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2 . Agreement to Purchase and Sell . The Seller hereby agrees to sell to the County , and the County hereby agrees to purchase from Seller , upon the terms and conditions set forth in this Agreement , that certain parcel of real property located on 66 "' Avenue , Vero Beach , Florida and more specifically described in the sketch and legal description attached as Exhibit "A" , containing approximately 6 . 331 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 established by the Cherry Lane Cattle , LLC appraisals which is mutually agreed upon by the parties . The Purchase Price shall be THREE HUNDRED AND FIFTY TWO THOUSAND , THREE AND 60 / 100 DOLLARS ( $ 352 , 003 . 60 ) based on 6 , 331 acres at $ 55 , 600 per acre . 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 . Seller shall convey marketable title to the Property by warranty deed free of claims , liens , easements and encumbrances of record or known to Seller except as noted in Exhibit "A" ; 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 " ) . 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 Seller 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 Seller cures the defects within thirty ( 30 ) days from receipt of notice from County of title defects ( " Curative Period " ) . Seller 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 Seller , to : ( i ) to terminate this Agreement , whereupon shall be of no further force and effect , or ( ii ) extend the Curative Period for up to an additional 90 days ; or ( iii ) accept title subject to existing defects and proceed to closing . 5 . Representations of the Seller . 511 Seller is indefeasibly seized of marketable , fee simple title to the Property , and is the sole owner of and has good right , title , and authority to convey and transfer the Property which is the subject matter of this Agreement , free and clear of all liens and encumbrances . Page 2 of 6