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do SHRT FRM. G1I Project : Sebastian creek (Form Revised 07/23/961 Parcel 4: Fischer DNR 61-40(1G) OPTION AGREEMENT FOR SALE AND PURCHASE �J THIS AGREEMENT is made this day of 2000, between INDIAN RIVER COUNTY, a political subdivision of the State of Florida, whose address is c/o Community Development Department, 1840 25th Street, Vero Beach, Florida 32960, as "Seller" and the BOARD OF TRUSTEES OF THE INTERNAL IMPROVEMENT TRUST FUND OF THE STATE OF FLORIDA ("Trustees"), whose address is Florida Department of Environmental Protection, Division of State bands, 3900 Commonwealth Blvd., Mail Station 115, Tallahassee, Florida 32399-3000, as "Purchaser", Purchaser's agent in all matters shall be the Division of state Lands of the Florida Department of Environmental Protection ("DSL"). 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 and riparian and littoral rights, if any (the "Property"), in accordance with the provisions of this Agreement. This Option Agreement becomes legally binding on Seller upon Seller's execution of the Agreement, but exercise of the option is subject to approval by Purchaser and is effective only if DSL gives written notice of exercise to seller. 2. OPTION TERMS. The option payment- is $100.00 ("Option Payment"). The Option Payment, in the form of a state warrant, will be forwarded to Seller upon its receipt by DSL from the Comptroller of the State of Florida. The option may be exercised during the period beginning with Purchaser's approval of this Agreement and ending 180 days after Purchaser's approval of this Agreement ("Option Expiration [late"), unless extended by other provisions of this Agreement. In the event Purchaser's funds in the amount of the Purchase Price (as hereinafter defined in paragraph 3.A.) ,are 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 60 days after the Option Expiration Date, by written notice to Seller. 3.A. PURCHASE PRICE. The purchase price ("Purchase Price") for the Property is SIX HUNDRED AND FIVE THOUSAND and N0/100 Dollars ($605,000.00) which, after reduction by the amount of the Option Payment, will be paid by state warrant at closing to Seller or Seller's designated agent who meets the requirements of Section 259.041(17), Florida Statutes. The Purchase Price is subject to adjustment in accordance with paragraph 3.B. This Agreement is contingent upon approval of the Purchase Price by Purchaser and upon confirmation that the final Purchase Price is not in excess of the maximum value of the Property as determined in accordance with Section 259.041(7), Florida Statutes ("DSL Approved Value"), The determination of the final DSL Approved value and the Final Purchase Price can only be made after the completion and DSL''s approval of the survey required in paragraph 5. 08/04/00 10:381NM SHRTFRM.GH Page i