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Cot .41a" �rq ! A t1* : � .�� t d 1Ea project - Blue bogie Contract a: Prnjetit ft"ny Tot a l,I7,a: za .+ i •35+ t�uUUp.UU30-4t1po 1,5 Panel w; Freaks. Trustee, el al, :r OPTION AGREEMENT FOR SALE AND PURCHASE 113 THUS AGREENEENT Lv made this _1S'td3y of L/ � enccTEL 1. PSc I iS. !R[?STFE. BARBARA A. L -MCH. TRUSAF. a A1TT C. SCL\rFRS (cnfax addr :calla:tisolyftxhe purpose of thisAlttiely. Agreement �. i%936 U,S. 11igh%voy i. Suite ;L Sebastian FL. the FLORWA COMML:`UMs TRUST. a nonregulaton agent) within tite Department of Community • Affairs, ("acquiring Agency") whose address is'555 Shumard Uak Btrulcvard. T:allahassec. Florida 3239`), and INDIAN Rn ER COUNTY. Florida. a political subdivision within the state of Florida, ('Local Government'), whose address is c o Conanunity Development Y7cp3rtmeftL 1840 25" Street. Vera Beach. Florida 32940, .acquiring Agency and Local amCrurnent %sill he cnlleclively refetrcd to as'Purchacel". i I OZB.A.`T OF L+P_ JLQ_. Seller hereby grants to Purchaser the exwlusi%e option to purchase the rea'1 properly located in Indian River County. Florida, described in Exhibit "A together Kith all improvements. easements and appumnances ('Property"°), in accordance %kith the provisions of this Agreement. Thin Option Agreement becomes legally binding upon execution by the parties but exercise of the Gplion is subject to approval by Purchaser and is cffectn•c only if Acquiring Agency and Local Govcmmcnt giv.: written notice of exercise to Seller, 2. t7ZUQZ , The Option Payment is Sl 00.00 ("Option Payment"), The Option Pa3-raent, in the form ofa Cowttycheck,%%gill be forwarded to Seller after full execution ofthis agreement. The option maybe exewised during the period beginning with the Purchaser's approval of this Agreement and the Acquiring Agency's governing body granting project plan approval in accordance with Rule W401 Florida Administrative Lode, gad ending on .atkgust 31. 1999 C'°Optinn Expiration Date"). unless extended by other provisions of this AY:roemcnt. In the event :,.cquiring Agency s Purchase; Price (as bereinalier defined in Paragraph 3.A) or Local Government's Purchase Price (as hereinafter defined in Paragraph ?.:ea) are not available by the OpUon E.%piradon date the period of exercise of the option may b: extended until such funds become available, not to exceed 30 days after the t'Sption Expiration hate, by rkri[ten noli,x to Seller. Notwithstanding the above, an important okf ectivc far both Seller and Purchaser is to close on the purchase and sale of the Property under this .apecment by dune 25. 1999, or as soon thmafter as possible: and both parties agree to use their best e>durts to do so. 3.A. IQ T P m r' PRICE, The total purchase price ("Total Purehasc Price') for the Property is TL 'O i IiAVDREp SLl71Y THOUSAND DOLLARS ( 5260.000.00) which, alter rcduclion by the amount 01 the Option PaymeM will be paid by ,Acquiring Agcncy and Local G0`crnmcnt at closing to Seller or Seller's designated agent who meets the requirements of Section 253.035. Florida Statutes, in the tnanner sel forth herein. The Total Purchase Price shall he paid to Beller as follo%s^s:Acquiring Agency shall pay the lesser of 5130,000 or 50%ofthe final adjusted Total Purchase Price for the Property as detcrnrhted in accordance s%ith paragraph 3.13. ("Acquiring Agency's Purchase Price"), kvWclr after reduction by Acquiring .agency of the Option Payvtcrt6 %►iIl he paid lu Seller h}' stair k% arrant al closing: and Local Gv+r rnment shell pay the~ lesser of5130,000 or 30go of the final adjusted Total Purchase Price for the Property° as determined in a%xordart" %ithpatagraph3.B. ("Local Gov4mmernl'sPurohase Price"). will he paid to Seller by Local Govemntcnl cheek at closing, The Total Purchase price is subiect to adjustment in accordance %zith paragraph :3_B. the detennittation of the final 1001 Pruchase Price can only be tirade after the complalion and approval of tate survey required in paragraph 5, This Agreement is contingernt upon approval of Total Purchase Price. �tr•�_r� _ -cc,�