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<br />r <br /> <br />1.11 Property. That cel1ain real property located in the Sunny Isles Beach, <br />Miami-Dade County, Florida, and more pat1icularly described in Exhibit "A" attached hereto and <br />made a part hereof, together with all improvements, property rights, easements, privileges and <br />appurtenances thereto. <br /> <br />1.12 Purchase Price. The price the Buyer shall pay Seller for the Property as <br />set f011h in Paragraph 3 below. <br /> <br />1.13 Seller. St. Tropez III LLC. Seller's mailing address is: 3211 Ponce De <br />Leon Blvd., Suite 30 I Coral Gables, FL 33134. <br /> <br />1.14 Title Commitment. A title insurance commitment issued by or written to <br />a title insurance company licensed to eonduct business in the State of Florida (a "Title <br />Company") agreeing to issue the Title Poliey to Buyer upon payment of the Purchase Priee and <br />recording of the Deed and execution and/or recording of other closing documents. <br /> <br />1.15 Title Policy. An AL T A Form B Owner's Title Insuranee Policy in the <br />amount of the Purchase Price, insuring the Buyer's title to the Property, subject only to the <br />Permitted Exceptions. <br /> <br />2. Grant of Option for Purchase. <br /> <br />2.1 Grant of Option. For good and valuable consideration, Seller hereby <br />grants to Buyer and Buyer hereby accepts from Seller an option to purchase and acquire the <br />Property from Seller on the tenns and conditions hereinafter set forth (the "Option") such that <br />the payment of the Purchase Price shall be as set forth in Section 3. <br /> <br />2.2 Option Fee. As consideration for the Option, simultaneously with the <br />delivery by Buyer to Seller of this Agreement executed by Buyer, Buyer shall pay by wire <br />transfer or check the sum of Fifty Thousand Dollars ($50,000.00) (the "Option Fee") to Chicago <br />Title Insurance Company, 270 I Gateway Drive, Pompano Beach, Florida 33069 Attention: Artie <br />Montaner, as escrow agent ("the Escrow Agent"). The Option Fee shall be held and released as <br />set forth in Section 3.3 below. Upon Closing, the Option Fee shall be applied to the Purchase <br />Price as set forth in Section 3. The Option Fee is non-refundable, except that Buyer shall be <br />entitled to receive a refund of the Option Fee if and only if (a) Buyer timely exercises the Option <br />in the manner required under this Agreement and (b) an Option Fee Refund Event (as defined <br />below) occurs, As used herein, an "Option Fee Refund Event" shall mean one or more of the <br />following events: (i) termination of this Agreement pursuant to the provisions of Section 4.2 <br />hereof due to an Environmental Problem not cured by Seller as and when provided therein; (ii) <br />termination of this Agreement pursuant to the provisions of Section 5.2 hereof due to a Title <br />Objection not cured by Seller as and when provided therein; (iii) termination of this Agreement <br />pursuant to the provisions of Section 7.6 hereof due to an incorrect representation and warranty <br />of Seller not cured by Seller as and when provided therein; (iv) termination of this Agreement <br />pursuant to the provisions of Section 9.1 hereof due to an unsatisfied Buyer's Condition <br />Precedent not satisfied by Seller as and when provided therein; (v) tennination of this Agreement <br />pursuant to the provisions of Section 17 hereof due to a taking of the Property as and when <br /> <br />Option Agreement for Milton Property on Sunny Isles Blvd 2 <br /> <br />o <br />