|
r
<br />•
<br />M
<br />The purchase price for the property shall be its fair market value. Fair market
<br />value shall be determined by the average of the values rendered by two separate
<br />MAI appraisals, one obtained by the Optionor, and the other obtained by the
<br />Optionee. The use of the property for which the fair market value shall be
<br />determined shall be "agriculture", for citrus production or citrus -like production.
<br />The Optionor agrees that fair market value shall not include a consideration for
<br />severance damages or business damages as those terms are used in eminent
<br />domain proceedings. Further, Optionor agrees that Optionor shall not be
<br />compensated for the loss of, the relocation of, and/or the destruction of any
<br />improvements existing on the property at the time the option is exercised.
<br />The term of the option shall be 25 years. However, the Optionee shall have
<br />the right to extend the option for an additional 15 years, The option shall be
<br />exercised by Optionee delivering to Optionor written notice of such exercise on or
<br />before the expiration date of the option or the extended option, as the case may be,
<br />To extend the option, the Optionee shall deliver to the Optionor written notice of "`I
<br />Optionee's election to extend no later than the last day of the initial option, �►
<br />Anything herein. to the contrary notwithstanding, Optionee agrees that tis]
<br />Optionor has not waived its right to make application to the Optionee for amendment co
<br />to the Comprehensive Land Use Flan to delete the future extension of this road right-
<br />of -way from the Thoroughfare Plan; and further, the Optionee agrees that in the
<br />CO THI NCORcs of
<br />J
<br />JIFFREYK, BARTON
<br />DOCUMENTARY STAMPS ��RlCii.OURT
<br />�lU
<br />PreparedhyawiMwtla DEED$ .'i
<br />�
<br />Ralph L. S"" FP.Aire ]
<br />NOTES
<br />Stewart & Evanx. P.R.
<br />3355 ocean Drive JEFFREY K. IIARYON. CLERK
<br />Vero Beach, FL 32583
<br />coutthouae Box 980 INDIAN RIVER COUNTY
<br />P
<br />CO
<br />J
<br />OPTION TO PURCHANE REAL PROPERTY
<br />row
<br />W
<br />N
<br />The undersigned QUAIL VALLEY CLUB, LLC., 2801 Ocean Drive, Suite 201B,
<br />Vero Beach, Florida, hereinafter referred to as "Optionor" hereby acknowledges
<br />receipt of the sum of $10.00 and other good and valuable consideration from the
<br />County of Indian River, Florida, 1840 25'h Street, Vero Beach, hereinafter referred to
<br />as "Optionee".
<br />o.
<br />c ,
<br />In consideration therefor, and the mutual covenants hereinafter expressed,
<br />the Optionor hereby grants to the Optionee the exclusive option to purchase, for the
<br />x�
<br />r)
<br />price and on the terms and conditions hereinafter set forth, the following described
<br />W
<br />real property located in Indian River County, Florida, to wit:
<br />�
<br />w
<br />SEE EXHIBIT "A" ATTACHED
<br />The purchase price for the property shall be its fair market value. Fair market
<br />value shall be determined by the average of the values rendered by two separate
<br />MAI appraisals, one obtained by the Optionor, and the other obtained by the
<br />Optionee. The use of the property for which the fair market value shall be
<br />determined shall be "agriculture", for citrus production or citrus -like production.
<br />The Optionor agrees that fair market value shall not include a consideration for
<br />severance damages or business damages as those terms are used in eminent
<br />domain proceedings. Further, Optionor agrees that Optionor shall not be
<br />compensated for the loss of, the relocation of, and/or the destruction of any
<br />improvements existing on the property at the time the option is exercised.
<br />The term of the option shall be 25 years. However, the Optionee shall have
<br />the right to extend the option for an additional 15 years, The option shall be
<br />exercised by Optionee delivering to Optionor written notice of such exercise on or
<br />before the expiration date of the option or the extended option, as the case may be,
<br />To extend the option, the Optionee shall deliver to the Optionor written notice of "`I
<br />Optionee's election to extend no later than the last day of the initial option, �►
<br />Anything herein. to the contrary notwithstanding, Optionee agrees that tis]
<br />Optionor has not waived its right to make application to the Optionee for amendment co
<br />to the Comprehensive Land Use Flan to delete the future extension of this road right-
<br />of -way from the Thoroughfare Plan; and further, the Optionee agrees that in the
<br />
|