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2 . Agreement to Purchase and Sell . The Sellers hereby agree to sell to the County , <br /> and the County hereby agrees to purchase from Sellers , upon the terms and conditions <br /> set forth in this Agreement, that certain parcel of real property located on the northeast <br /> comer of 53`d Street and 66th Avenue , Vero Beach , Florida and more specifically <br /> described in the sketch and legal description attached as Exhibit "A" , containing <br /> approximately 0 . 81 acres , and all improvements thereon , together with all easements , <br /> rights and uses now or hereafter belonging thereto (collectively , the "Property") . <br /> 3 . Purchase Price Effective Date . The purchase price ( " Purchase Price" ) for the <br /> Property shall be established by the Cherry Lane Cattle , LLC appraisals which is <br /> mutually agreed upon by the parties . The Purchase Price shall be FORTY FIVE <br /> THOUSAND , THIRTY-SIX AND NO/ 100 DOLLARS ( $ 45 , 036 . 00 ) based on 0 . 81 acres <br /> at $ 55 , 600 per acre . The Purchase Price shall be paid on the Closing Date, The <br /> Effective Date of this Agreement shall be the date upon which the County shall have <br /> approved the execution of this Agreement , either by approval by the Indian River <br /> County Board of County Commissioners at a formal meeting of such Board or by the <br /> County Administrator pursuant to his delegated authority . <br /> 4 . Title. Sellers shall convey marketable title to the Property by warranty deed free <br /> of claims , liens , easements and encumbrances of record or known to Sellers except as <br /> noted in Exhibit "A" ; 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 <br /> violation of any of the foregoing , and ( b ) none of the foregoing prevents the County's <br /> intended use and development of the Property ( " Permitted Exceptions"). <br /> 4 . 1 The County may order an Ownership and Encumbrance Report or Title <br /> Insurance Commitment with respect to the Property . The County shall within fifteen <br /> ( 15 ) days following the Effective Date of this Agreement deliver written notice to Sellers <br /> of title defects . Title shall be deemed acceptable to the County if ( a ) the County fails to <br /> deliver notice of defects within the time specified , or ( b ) the County delivers notice and <br /> Sellers cure the defects within thirty ( 30 ) days from receipt of notice from the County of <br /> title defects ( " Curative Period " ) . Sellers shall use best efforts to cure the defects within <br /> the Curative Period and if the title defects are not cured within the Curative Period, the <br /> County shall have thirty ( 30 ) days from the end of the Curative Period to elect , by <br /> written notice to Sellers , to : (i ) to terminate this Agreement , whereupon shall be of no <br /> further force and effect, or ( ii ) extend the Curative Period for up to an additional 90 days ; <br /> or ( iii ) accept title subject to existing defects and proceed' to closing . <br /> 5 . Representations of the Sellers . <br /> 5 . 1 Sellers are indefeasibly seized of marketable , fee simple title to the Property , and <br /> are the sole owners of and have good right, title , and authority to convey and transfer <br /> the Property which is the subject matter of this Agreement , free and clear of all liens and <br /> encumbrances . <br /> Page 2 of 7 <br />