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7 AGREEMENT TO PURCHASE AND SELL REAL ESTATE Q � ` THIS AGREEMENT TO PURCHASE AND SELL REAL ESTATE ("Agreement") is made and entered into as of the 22nd day of Jul y , 2003 , by and between Indian River County, a political subdivision of the State of Florida ("County") , and Rosewood Road East Development Corp . , a Florida Corporation, ("Seller"), who agree as follows : 1 . Agreement to Purchase and Sell . The Seller hereby agrees to sell to the County, and the County hereby agrees to purchase from Seller, upon the terms and conditions set forth in this Agreement, that certain parcel of real property located at 4950 16th Street, County of Indian River, State of Florida and more specifically described on Exhibit "A"* , containing approximately 7, 656 . 1 square feet, or . 1758 acre, and all improvements thereon, together with all easements, rights and uses now or hereafter belonging thereto (collectively, the "Property") . *NOTE : The total right- of-way to be conveyed is a depth of 40 feet, or a total of . 703 acre . Of this , the south 30 feet, or . 5272 acre is dedicated without compensation per the County' s Land Development Regulations, and the north 10 feet, or . 1758 acre is by purchase. The Purchase Price below represents compensation for the north 10 feet, or . 1758 acre . 2 . Purchase Price, Effective Date . The purchase price (the "Purchase Price") for the Property shall be Five Thousand Five Hundred Dollars ($5,500. 00). The Purchase Price shall be paid on the Closing Date . The Effective Date of this Agreement shall be the date upon which the County shall have approved the execution of this Agreement, either by approval by the Indian River County Board of County Commissioners at a formal meeting of such Board or by the County Administrator pursuant to his delegated authority. 3 . Title . Seller shall convey marketable title to the Property by warranty deed free of claims, liens, easements and encumbrances of record or known to Seller; but subject to propertytaxes for the year of Closing and covenants, restrictions and public utility easements of record provided (a) there exists at Closing no violation of any of the foregoing; and (b) none of the foregoing prevents County's intended use and development of the Property. 3 .2 . 1 County may order an Ownership and Encumbrance Report with respect to the Property. County shall, within thirty (3 0) days from either, receipt of the Ownership and Encumbrance Report, or execution of this contract by all parties (whichever occurs last) deliver written notice to Seller of title defects . Title shall be deemed acceptable to County if (a) County fails to deliver notice of defects within the time specified, or (b) County delivers notice and Seller cures the defects within thirty (30) days from receipt of notice from County of title defects ("Curative Period") . Seller shall use best efforts to cure the defects within the Curative Period and if the title defects are not cured within the Curative Period, County shall have thirty (30) days from the end of the Curative Period to elect, by written notice to Seller, to : (i) to terminate this Agreement, whereupon shall be of no further force and effect, or (ii) extend the Curative Period for up to an additional 90 days ; or (iii) accept title subject to existing defects and proceed to closing . 4 . Representations of the Seller. 4 . 1 Seller is indefeasibly seized of marketable, fee simple title to the Property, and is the sole Standard Agreement — I.R.Co. & Rosewood East Dev. Corp . 1