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<br />OPTION AGREEMENT FOR <br />PURCHASE AND SALE OF REAL PROPERTY <br /> <br />This Option Agreement for Purchase and Sale of Real Property (hereinafter the <br />"Agreement"), is made and entered into as of this I t,.Jh day of November, 2006, by and <br />between the City of Sunny Isles Beach, a Florida municipal corporation and/or its assigns (the <br />"Buyer") and the Joseph Mazacco Irrevocable Florida Trust (the "Seller"). <br /> <br />In consideration of the mutual agreements set forth below, the pat1ies agree as follows: <br /> <br />1. Definitions. The following terms when used in this Agreement shall have the <br />following meaning: <br /> <br />1.1 Buyer. 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 the Deed to Buyer concurrently with the delivery <br />of the Purchase Price to Seller. The Closing shall take place within 120 days of the effective <br />date of this contract. <br /> <br />1.3 Closing Date. The date of the Closing as determined in accordance with <br />Paragraph 11 below. <br /> <br />1.4 Deed. A Special Warranty Deed which conveys the Property from Seller <br /> <br />to Buyer. <br /> <br />to sign it. <br /> <br />1.5 Effective Date. The date that this Agreement is executed by the last party <br /> <br />1.6 Governmental Authority. Any federal, state, county, municipal, or other <br />governmental department, entity, authority, commission, board, bureau, court, agency or any <br />instrumentality of any ofthem which has jurisdiction over the Property. <br /> <br />1.7 Governmental Requirement. Any law, enactment, statute, code, <br />ordinance, rule, regulation, judgment, decree, writ, injunction, franchise, permit, certificate, <br />license, authorization, agreement, or other direction or requirement of any Governmental <br />Authority now existing or hereafter enacted, adopted, promulgated, entered, or issued applicable <br />to the Property, or to any appurtenances, structure, use or facility, on or adjacent to, the Property. <br /> <br />1.8 Leasehold Interests. Any existing tenancies attached to this property as set <br />f0l1h by the parties in Section 7.2 below. <br /> <br />1.9 Option Acceptance Date. The date upon which the Buyer notifies Seller <br />that Buyer has exercised the option granted by this Agreement in accordance with Paragraph 2.3 <br />below. <br /> <br />Mazacco - Option Agreement <br /> <br />SIB <br />