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REAL ESTATE EXCHANGE AGREEMENT <br />Between <br />INDIAN RIVER COUNTY AND PARADISE CENTRAL CORPORATION <br />This Real Estate Exchange Agreement (Exchange) entered into this 16 day of October, <br />2018 between Indian River County, a political subdivision of the State of Florida ("the County") <br />1801 27th Street, Vero Beach, Florida 32960; and Paradise Central Corporation, 1570 561' <br />Square West, Vero Beach, Florida 32966 ("Paradise"). <br />WHEREAS, the County plans widening and improvements to the intersection of State <br />Road 60 and 43rd Avenue that will require the utilization of part of Paradise's property located <br />on the southwest corner of State Road 60 and 43`d Avenue, Vero Beach, Florida; and <br />WHEREAS, the County must acquire 4,140 square feet (0.095) Acres of land to be used <br />as right-of-way along SR 60 and 43`d Avenue from Paradise; and <br />WHEREAS, the County owns a parcel of land (former Lennie's Lounge property) that is <br />6,098 square feet (0.14 acres) that lies adjacent to the Paradise property; and <br />WHEREAS, in order to mitigate the impacts of the loss of property due to the <br />intersection expansion, the County has offered to exchange its Lennie's Lounge remainder <br />property as part of an Agreement for the purchase of the needed Paradise property; and <br />WHEREAS, this Exchange is a part of that certain Purchase Agreement between <br />Paradise and the Florida Department of Transportation (FDOT) dated September 20, 2018, <br />attached as Exhibit A and incorporated herein by reference; and <br />WHEREAS, the County and Paradise hereby agree to an exchange of portions of their <br />respective properties; and <br />WHEREAS, each party is indivisibly seized of their respective parcel of property and <br />shall convey marketable title to their respective parcel by County or warranty deed free of <br />claims, liens, easements, and encumbrances, but subject to property taxes for the year of closing; <br />and <br />WHEREAS, this Exchange Agreement is subject to final approval by the Indian River <br />County Board of County Commissioners (BCC) through the adoption of a Resolution. Such an <br />exchange is allowed under Section 125.37, Florida Statutes. Notice is required to be published <br />once a week for two weeks before consideration by the BCC. <br />NOW THEREFORE, in consideration of the mutual terms, conditions, promises and <br />covenants hereinafter, Paradise and the County agree as follows: <br />1. The above recitals are true and correct and incorporated by reference into this agreement. <br />