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<br />OPTION AGREEMENT FOR
<br />PURCHASE AND SALE OF REAL PROPERTY
<br />
<br />This Option Agreemcnt for Purchase and Sale of Real Property (hercinafter the
<br />"Agrccment"), is made and cntered into as of this .;11 !or day of Junc, 2007, by and betwecn the
<br />City of Sunny Islcs Bcach, a Florida municipal corporation andlor its assigns (the "Buyer") and
<br />Intcrcoastal Managcmcnt Ltd. a Florida corporation (thc "Seller"),
<br />
<br />In consideration of the mutual agrecments set forth below, the parties agree as follows:
<br />
<br />I. Definitions. The following terms when used in this Agreement shall have the
<br />following mcaning:
<br />
<br />1.1 Buver. City of Sunny Isles Beach. Buyer's mailing address IS 18070
<br />Collins Avenue, Sunny Isles Beach, Florida 33160.
<br />
<br />1.2 Closing. The delivery of thc Deed to Buyer concurrently with the delivery
<br />of the Purchase Pricc to Sellcr.
<br />
<br />1.3 Closing Date, The date of the Closing as dctermined in accordance with
<br />Paragraph II below,
<br />
<br />Buyer.
<br />
<br />1.4 Deed. A Quit Claim Deed which convcys the Propcrty fi'Oll1 SelicI' to
<br />
<br />to sign it.
<br />
<br />1.5 Effcctive Date. The datc that this Agrcement is executed by the last party
<br />
<br />1.6 Governmcntal AuthOlitv. Any fedcral, statc, county, municipal, or other
<br />govcrnmental department, cntity, authority, commission, board, burcau, court, agency or any
<br />instrumentality of any of them which has jurisdiction over the Propcrty.
<br />
<br />1,7 Governmcntal Requiremcnt. Any law, enactmcnt, statute, code,
<br />ordinance, rule, rcgulation, judgmcnt, dccree, writ, ilDunetion, franchise, pcrmit, certificate,
<br />license, authorization, agreement, or other dircetion or requircment of any Govcrnmental
<br />Authority now cxisting or hereafter enacted, adopted, promulgated, entercd, or issued applicable
<br />to the Properly, or to any appurtcnanccs, structure, use or facility, on or adjacent to, the Properly.
<br />
<br />1.8 Olltion Accelltance Date. The date upon which the Buyer notifies SelicI'
<br />that Buyer has excrciscd the option granted by this Agreement in accordance with Paragraph 2.3
<br />bclow.
<br />
<br />I. 9 Option EXlliration Datc. Ninety (90) days afier Effcctive Date, or sooner
<br />as described hereinafter.
<br />
<br />I, I 0 Prollertv, That certain real property locatcd in the Sunny Islcs Beach,
<br />Miami-Dade County. Florida, and morc particularly dcscribed in Exhibit "A" attached hereto and
<br />
<br />Eric Feder
<br />
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