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by the County, including an estimated total square footage east of Indian River Drive (riverfront) of 4, 125 square feet, an estimated total square footage west of Indian River Drive of 34,412 square feet, and a submerged land lease with a total square footage of 5 , 569 square feet. The property is zoned CWR, Commercial Waterfront Residential. This Agreement is contingent upon approval of the survey, and consequent approval of the Total Purchase Price, by Purchaser. Conveyance of the Property in fee simple from Seller to Purchaser will take . place at the closing, in exchange for the payments to be made by Purchaser to Seller at closing as set forth above in this paragraph 3 .A. The price for the Exhibit `B" Property is as set forth in paragraph 31 hereof, and all provisions of this Agreement applicable to the sale and purchase of the Exhibit "A" Property shall also apply to the sale and purchase of the Exhibit "B " Property, subject to the provisions of paragraph 31 hereof. The term "Property" as used in this Agreement shall refer to each of the Exhibit "A" Property and the Exhibit `B" Property as applicable for purposes of the separate closings . 3 .13 . APPROVAL OF FINAL TOTAL PURCHASE PRICE. Upon completion of the survey in accordance with paragraph 10 hereof, the environmental assessment in accordance with paragraph 4A hereof, and the title commitment in accordance with paragraph 6 hereof, the Purchaser may, in its sole discretion, submit one or more of these items to the appraisers hired by the Purchaser for a determination of the final appraised value of the Property. If, prior to closing, Purchaser determines that the assumptions of the appraisals obtained by Purchaser have changed in any significant aspect, and the appraisers determine that any such change reduces the appraised value, the Purchaser may, in its sole discretion terminate this Agreement by notice to Seller and neither party shall have any further obligations under this Agreement. The parties understand that the appraisals obtained by County are confidential in accordance with applicable law. 4 .A. ENVIRONMENTAL SITE ASSESSMENT. The County may, at its expense and prior to the Option Expiration Date, conduct an environmental site assessment of the Property which meets the standard of practice of the American Society of Testing Materials ("ASTM") . The examination of hazardous materials contamination shall be performed to the standard of practice of the ASTM, Practice E 1527 . For purposes of this Agreement "Hazardous Materials" shall mean any hazardous or toxic substance, material or waste of any kind or any other substance which is regulated by any and all applicable federal, state or local laws, statutes, ordinances, rules, regulations or other governmental restrictions regulating, relating to, or imposing liability or standards of conduct concerning Hazardous Materials ("Environmental Law") . 4 .13 . HAZARDOUS MATERIALS . In the event that the environmental site assessment provided for in paragraph 4.A. confirms the presence (or significant risk of the presence, as determined in Purchaser ' s sole discretion) of Hazardous Materials on the Property, Purchaser, at its sole option, may elect to terminate this Agreement and neither party shall have any further obligations under this Agreement. 5 . SURVEY. Purchaser shall, at its expense and prior to the Option Expiration Date, obtain a current boundary survey ("Survey") of the Property prepared by a professional land surveyor licensed by the State of Florida which meets the standards and requirements of the County. The Survey shall be certified to Purchaser, title insurer, closing agent and The Conservation Fund, and the date of certification shall be within 90 days before the date of closing, unless this 90 day time period is waived by Purchaser and by the title insurer for purposes of deleting the standard exceptions for survey matters and easements or claims of easements not shown by the public records from the owner's title policy. If the Survey shows any encroachment on the Property, or improvements located on the Property encroach on the land of others, the same shall be treated as a title defect under this Agreement. 2/ 17/06 Page 2 271