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FIRST AMENDMENT <br /> TO OPTION AGREEMENT FOR SALE AND PURCHASE <br /> This First Amendment to Option Agreement for Sale and Purchase ( "Amendment") <br /> is entered into this 15th day of August, 2006 ,, by and between Indian River County, a <br /> political subdivision of the State of Florida and Shadowbrook Estates , Inc . ("Seller") . <br /> Background Recitals : <br /> A. On March 30 , 2006, Seller entered into an Option Agreement for Sale and Purchase <br /> with Indian River County ("Option Agreement") . <br /> B . Pursuant to applicable Florida law, the Option Agreement was approved by the <br /> Indian River County Board of County Commissioners at a duly advertised public hearing <br /> held on June 6 , 2006 . <br /> C . The Option Agreement grants an option to Indian River County to purchase the <br /> Property as more specifically described in Exhibit A of the Option Agreement . <br /> D . Pursuant to the terms of the Option Agreement , Indian River County has elected to <br /> obtain a Phase II Environmental Assessment of the Property ("Phase II ") . <br /> E . Indian River County and Seller have agreed that it is in their respective best <br /> interests to amend the Option Agreement to extend the Option Expiration Date and the <br /> closing date , pursuant to the terms of the Option Agreement. <br /> NOW THEREFORE , for good and valuable consideration , the receipt and <br /> sufficiency of which is hereby acknowledged , the parties hereto , intending to be legally <br /> bound , agree to amend the Option Agreement as follows : <br /> 1 . From and after the effective date of this First Amendment , the second sentence of <br /> paragraph 2 of the Option Agreement is amended in its entirety to read as follows : <br /> The option may be exercised on or before October 31 , 2006 <br /> ("Option Expiration Date") , with closing , if the Option is exercised , <br /> on or before November 15 , 2006 . <br /> 2 . From and after the effective date of this First Amendment , the second sentence of <br /> paragraph 4 B of the Option Agreement is deleted in its entirety . <br /> 3 . From and after the effective date of this First Amendment , the first sentence of <br /> paragraph 13 is amended in its entirety to read as follows : <br /> The closing , if the option is exercised , shall be on or before <br /> November 15 , 2006 . <br /> 1 <br />