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WAIVER AND RELEASE OF RIGHT OF FIRST REFUSAL <br /> This Waiver and Release, dated 17 LF �is granted by Kennedy <br /> Groves, Inc., a Florida corporation ("Kennedy v "), and Kenneth P. Kennedy <br /> to Milton and Mary Jones (collectively, °Jones"); with respect to certain real <br /> property described on Exhibit A (the °Property'). <br /> Pursuant to that certain "Agricultural (Tropical Tree <br /> Nursery/Coconuut Palm Tree Grove) Lease Agreement January 15, 2003 <br /> between Jones as Lessors and Kennedy Groves as Lessee, a copy of which is <br /> attached as Exhibit B, Jones granted to Kennedy Groves a Right of First Refusal <br /> with respect to any sales of the leased portion of the Property for a period of five <br /> years (the "RoFR') . Jones desires now to sell the Property to Indian River <br /> County and has requested that Kennedy Groves grant this Waiver and Release <br /> of the RoFR, so that the transaction may proceed. Kennedy Groves is willing to <br /> grant this Waiver and Release, subject to the terms and conditions set forth <br /> below. <br /> Therefore, in consideration of the mutual promises contained <br /> herein, the parties agree: <br /> 1 . Waiver and Release. Kennedy Groves and Kenneth P. Kennedy hereby <br /> waive any rights pursuant to the RoFR with respect to a sale by Jones to <br /> Indian River County and release the entire Property from any <br /> encumbrance by the RoFR. Kennedy Groves covenants and agrees that <br /> it shall not assert any rights or claim under the RoFR in response to a <br /> sale by Jones to Indian River County. <br /> 2. Jones covenants and agrees, on behalf of himself and his successors <br /> and assigns, in consideration of this Waiver and Release, that Kennedy <br /> Groves may have a period of one year, from the closing of the sale of the <br /> Property to Indian River County, in which to remove its palm trees from <br /> the approximately fourteen easternmost or "back' acres of the Property <br /> that was the subject of the Lease Agreement and on which Kennedy <br /> Groves has conducted its operations. <br /> In witness whereof, the parties have executed this Waiver and <br /> Release, as of the date first stated above. <br /> Kennedy Grov s C. <br /> By: , <br /> Its: J <br />