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AGREEMENT TO PURCHASE AND SELL REALESTATE �yy /�E—A>2 2-.0/ g THIS AGREEMENT is entered into as of the !. 5 day of-Jam:la+y, 204-9; by and between Indian River County, a political subdivision of the State of Florida, whose address is 1801 27th Street, Vero Beach, FL 32960 ("County"), and Central Groves Corp., a Florida profit corporation, whose address is 606 Azalea Lane, Vero Beach, FL 32963 ("Central"). WHEREAS, Central owns an 18.06 acre parcel of unimproved land located at the northwest corner of 66th Avenue and 69th Street commonly known as the Miami Block as depicted on the aerial photo attached as Exhibit "A"; and WHEREAS, the Miami Block is zoned A-1, Agricultural, up to one residential unit per five acres and lies outside of the Urban Services Boundary; and WHEREAS, County is undertaking a road expansion project consisting of the widening of 66th Avenue north of 49th Street to County Road 510, for which County needs the following parcels: • a 5.45 acre strip of right-of-way along the length of the eastern border of the Central property including a 70' wide parcel along 69th Street on the southern property boarder and a corner clip at the southeast corner of the parcel • a 2.27 acre parcel to be used as a stormwater treatment pond for treatment of stormwater from 66th Avenue in its expanded state; and WHEREAS, in order to avoid the uncertainty of trial and the costs of litigation, the Parties have agreed to purchase and sell the above parcels of property to be used for the second phase of the 66th Avenue Improvement Project. NOW THEREFORE, in consideration of the mutual undertakings herein, and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties agree, as follows: Recitals. The above recitals are true and correct and are incorporated herein. 1. Agreement to Purchase and Sell. Central hereby agrees to sell to the County, and the County hereby agrees to purchase from Central, upon the terms and conditions set forth in this Agreement, the entire 18.06 acre parcel of real property referred to as the Miami Block located at the northwest corner of 66th Avenue and 69th Street, Indian River County and more specifically described in Exhibit "B" attached and incorporated by reference herein. 2. Purchase Price; Effective Date. The purchase price (the "Purchase Price") for the Property shall be SIX HUNDRED FIFTY FIVE THOUSAND TWO HUNDRED NINETY EIGHT dollars ($655,298.00). The Purchase Price shall be paid on the Closing Date. The Purchase Price is inclusive of all compensation for damages incurred by Central as a result of the County's proposed take of the Miami Block. The Effective Date of this 1