period"). Seller shall <br />use best efforts to cure the defects within the Curative Period and if the title defects are not <br />cured within the Curative Period, County shall have thirty (30) days from the end of the <br />Curative Period to elect, by written notice to Seller, to: (i) to terminate this Agreement, <br />whereupon shall be of no further force and effect, or (ii) extend the Curative Period for up <br />to an additional 90 days; or (iii) accept title subject to existing defects and proceed to <br />closing. <br />4. Representations of the Seller. <br />4.1 Seller is indefeasibly seized of marketable, fee simple title to the Property, and is the <br />sole owner of and has good right, title, and authority to convey and transfer the Property <br />which is the subject matter of this Agreement, free and clear of all liens and <br />encumbrances. <br />2 <br />