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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 <br /> set forth in this Agreement , that certain parcel of real property located on 66th Avenue , <br /> Vero Beach , Florida and more specifically described in the sketch and legal description <br /> attached as Exhibit "A" , containing approximately 1 . 881 acres , and all improvements <br /> thereon , together with all easements , rights and uses now or hereafter belonging <br /> hereto ( collectively , the " Property" ) . <br /> 3 . Purchase Price , Effective Date . The purchase price ( " Purchase Price" ) for the <br /> Property shall be EIGHTY FOUR THOUSAND , SIX HUNDRED FORTY- FIVE AND <br /> NO/ 100 DOLLARS ( $ 84 , 645 . 00 ) . The purchase price was established using the <br /> $ 45 , 000 per acre appraisal of the adjacent property performed by an MAI appraiser who <br /> was mutually agreed upon by the parties . The Purchase Price shall be paid on the <br /> Closing Date . The Effective Date of this Agreement shall be the date upon which the <br /> County shall have approved the execution of this Agreement , either by approval by the <br /> Indian River County Board of County Commissioners at a formal meeting of such Board <br /> or by the County Administrator pursuant to his delegated authority . <br /> 4 . Title . Seller shall convey marketable title to the Property by warranty deed free <br /> of claims , liens , easements and encumbrances of record or known to Seller except as <br /> noted in Exhibit "A" ; but subject to property taxes for the year of Closing and covenants , <br /> restrictions and public utility easements of record provided ( a ) there exists at Closing no <br /> violation of any of the foregoing ; and ( b ) none of the foregoing prevents County's <br /> intended use and development of the Property ( " Permitted Exceptions" ) . <br /> 4 . 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 <br /> within the time specified , or ( b ) County delivers notice and Seller cures the defects <br /> within thirty ( 30 ) days from receipt of notice from County of title defects ( "Curative <br /> Period " ) . Seller shall use best efforts to cure the defects within the Curative Period and <br /> if the title defects are not cured within the Curative Period , County shall have thirty ( 30 ) <br /> days from the end of the Curative Period to elect , by written notice to Seller, to : ( i ) to <br /> terminate this Agreement , whereupon shall be of no further force and effect , or ( ii ) <br /> extend the Curative Period for up to an additional 90 days ; or ( iii ) accept title subject to <br /> existing defects and proceed to closing . <br /> 5 . Representations of the Seller. <br /> 5 . 1 Seller is indefeasibly seized of marketable , fee simple title to the Property , and is <br /> the sole owner of and has good right , title , and authority to convey and transfer the <br /> Property which is the subject matter of this Agreement , free and clear of all liens and <br /> encumbrances . <br /> Page 2of6 <br />