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40 • ? 4 / 3. A .<y11 961-011 Project: Public Works Fleet Management Complex Property Tax I.D. #: OPTION AGREEMENT FOR SALE AND PURCHASE THIS AGREEMENT is made this � day of wJsw 1999, between ANNETTE R. RO$ERTS, TRUSTEE ("Seller") whose address is 5 5 Gcj S/ Sfr fh� u>�, and INDIAN RIVER COUNTY, Florida, a political subdivision of the State of Florida, ("Purchaser' and "County"), whose address is c/o Public Works Department, 1$40 25th Street, Vero Beach, Florida 32960. 1. GRANT OF OPTION. Seller hereby grants to Purchaser the exclusive option to purchase the real property located in Indian River County, Florida, described in Exhibit "A", together with all improvements, easements and appurtenances ("Property"), in accordance with the provisions of this Agreement. This Option Agreement becomes legally binding upon execution by the parties but exercise of the option is subject to approval by Purchaser and is effective only if Purchaser gives written notice of exercise to Seller. 2. OPTION TERMS. The option payment is $10,000.00 ("Option Payment'). The Option Payment will be forwarded to Seller within 10 days after execution of this Agreement. The option may be exercised during the period beginning with the Purchasers approval of this Agreement and ending on June 30, 1999 ("Option Expiration Date'), unless extended by other provisions of this Agreement. In the event the Purchase Price (as hereinafter defined in paragraph 3.A) is not available by the Option Expiration Date, the period of exercise of the option may be extended until such funds become available, not to exceed 30 days after the Option Expiration Date, by written notice to Seller. 3.A. TOTAL PURCHASE PRICE. The total purchase price ("Total Purchase Price") for the Property is THREE HUNDRED AND SIXTY SIX THOUSAND NINE HUNDRED DOLLARS ($366,900.00) which, after reduction by the amount of the Option Payment, will be paid by purchaser at closing to Seller or Seller's designated agent. The total Purchase Price is subject to adjustment in accordance with paragraph 3.B. The determination of the final Total Purchase Price can only be made after the completion and approval of the survey required in paragraph 5. This agreement is contingent upon its approval, and consequent approval of the Total Purchase Price, by Purchaser. Should County's funds not be available for any reason, Purchaser or Seller may elect to terminate this Agreement by written notice to the parties without liability to any party. Conveyance of the Property in fee simple from Seller to County will take place at the closing, in exchange for the payments to be made by Purchaser to Seller at closing as set forth above in this paragraph 3.A. 3.B. ADTUSTMENT OF TOTAL PURCHASE PRICE. If prior to closing, Purchaser determines that the Total Purchase Price stated in paragraph 3.A. exceeds the final County approved appraised value of the Property, the Total Purchase Price will be reduced to the final County approval appraised value of the Property. If the final