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THIS CONTRACT FOR PURCHASE AND SALE ("Contract") is made by and between <br />SHERWOOD FOREST I, LLC, a Florida limited liability company, and SHERWOOD FOREST <br />II, LLC, a Florida limited liability company (hereinafter referred to as "Seller"), both with a principal <br />address of 1201 Helen Street, Casselberry, FL 32708, and the CITY OF CASSELBERRY, <br />FLORIDA, a municipal corporation, ("Buyer") with a principal address of 95 Triplet Lake Drive, <br />Casselberry, FL 32707. For and in consideration of a valuable sum in dollars, the premises and the <br />mutual covenants and obligations created hereby, as well as other good and valuable considerations, <br />Buyer agrees to buy and Seller agrees to sell the following described real property subject to and upon <br />the terms and conditions set forth below. The effective date of this Contract (the "Effective Date") <br />shall be the date upon which the last of Seller and Buyer shall have signed this Contract. <br />ARTICLE I - PROPERTY <br />The real property (the "Property") which is the subject matter of this Contract and is depicted <br />in Exhibit "A" attached hereto and made a part hereof. <br />ARTICLE II - PURCHASE PRI <br />Purchase Price. The purchase price (the "Purchase Price") for the Property shall be One <br />Hundred Thousand and 00/100 ($100,000.00), Dollars. <br />Deposit. Buyer has deposited into the escrow account of Garganese, Weiss & D'Agresta, <br />P.A., the sum of $5,000.00, (the "Deposit"), which shall apply to the Purchase Price at closing. If <br />Buyer fails to close and has no legal basis to justify such failure, then Seller shall retain the Deposit as <br />liquidated damages, and this shall be Seller's sole and exclusive remedy for breach by Buyer of this <br />Contract. <br />ARTICLE III - CLOSING AND CLOSING DATE <br />The transaction contemplated by this Contract shall be closed (the "Closing"), the Purchase <br />Price applied to closing costs and the deed, and the exclusive possession of the Property, free of all <br />occupants, shall be delivered to Buyer at Closing. The closing date shall be on or before 90 days <br />following the Effective Date. <br />ARTICLE IV - TERMS AND CONDITIONS <br />The additional terms and conditions of this Contract are as follows: <br />4.1. Evidence of Title. Buyer, at Buyer's expense and within thirty (30) days from the <br />Effective Date, shall obtain a title insurance commitment (the "Title Commitment") to issue an <br />ALTA Owner's Title Insurance Policy from a title insurance company acceptable to Buyer (the "Title <br />Insurance Company") in the amount equal to the purchase price of the property naming Buyer as the <br />proposed insured. The Title Commitment shall show good, marketable and insurable fee simple title <br />to the Property to be vested in Buyer, liens, encumbrances, exceptions and qualifications which will <br />