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4. The Purchase Price. The Commission shall convey the Property to the Company in exchange for the Company's promissory note in the form set forth at Exhibit "E" (the "Note ") in the amount of One Million Forty -Eight Thousand and 00 /100 Dollars ($1,048,000.00) (the "Purchase Price "). At the Closing, the Company will provide to the Commission to secure the Company's obligation to pay the principal amount of the Note when due, a standby letter of credit in the amount of the Purchase Price from Lake City Bank on its customary form (the "Letter of Credit "). 5. Conveyance of Property. At Closing, the Commission shall convey the Property to the Company by Limited Warranty Deed in the form set forth at Exhibit "F ": Seller will convey title to the Property subject only to real property taxes not yet due and payable, and Permitted Exceptions (as defined below). 6. Title Commitment. Following the execution of this Agreement, Company shall obtain, at Commission's expense, not later than thirty (30) days after the date of this Agreement a title commitment ( "Commitment ") on the Property from a Meridian Title Company (the "Title Company ") to issue title insurance at the Closing in the amount of the Purchase Price. The Title Company will also provide the Company with legible copies of all exceptions of record referenced therein (the "Exception Documents "). 7. Survey. Following the execution of this Agreement, the Commission shall provide the Company with any survey in its possession of the Property. Company will obtain an update the survey provided, meeting ALTA standards. In the event the Commission is unable or fails to provide a survey to the Company, the Company will obtain an ALTA survey of the Property. The update or survey so obtained is referred to in this Agreement as the "Survey ". The Commission and Company shall share equally the cost of the Survey. 8. Company Review of Commitment and Survey. Company may within thirty (30) days after receipt of (i) the Commitment and legible copies of the Exception Documents, and (ii) the Survey of the Property, notify Commission in writing of Company's disapproval of any exceptions or other matters shown in any of the foregoing ( "Company's Disapproval Notice "). If Commission shall not have received a timely Disapproval Notice, the Commitment, the Survey and the condition of title shall be deemed approved. In the event that the Company provides a timely Disapproval Notice, then within seven (7) days after delivery of Company's Disapproval Notice, the Commission may give Company written notice ( "Commission's Notice ") of those disapproved titled matters which Commission does not agree to either eliminate from the "Title Policy" or otherwise ameliorate to Company's satisfaction by Closing. If Commission does not provide a timely Commission's Notice, and as to each item in the Company's Notice not included in a timely Commission's Notice, the Commission covenants and agrees to eliminate or ameliorate to Company's satisfaction those items. If the Commission provides a timely Commission's Notice, the Company shall have the right, in its sole and subjective discretion, to either (i) terminate this Agreement within fifteen (15) days after receipt of Commission's Notice by written notice to Commission, or (ii) to waive any such matter(s). If Commission does not eliminate or ameliorate to Company's satisfaction all such disapproved matters prior to or at the Closing, then Company shall have the right, to terminate this Agreement by written notice to Commission. However, Company will be deemed to have waived all such item if Company proceeds to close the transaction provided herein. 2