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Project Indian River Blvd So MULTIASG.GH Parcel Flinn (Form Revised 07/13/99) DNR# 61-38 (16) OPTION AMEIENT FOR SALE AND PURCHASE THIS AGREEMENT is made this '$l AU4uSY a� ERT A. FLINN and RICHARD M. FLINNwhose ddre aday ddress is c/o Roberto Flinn, y and between 411 LiveBOak Road, Vero Beach FL 32963, as "Seller" and INDIAN RIVER COUNTY, FLORIDA ("County"), whose address is C/0 Community Development Department, 1840 25th Street, Vero Beach FL 32960, and its successors and assigns as "Purchaser". 1. GRANT OF OPTION. Seller hereby grants to Purchaser and its successors and assigns 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 Agreement becomes legally binding on Seller upon Seller's execution of the Agreement, but exercise of the option is subject to approval by Indian River County (and by the Governing Board of St. John's River Water Management District (the "District"), whose address is Post Office Box 1429, Palatka, Florida, 32078-1929 if this option is assigned or partially assigned to the District), and is effective only if Purchaser gives written notice of exercise to Seller. 2. OPTION T. MS. The option payment is $100.00 ("Option Payment"), the receipt and sufficiency of which is hereby acknowledged by Seller. The option may be exercised duri�ggtheri d beginning with Purchaser's approval of this Agreement and ending D1bTi 1997 ( "Option Expiration' Date") , 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. PURCMASE PRI The purchase price ("Purchase Price") for the Property is ONE MILLION THREE HUNDRED NINETY ONE THOUSAND FIVE HUNDRED Dollars ($1,391,500.00) which, after reduction by the amount of the Option Payment, will be paid by County warrant (or, if this option is assigned or partially assigned to the District in accordance with paragraph 20., by District warrant and County warrant, as more specifically set forth in the Assignment of Option) at closing to Seller or Seller's designated agent who meets the requirements of Section 259.091(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 or maximum approved appraised value of the Property as determined in accordance with applicable Florida. The determination of the final approved appraised values and the final Purchase Price can only be made after the completion and Purchaser's approval of the survey required in paragraph S. 3.B. ADJUSTMENT OF' P rR naF oo*^s If, prior to closing, Purchaser determines that the Purchase Price originally stated in paragraph 3.A, exceeds the County approved appraised value of the Property, the Purchase Price will be reduced to the County approved appraised value of the Property. If the final adjusted Page 1 05/05/97 11:09AM KULTIASG. GH