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EXHIBIT A
Project : Fellsmere Trailhead Preserve Contract # ; go ! G' /- �� - �'� - co / - /31
Project #: 07-030-FF7 Property Tax I.D.#:
Parcel #: Fellsmere Development Corporation, Inc &
Dean F . Luethje, Trustee
OPTION AGREEMENT FOR SALE AND PURCHASE
THIS AGREEMENT is made this II day of A41i , 2008, between FELLSMERE
DEVELOPMENT CORPORATION, INC. , a Florida corporation & DEAN F. LUETHJE,
TRUSTEE, whose address is c10 Ms. Beth Glover, National Realty of Brevard, Inc. , Commercial
Department, 1331 South Harbor City Boulevard, Melbourne, FL. 329019 as "Seller", and the FLORIDA
COMMUNITIES TRUST, a nonregulatory agency within the Department of Community Affairs,
("Acquiring Agency") whose address is 2555 Shumard Oak Boulevard, Tallahassee, Florida 32399, and
the CITY OF FELLSMERE, a municipality within Indian River County, Florida, (Local Government),
whose address is 21 South Cypress Street, Fellsmere, Florida, 32948-6714. Acquiring Agency and Local
Government will be collectively referred to. as ("Purchaser").
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", together with all improvements,
easements and appurtenances ("Property"), in accordance with the provisions of this Agreement. This Option
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 Acquiring Agency and Local Government give written notice of
exercise to Seller.
2. OPTION TERMS. The option payment is $ 100. 00 ("Option Payment"). The Option Payment, in the
form of a state warrant, will be forwarded to Seller upon its receipt by Acquiring Agency from the Comptroller
of the State of Florida. The option may be exercised during the period beginning with the Purchaser's approval
of this Agreement and the Acquiring Agency's governing body granting project plan approval in accordance
with Rule W4 .011 , Florida Administrative Code, and ending on May-30, 2008, ("Option Expiration Date"),
unless extended by other provisions of this Agreement. In the event- Acquiring Agency's Purchase Price (as
hereinafter defined in paragraph 3 .A) or Local Government's Purchase Price (as hereinafter defined in
paragraph 3 .A) are not available by the Option Expiration Date the period of exercise of the option may be
extended until such funds become available, not to exceed 60 days after the Option Expiration Date, by written
notice to Seller.
3 . A. TOTAL PURCHASE PRICE. The total purchase price ("Total Purchase Price") for the Property is
FIVE MILLLION FIVE HUNDRED THOUSAND AND N0/100 Dollars ($5,500,000.00) which, after
reduction by the amount of the Option Payment, will be paid by Acquiring Agency and Local Government at
. closing. Seller hereby authorizes Acquiring Agency to issue a state warrant directly to an escrow agent who is
authorized by law to receive such payment, and who is acceptable to Purchaser, and to require the escrow agent
to pay Sellers expenses of sale and real estate taxes. This Total Purchase Price presumes that the Property
contains at least 86. 88 total acres, to be confirmed by the Survey, as provided in paragraph 5 . The Total
Purchase Price shall be paid to Seller as follows: Acquiring Agency shall pay the lesser of $4,950,000.00 or
90% of the final adjusted Total Purchase Price for the Property as determined in accordance with paragraph
33 . ("Acquiring Agency's Purchase Price"), which after reduction by Acquiring Agency of the Option
Payment, will be paid to Seller by state warrant at closing; and Local Government shall pay the lesser of
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