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� � I Project/Parcel: Jones Pier a � . _ C 7b OPTION AGREEMENT FOR BARGAIN SALE AND PURCHASE HIS OPPOA A '5 NTENT FOR SALE AND PURCHASE ("Agreement") is made this day of�e 07 , y and between Richard M . Jones as to a one-half 0/z) interest and Mary Jones as to a one-half M) interest, whose address is PO Box 94 , Wabasso , Florida 32970 (jointly, "Seller") , and INDIAN RIVER COUNTY, a political subdivision of the State of Florida , whose address is 1840 25th Street, Vero Beach , Florida 32960 ( " Purchaser") . 1 . 1 . GRANT OF OPTION . Seller hereby grants to Purchaser the exclusive option to purchase the real property located in Indian River County, Florida , described in Exhibit "A" , togetherwith all improvements , easements and appurtenances (" Property") , in accordance with the provisions of this Agreement. 1 . 2 . This Agreement becomes legally binding upon execution by the parties but exercise of the option is subject to approval by Purchaser and is effective only if Purchaser gives written notice of exercise to Seller. The parties acknowledge and agree that this Agreement is an "option contract" within the meaning of Florida Statutes section 125 . 355 ( 1 )(a) . The parties further acknowledge and agree that the exercise of the option is subject to: (a) the satisfaction , or written waiver by both parties , of all conditions precedent contained in this Agreement; (b) the approval of the Purchase Price for the Propertyby Purchaser; and (c) the approval of this Agreement by the Indian River County Board of County Commissioners at a public meeting after 30 days' public notice. 1 . 3 . CONDITIONS PRECEDENT. The following are the conditions precedent for Purchaser to exercise the option granted under this Agreement: ( 1 ) Receipt of a satisfactory Survey (as hereinafter defined) ; (2) Receipt of satisfactory environmental site assessment(s) as set forth herein , to include all successively required phases of environmental site assessments/audits ; (3) The existence of no uncured Title Defects (as hereinafter defined) , except as otherwise set forth in this Agreement; (4) The receipt of an opinion of Bond Counsel for Indian River County that the exercise of the option granted in this Agreement, and the subsequent acquisition of the Property as contemplated herein , using bond proceeds from the tax exempt general obligation bonds issued by Indian River County as contemplated by Resolution No. 2005-059 adopted May 17 , 2005 ; Resolution 2004-062 adopted June 22 , 2004 ; and the "2004 Referendum " (as that term is used in the foregoing resolutions will not adversely affect the exclusion from gross income for purposes of federal income taxation of interest on such bonds ; (5) receipt by Purchaser of a duly executed Waiver and Release of Right of First Refusal , in the form set forth in Exhibit "B", between Mr. 3-N -o� Kenneth P . Kennedy. (herein "Kennedy ') and Seller; receipt by Purchaser of aK 1��r agreement, duly executed by Kennedy, between Kennedy and Indian River County as Purchaser setting forth the terms and conditions for the harvesting of palm trees from the portion of the Property u(wi p p rty specifically delineated therein , such agreement to be reasonably � satisfactory to Purchaser and having a termination date of no later than December 31 , 2008 3 3 (herein the "Palm Agreement') ; and (7) confirmation from Florida Communities Trust that the 4b gr nt to Purchaser for a portion of the Purchase Price is still in effect . 7/��!'��,•` 1 . 3. 1 Sovereign Submersed Lands Lease . Prior to Closing, Seller shall apply for, complete, and pay all costs to transfer the Sovereign Submerged Lands Lease to Purchaser so that such w Leas"' transferred to Purchaser at Closing . a'Al