|
Project/ parcel : Sebastian Working Fishing Village/Judah
<br /> OPTION AGREEMENT FOR SALE AND PURCHASE
<br /> THIS AGREEMENT is made this 8th day of June, 2006, by and between VIOLA S . JUDAH,
<br /> . Box 780383 , Sebastian, FL, 32978-0383 , and DIANE W. LLOYD, 1720 Indian River Dr.,
<br /> P . O
<br /> Sebastian, FL, 32978-0383 , collectively "Seller", and INDIAN RIVER COUN'T'Y, a political subdivision
<br /> of the State of Florida, whose address is 1840 25 "' Street, Vero Beach, Florida 32960, as "Purchaser", also
<br /> referred to herein as "County".
<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 Exhibits "A" and "B ", including all
<br /> improvements, easements and appurtenances ("Property"), in accordance with the provisions of this
<br /> Agreement. This Option Agreement becomes legally binding upon execution by the parties but exercise
<br /> of the option is subject to approval by Purchaser and is effective only if the County, on behalf se
<br /> Purchaser, gives written notice of exercise to Seller. The parties agree that this is an "option contract"
<br /> of
<br /> under section 125 .355( 1 )(a), Florida Statutes . The Property includes three tracts as described in Exhibit
<br /> "A" ("riverfront" and "flag" tracts) and Exhibit "B " ("Williams " tract) . Since the Williams tract
<br /> described in Exhibit "B " is the subject of a quiet title suitthis Agreement contemplates two closings, a
<br /> closing on the Property described in Exhibit "A" ,, and a closing on the Property described in Exhibit "B" .
<br /> It is agreed that the option will apply to all tracts, that the option will exercised once (prior to closing on
<br /> the Exhibit "A" Property), and that once the option is exercised the closing of the Exhibit "B" Property
<br /> will then be subject to the conditions precedent set forth in paragraph 31 of this Agreement. The
<br /> requirements of this Agreement will apply to both closings as set forth herein. The apparent ownership of
<br /> the fee simple title of the riverfront tract is in Viola S . Judah; the apparent ownership of the fee simple
<br /> title of the flag tract is in Dianne W. Lloyd; and, the ownership of the fee simple title in the Williams tract
<br /> is claimed in the quiet title suit to be in Viola S . Judah. Viola S . Judahand Dianne W. Lloyd agree that
<br /> they will cooperate in all the requirements of this Agreement as to all tracts, and that they will execute
<br /> and deliver to the Purchaser such deeds, corrective deeds, affidavits and other documents or instruments
<br /> reasonably necessary to effect the closing on all tracts, upon the request of Purchaser.
<br /> 2 . OPTION TERMS . The option payment is $ 100 .00 ("Option Payment"). The Option Payment, in
<br /> the form of a County check payable to Viola S . Judah and Dianne W. Lloyd, will be forwarded to Seller
<br /> as soon as possible. The option may be exercised during the period beginning with the approval of this
<br /> Agreement by the Indian River. County Board of County Commission and ending 90 days such approval
<br /> (" Option Expiration Date "), unless extended by other provisions of this Agreement. In the event the
<br /> Purchase Price (as hereinafter defined in paragraph 3 .A) is not available by the Option Expiration Date,
<br /> the period of exercise of the option may be extended until such funds become available, not to exceed 30
<br /> days after the Option Expiration Date, by written notice to Seller. The parties agree to use their best
<br /> efforts to exercise the option and close as soon as possible, even if prior to the Option Expiration Date, so
<br /> long as all requirements of this Agreement are fulfilled.
<br /> 3 .A. TOTAL PURCHASE PRICE. The total purchase price ("Total Purchase Price") for the Exhibit
<br /> "A" Property is ONE MILLION FIFTY THOUSAND and no/100 Dollars ($ 1 ,050,000), subject to
<br /> adjustment in accordance with this Agreement which, after reduction by the amount of the Option
<br /> Payment, will be paid by Purchaser at closing to Seller or Seller's designated agent who meets the
<br /> requirements of Section 253 . 025 , Florida Statutes, in the manner set forth herein. The Total Purchase
<br /> P.;ce is based on land area estimates and description of improvements utilized in the appraisals obtained
<br /> 2/17/06
<br /> Page 1
<br /> ATTACHMENT 240
<br />
|