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AGREEMENT TO PURCHASE AND SELL REAUJIj INAL <br /> THIS AGREEMENT TO PURCHASE AND SELL REAL ESTATE ("Agreement") is made and entered into as of the <br /> 7th day of . October . 2008 by and between Indian River County, a political subdivision of the State of <br /> Florida ("County") , and Elwill Associates Inc. whose address is 319 Monroe Drive West Palm Beach, FL 33405 <br /> ("Sellers') , who agree as follows : <br /> 1 . Agreement to Purchase and Sell . The Seller hereby agrees to sell to the County, and the County hereby agrees to <br /> purchase from Seller, upon the terms and conditions set forth in this Agreement, that certain parcel of real property <br /> located at 7th Street Vero Beach, FL 32960 (see attached Exhibit "A") County of Indian River, State of Florida <br /> and more specifically described on Exhibit "A" attached hereto and incorporated by this reference containing <br /> approximately 1w9 acres. and all improvements thereon, together with all easements, rights and uses now or <br /> hereafter belonging thereto (collectively , the "Property"). Subject to the terms and conditions of developers agreement <br /> between Elwill Associates, Inc. and Indian River Federal Credit Union and Indian River County. (see attached Exhibit <br /> "131) <br /> 2. Purchase Price, Effective Date. The purchase price (the "Purchase Price") for the parcel shall TwoHundrecL <br /> NinetvThree- ThousenaLFive-Hundredw&ahtvOOIOODollars (5293,580. 00). The Purchase Price shall be paid on <br /> the Closing Date, The Effective Date of this Agreement shall be the date upon which the County shall have approved <br /> the execution of this Agreement, either by approval by the Indian River County Board of County Commissioners at a <br /> formal meeting of such Board or by the County Administrator pursuant to his delegated authority. <br /> Indian River County will promptly seek approval by Board of County Commissioners. If such approval is not obtained <br /> within 45 days of the execution of this contract by seller, seller at ifs option may revoke this agreement. <br /> 3 . Title. Seller shall convey marketable title to the Property by warranty deed free of claims, liens , easements and <br /> encumbrances of record or known to Seller, 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 violation of any of the <br /> foregoing ; and (b) none of the foregoing prevents County's intended use and development of the Property (" Permitted <br /> Exceptions") . <br /> 3 . 1 County may order an Ownership and Encumbrance Report or Title Insurance Commitment with respect to the <br /> Property. County shall within fifteen ( 15) days following the Effective Date of this Agreement deliver written notice to <br /> Seller of title defects . Title 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 (30) days from receipt of <br /> notice from County of title defects ("Curative Period") . Seller shall use best efforts to cure the defects within the <br /> Curative Period and if the title defects are not cured within the Curative Period , County shall have thirty (30) days from <br /> the end of the Curative Period to elect, by written notice to Seller, to: (i) to terminate this Agreement, whereupon shall <br /> be of no further force and effect, or (ii) extend the Curative Period for up to an additional 90 days ; or (iii) accept title <br /> subject to existing defects and proceed to closing. <br /> 4. Representations of the Seller. <br /> 4 . 1 Seller is indefeasibly seized of marketable, fee simple title to the Property, and is the sole owner of and has good <br /> right, title, and authority to convey and transfer the Property which is the subject matter of this Agreement, free and <br /> clear of all liens and encumbrances. <br /> F:Wnginc M&WbW wcbnbMimaoml« =h3sc Cmh- -doc- I - <br />