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LOT) , ANSIN (Environmental Lands Property) OPTION AGREEMENT FOR SALE AND PURCHASE THIS AGREEMENT is made this 21st day of June , 2005 , by and between RONALD M. ANSIN, , (" Seller"), and INDIAN RIVER COUNTY, apolitical subdivision of the State of Florida, whose address is 1840 25 `h Street, Vero Beach, Florida 32960 ("Purchaser" or "Local Government" or "County") . 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 ("Environmental Lands Property" or "EL Property"), in accordance with the provisions of this Agreement. This Option Agreement becomes legally binding upon execution by the parties but exercise of the option is subject to approval by Purchaser and is effective only if the County, on behalf of Purchaser, gives written notice of exercise to Seller. 2 . OPTION TERMS . The option payment is $ 100 .00 (" Option Payment"). The Option Payment will be forwarded to Seller as soon as possible . The option may be exercised during the period beginning with the Purchaser's approval of this Agreement and ending on June 30 , 2005 (" Option Expiration Date "), unless extended by other provisions of this Agreement. In the event the Purchase Price (as hereinafter defined in paragraph 3 .A) is 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 30 days after the Option Expiration Date, by written notice to Seller. The parties agree to use their best efforts to exercise the option and close as soon as possible prior to the Option Expiration Date, so long as all requirements of this Agreement are fulfilled. 3 .A. TOTAL PURCHASE PRICE . The total purchase price (" Total Purchase Price" ) for the EL Property is ONE MILLION NINE HUNDRED THIRTY NINE THOUSAND FIVE HUNDRED and no/ 100 Dollars ($ 1 ,939, 500) which, after reduction by the amount of the Option Payment, will be paid by Purchaser by certified check or other cleared funds at closing to Seller or Seller's designated agent who meets the requirements of Section 253 . 025 , Florida Statutes , in the manner set forth herein. The Total Purchase Price is based on acreage estimates utilized in the appraisals obtained by the County: including a total acreage of approximately 32 . 3 acres, of which approximately 28 . 8 acres are upland; approximately 2 . 15 acres at the southwest corner of the tract is zoned commercial, and the remainder is zoned residential. The Purchaser will establish the final approved Total Purchase Price after completion and approval of the survey as required in paragraph 5 confirming sufficient acreage (total, wetland, commercial zoning, residential zoning) to support the Total Purchase Price. This Agreement is contingent upon approval of the survey, and consequent approval of the Total Purchase Price, by Purchaser. Conveyance of the EL Property in fee simple from Seller to Purchaser will take place at the closing, in exchange for the payments to be made by Purchaser to Seller at closing as set forth above in this paragraph 3 .A. 3 .13 . ADJUSTMENT OF TOTAL PURCHASE PRICE . If, prior to closing, Purchaser determines that the Total Purchase Price stated in paragraph 3 .A. exceeds the final County approved appraised value of the EL Property, the Purchaser in its sole discretion, shall have the right to terminate this Agreement and 02 / 21 / 05 Page 1