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WAIVER AND RELEASE OF RIGHT OF FIRST REFUSAL <br />This Waiver and Release, dated LF �is granted by Kennedy <br />Groves, Inc., a Florida corporation ("Kennedy C ov "), and Kenneth P. Kennedy <br />to Milton and Mary Jones (collectively, °Jones"); with respect to certain real <br />properly 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 />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 />Properly 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 <br />By: <br />Its: <br />