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<br /> EXHIBIT A
<br /> Project : Fellsmere Trailhead Preserve Contract # ; go ! G' /- �� - �'� - co / - /31
<br /> Project #: 07-030-FF7 Property Tax I.D.#:
<br /> Parcel #: Fellsmere Development Corporation, Inc &
<br /> Dean F . Luethje, Trustee
<br /> OPTION AGREEMENT FOR SALE AND PURCHASE
<br /> THIS AGREEMENT is made this II day of A41i , 2008, between FELLSMERE
<br /> DEVELOPMENT CORPORATION, INC. , a Florida corporation & DEAN F. LUETHJE,
<br /> TRUSTEE, whose address is c10 Ms. Beth Glover, National Realty of Brevard, Inc. , Commercial
<br /> Department, 1331 South Harbor City Boulevard, Melbourne, FL. 329019 as "Seller", and the FLORIDA
<br /> COMMUNITIES TRUST, a nonregulatory agency within the Department of Community Affairs,
<br /> ("Acquiring Agency") whose address is 2555 Shumard Oak Boulevard, Tallahassee, Florida 32399, and
<br /> the CITY OF FELLSMERE, a municipality within Indian River County, Florida, (Local Government),
<br /> whose address is 21 South Cypress Street, Fellsmere, Florida, 32948-6714. Acquiring Agency and Local
<br /> Government will be collectively referred to. as ("Purchaser").
<br /> 1 . GRANT OF OPTION. Seller hereby grants to Purchaser the exclusive option to purchase the real
<br /> property located in Indian River County, Florida, described in Exhibit "A", together with all improvements,
<br /> easements and appurtenances ("Property"), in accordance with the provisions of this Agreement. This Option
<br /> Agreement becomes legally binding upon execution by the parties but exercise of the option is subject to
<br /> approval by Purchaser and is effective only if Acquiring Agency and Local Government give written notice of
<br /> exercise to Seller.
<br /> 2. OPTION TERMS. The option payment is $ 100. 00 ("Option Payment"). The Option Payment, in the
<br /> form of a state warrant, will be forwarded to Seller upon its receipt by Acquiring Agency from the Comptroller
<br /> of the State of Florida. The option may be exercised during the period beginning with the Purchaser's approval
<br /> of this Agreement and the Acquiring Agency's governing body granting project plan approval in accordance
<br /> with Rule W4 .011 , Florida Administrative Code, and ending on May-30, 2008, ("Option Expiration Date"),
<br /> unless extended by other provisions of this Agreement. In the event- Acquiring Agency's Purchase Price (as
<br /> hereinafter defined in paragraph 3 .A) or Local Government's Purchase Price (as hereinafter defined in
<br /> paragraph 3 .A) are not available by the Option Expiration Date the period of exercise of the option may be
<br /> extended until such funds become available, not to exceed 60 days after the Option Expiration Date, by written
<br /> notice to Seller.
<br /> 3 . A. TOTAL PURCHASE PRICE. The total purchase price ("Total Purchase Price") for the Property is
<br /> FIVE MILLLION FIVE HUNDRED THOUSAND AND N0/100 Dollars ($5,500,000.00) which, after
<br /> reduction by the amount of the Option Payment, will be paid by Acquiring Agency and Local Government at
<br /> . closing. Seller hereby authorizes Acquiring Agency to issue a state warrant directly to an escrow agent who is
<br /> authorized by law to receive such payment, and who is acceptable to Purchaser, and to require the escrow agent
<br /> to pay Sellers expenses of sale and real estate taxes. This Total Purchase Price presumes that the Property
<br /> contains at least 86. 88 total acres, to be confirmed by the Survey, as provided in paragraph 5 . The Total
<br /> Purchase Price shall be paid to Seller as follows: Acquiring Agency shall pay the lesser of $4,950,000.00 or
<br /> 90% of the final adjusted Total Purchase Price for the Property as determined in accordance with paragraph
<br /> 33 . ("Acquiring Agency's Purchase Price"), which after reduction by Acquiring Agency of the Option
<br /> Payment, will be paid to Seller by state warrant at closing; and Local Government shall pay the lesser of
<br /> January 16 , 2008 Page 1
<br /> 07-030 - FF7 . {u
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