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Project/ parcel : Arendas; ORCA South Link OPTION AGREEMENT FOR SALE AND PURCHASE THIS AGREEMENT is made this day of OLf , 2003 , by and between STELLA A. ARENDAS , 190 Pinellas Lane, # 509 , Cocoa Beach , Florida, 32931 -5069 , as " Seller" , and INDIAN RIVER COUNTY , ( County) , a political 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 ( "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, in the form of a County check, 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 January 30, 2004 ( " 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, even if 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 Property is THREE HUNDRED NINETY NINE THOUSAND and no/ 100 Dollars ($ 399,000 . 00) which, after reduction by the amount of the Option Payment, will be paid by purchaser at closing to Seller or Seller' esignated agent . -whe�eetgthe-,requirements -e , i �s The Total Purchase Price is subject to adjustment in accordance with paragraph 3 .B . The determination of the final Total Purchase Price can only be made after the completion and approval of the survey required in paragraph 5 . This Agreement is contingent upon its approval , and consequent approval of the Total Purchase Price, by Purchaser. Conveyance of the 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 . B . 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 Property, the Total Purchase Price will be reduced to the final County approved appraised value of the Property. The County approved appraised value shall be the appraised value approved upon review by the Florida Communities Trust (Florida Department of Community Affairs) (FCT) . If the final adjusted Total Purchase Price is less than 100 % of the Total Purchase Price stated in paragraph 3 . A . because of a reduction based on the final County approved appraised value of the Property, Seller shall, in his sole discretion, have the right to terminate this Agreement and neither party shall have any further obligations under this Agreement. If Seller elects to terminate this Agreement, Seller shall provide written notice to Purchaser of Seller-- s election to terminate this Agreement within 10 days after Seller's receipt of written notice from Purchaser of the final October 25 , 2001 Pale 1