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i. � . vi i , <br /> NOW, THEREFORE , in consideration of the mutual terms, conditions , promises, <br /> covenants and premises hereinafter, the COUNTY and SELLER agree as follows: <br /> 1 . Recitals, The above recitals are affirmed as being true and correct and are <br /> Incorporated herein <br /> 2. Agreement to Purchase and Sell The Seller hereby agrees to sell to the County, <br /> and the County hereby agrees to purchase from Seller, upon the terms and conditions set <br /> forth in this Agreement, that certain parcel of real property located at the SW corner of 6611' <br /> Avenue and 57t" Street, Vero Beach, Florida in Indian River County, Parcel ID 32-39-18- <br /> 9 OG"990wG9 ally described in the Sketch and legal description <br /> attached as Exhibit "A", consisting of 3. 573 acres For parcel 103 and 1 . 331 acres for parcel- <br /> ' 402, together with all easements, rightsand uses now or hereafter belonging thereto <br /> (collectively, the "Property") . <br /> 2. 1 Purchase Price, Effective Date. The purchase price (the "Purchase Price") for the <br /> Property shall be established by an appraisal to be performed by an M.A.I. appraiserwithin <br /> All Real Estate Appraisals who is mutually agreed upon by the parties pursuant to the <br /> terms of the letter dated November 7, 2007 from Robert K. Babcock, M.A.I. to attorney <br /> William K. DeBraal attached as Exhibit "B". Upon receipt of the Appraiser's Final Report, <br /> the County shall pay and The Banack f=amily Ltd, Partnership shall accept the appraised <br /> value of the Property as the Purchase and Sale price of the Property. The Purchase Price <br /> shall be paid on the Closing Date. The Effective Date of this Agreement shall be the date <br /> upon which the County shall have approved the execution of this Agreement, either by <br /> approval by the Indian River County Board of County Commissioners at a formal meeting <br /> of such Board or by the County Administrator pursuant to his delegated authority. <br /> 3. Title, Seller shall convey marketable title to the Property by warranty, deed free of <br /> claims, liens, easements and encumbrances of record or known to Seller; but subject to <br /> property taxes for the year of Closing and covenants, restrictions and public utility <br /> easements of record provided (a) there exists at Closing no violation of any of the <br /> foregoing ; and (b) none of the foregoing prevents County's intended use and development <br /> of the Property ("Permitted Exceptions"). <br /> 3. 1 County may order an Ownership and Encumbrance Report or Title Insurance <br /> Commitment with respect to the Property. County shall within fifteen (15) days following <br /> the Effective Date of this Agreement deliver written notice to Seller of title defects . Title <br /> shall be deemed acceptable to County if (a) County fails to deliver notice of defects within <br /> the time specified, or (b) County delivers notice and Seller cures the defects within thirty <br /> (30) days from receipt of notice from County of title defects ("Curative Period"). Seller shall <br /> use best efforts to cure the defects within the Curative Period and if the title defects are not <br /> cured within the Curative Period, County shall have thirty (30) days from the end of the <br /> Curative Period to elect, by written notice to Seller, to (t) to terminate this Agreement, <br /> whereupon shall be of no further force and effect, or (ii) extend the Curative Period for up <br /> to an additional 90 days; or (iii) accept title subject to existing defects and proceed to <br /> closing. <br /> 2 <br />