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(B) Should the City Commission fail to approve this Agreement, this Agreement
<br />shall be null and void.
<br />(C) All dates and timelines herein shall run from the date this Agreement is
<br />executed by the Mayor of the Sunny Isles Beach City Commission and Seller, whichever
<br />is later (the "Effective Date").
<br />(D) This Agreement is exempt from the provisions of section 119.07, Florida
<br />Statutes ("Public Records Act") until 30 days before this Agreement is considered for
<br />approval by the City Commission or 30 days after the termination of negotiations between
<br />the parties hereto.
<br />(E) As a condition precedent to Closing, Seller shall take all necessary legal
<br />steps to relocate any existing tenants in possession of the Property and to terminate any
<br />written or unwritten leases, easements, or claims of the same on the Property, no later
<br />than June 1, 2024, so as to provide Purchaser with full, exclusive, open, peaceful, and
<br />undisputed possession and ownership of the Property at Closing, with the exception of
<br />two (2) existing leases, which expire and terminate on May 31, 2024. Seller shall provide
<br />documentation, including copies of existing leases, from all existing tenants, concerning
<br />lease termination and acknowledgment and agreement of vacation of the Property at
<br />lease termination. If the Seller is unable to satisfy this condition prior to the date
<br />established for Closing, as set forth in paragraph 7, Purchaser, at its sole option, may
<br />elect to terminate this Agreement, receive a refund of the Deposit, and neither party shall
<br />have any further obligations under this Agreement. Alternatively, the Purchaser and Seller
<br />may agree to an adjustment of the Closing date.
<br />3. PURCHASE PRICE.
<br />(A) The purchase price for the Property is Five Million Five Hundred Thousand
<br />Dollars and No Cents ($5,500,000.00) for the Property (Purchase Price") which, after
<br />credit for any deposit, will be paid by the Purchaser to the Seller at closing.
<br />(B) Seller hereby authorizes Purchaser to issue a City check or deliver cash for
<br />the Purchase Price directly to the Escrow Agent who is authorized by law to receive such
<br />payment, and who is acceptable to Purchaser, and to require the Escrow Agent to pay
<br />Seller's expenses of sale and prorated real estate taxes. Kerry A. Parsons, Nabors, Giblin
<br />& Nickerson, P.A., 1500 Mahan Dr., Suite 200, Tallahassee, Florida 32308, shall serve
<br />as the Escrow Agent pursuant to this Agreement.
<br />4. FEASIBILITY AND SUITABILITY ANALYSIS. Within 30 days of the Effective Date
<br />of this Agreement, Purchaser, at its sole cost and expense, may conduct a feasibility and
<br />suitability analysis of the Property to determine, in Purchaser's sole discretion, whether
<br />the Property is suitable for City purposes. If the Purchaser determines the Property is not
<br />suitable for its use, the Purchaser may terminate this Agreement, have any deposit
<br />returned, and neither party shall have any further obligations under this Agreement.
<br />Purchaser's feasibility and suitability analysis may include the following:
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<br />Purchaser__ p,LSeller
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