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<br />AGREEMENT OF PURCHASE AND SALE <br /> <br />This Agreement made this J5~day of <br /> <br /> <br />, 2003, between THE <br /> <br />CITY OF SUNNY ISLES BEACH, whose, mailing address is 17070 Collins Avenue, Sunny <br /> <br />... <br /> <br />Isles, Florida 33160 ("Seller") and FLORIDA POWER & LIGHT COMPANY, a Florida <br /> <br />corporation, whose mailing address is P.O. Box 14000, Juno Beach, Florida 33408-0420, Attn: <br /> <br />Property Tax Department, ("Buyer"). <br /> <br />NOW, THEREFORE, for and in consideration of the mutual covenants, representations, <br /> <br />warranties, and agreements contained herein, and for other good and valuable consideration, <br /> <br />Seller agrees to sell to Buyer and Buyer agrees to buy from Seller the following described <br /> <br />property upon the terms and conditions hereinafter set forth: <br /> <br />1. Description of Property. <br /> <br />Seller has fee simple title to that certain real property located in Miami-Dade County, <br /> <br />Florida, which is more particularly described in Exhibit "A" attached hereto and by this reference <br /> <br />made a part hereof (the "Property"). <br /> <br />2. Purchase Price: Deposit; Cash Balance: Purchase Price Adjustments. <br /> <br />2.1 Purchase Price. <br /> <br />The total purchase price for the Property (the "Purchase Price"), plus or minus <br /> <br />prorations and subject to such adjustments as are hereinafter provided, shall be the sum of Two <br /> <br />Million Two Hundred Thousand and 00/100' Dollars ($2,200,000.00). The Purchase Price shall <br /> <br />be payable as follows: <br /> <br />2.1.1 Deposit. <br /> <br />Two Hundred Thousand and 00/1 00 Dollars ($200,000.00) in the form of Buyer's <br /> <br />check in U.S. funds, shall be deposited by Buyer upon execution of this Agreement with Chicago <br /> <br />Title Insurance Agency, Inc., 3067 East Commercial Blvd, Fort Lauderdale, Florida 33308 <br />