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ASSIGNMENT OF AGREEMENT TO PURCHASE, SELL, AND LEASE
<br />REAL ESTATE BETWEEN CREC CAPITAL IR, LLC AND/OR ASSIGNS
<br />AND MYRON MADSEN JR & DAVENE MADSEN
<br />THIS ASSIGNMENT of Agreement to Purchase, Sell, and Lease Real Estate Between
<br />CREC Capital IR, LLC And/Or Assigns And Myron Madsen Jr & Davene Madsen
<br />("Assignment") is entered into as of the _ day of April, 2023 by and between CREC Capital IR,
<br />LLC, a Florida limited liability company, whose address is 801 Brickell Ave, Miami, FL 33131,
<br />("CREC") and Indian River County, 1801 27`h Street, Vero Beach, FL 32960, a political
<br />subdivision of the State of Florida (the "County"):
<br />RECITALS
<br />WHEREAS, on November 2, 2021, Collier's International Florida, LLC, (Collier's) and
<br />the County entered into an agreement for Collier's to act as the County's real estate company in
<br />order to purchase and sell real estate and to act as County's Agent to purchase and sell property if
<br />needed; and
<br />WHEREAS, on [date] Collier's, using CREC as its agent and acting as the County's
<br />Agent, entered into an Agreement to Purchase, Sell, and Lease Real Estate Between CREC Capital
<br />And/Or Assigns And Myron Madsen Jr. & Davene Madsen (Agreement) for purchase of four
<br />parcels of real estate located at 1375 32nd Street, 1385 32nd Street, 3146 US Highway 1, and 3136
<br />US Highway 1, Vero Beach, FL 32960, as depicted on the aerial photo attached as Exhibit "A"
<br />(the Property"); and
<br />WHEREAS, the County used CREC as its Agent in this matter in an effort to get a fair
<br />purchase price and negotiate the terms of the transaction at arm's length for purchase of the
<br />Property; and
<br />WHEREAS, it is the intent of CREC to assign to the County and for the County to accept
<br />the assignment of all of the terms and conditions of that certain Agreement to Purchase, Sell, and
<br />Lease Real Estate Between CREC Capital And/Or Assigns And Myron Madsen Jr & Davene
<br />Madsen, dated [date]; and
<br />WHEREAS, it is the intent of the parties for the County to step into the shoes of CREC
<br />and participate as a party to the Agreement, relieving CREC of its duties and obligations under the
<br />Agreement.
<br />NOW THEREFORE, in consideration of the mutual undertakings herein and other good
<br />and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties
<br />agree, as follows:
<br />1. Recitals. The above recitals are true and correct and are incorporated herein.
<br />2. Effective Date. Commencing on April 18, 2023, upon approval of the Agreement by the
<br />Board of County Commissioners, CREC hereby assigns all of its right, title and interest
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