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WHEREAS , Sellers and the County wish to avoid the risk , time and expense of litigation by entering into this agreement for sale and purchase of the Property ; NOW , THEREFORE , in consideration of the mutual terms , conditions , promises , covenants and premises hereinafter, the COUNTY and SELLERS agree as follows : 1 . Recitals . The above recitals are affirmed as being true and correct and are incorporated herein 2 . Agreement to Purchase and Sell The Sellers hereby agree to sell to the County , and the County hereby agrees to purchase from Sellers , upon the terms and conditions set forth in this Agreement , that certain parcel of real property located on CR 510 , Sebastian , Florida and more specifically described in the attached Exhibits "A " and " B " , containing approximately 5 , 500 square feet ( . 1263 acres ) and 2 , 600 square feet ( . 0597 acres ) , and all improvements thereon , together with all easements , rights and uses now or hereafter belonging thereto ( collectively , the " Property" ) . 3 . Purchase Price , Effective Date The purchase price ( " Purchase Price " ) for the Property shall be $ 38 , 000 . 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 . 4 . Title . Sellers shall convey marketable title to the Property by warranty deed free of claims , liens , easements and encumbrances of record or known to Sellers but subject to property taxes 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 ( " Permitted Exceptions " ) . In the event Sellers are unable to convey marketable title to the Property by warranty deed free of claims , liens , easements and encumbrances of record or known to Sellers , County and Sellers shall proceed forward with a stipulated eminent domain taking to convey said title and to remove title defects . 4 . 1 County may order an Ownership and Encumbrance Report or Title Insurance Commitment with respect to the Property . County shall within fifteen ( 15 ) days following the Effective Date of this Agreement deliver written notice to Sellers 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 Sellers cure the defects within thirty ( 30 ) days from receipt of notice from County of title defects ( " Curative Period " ) . Sellers 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 Sellers , to : ( i ) to terminate this Agreement , whereupon shall be of no further force and effect , or ( ii ) Page 2 of 7