MEMORANDUM OF RELEASE OF OPTION AND CREDIT, AND DISCLAIMER OF EASEMENT. THIS MEMORANDUM is executed effective January, 2013, between:

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1 This Instrument Prepared by: W. James Gooding III Gilligan, King & Gooding, P.A SE 36th Avenue Ocala, FL Record and Return to: Estelle Lens Manager, Real Estate Office City of Ocala 201 SE 3rd Street, 2nd Floor Ocala FL Recording $ MEMORANDUM OF RELEASE OF OPTION AND CREDIT, AND DISCLAIMER OF EASEMENT THIS MEMORANDUM is executed effective January, 2013, between: The following persons referred to individually and collectively as Optionee * : o Edward M. Ray ( Edward Ray ); and o Community Bank & Trust of Florida, as Successor Co-Trustee of the William B. Ray Living Trust Dated the 31st Day of August, 1989, and G. Sheppard W. Dozier, as Successor Co-Trustee of the William B. Ray Living Trust Dated the 31st Day of August, 1989 (both of the foregoing, collectively, Successor Co-Trustees ). City of Ocala, a Florida municipal corporation ( City ). WHEREAS: A. City and Optionee are parties to a Contract for Sale and Purchase of Right of Way (the Main Contract ) together with an Addendum to Contract for Sale and Purchase of Right of Way ( Addendum ), (collectively the Original Agreement ) pursuant to which Optionee agreed to sell certain real property to City pursuant to the terms and conditions thereof. B. Pursuant to the Original Agreement: 1). City provided to Optionee the Option referred to therein. 2). City provided to Optionee the Credit referred to therein. C. Optionee and City recorded a Memorandum of Option and Credit in O.R. Book 5561, page 132, public records, Marion County, Florida ( Original Memorandum ) to evidence the Option and Credit. * Wherever the context so admits or requires, the terms Grantor and Grantee are used for singular and plural, and respectively refer to the parties to this instrument and the heirs, legal representatives, and assigns of individuals, and the successors and assigns of corporations. 1

2 D. On or about, Optionee and City entered into an Amendment to Contract for Sale and Purchase of Right of Way ( Amendment ) pursuant to which the parties amended the Original Agreement, and in connection therewith: 1). Optionee released the Option and Credit. 2). City disclaimed any interest in the Parent Tract 1 arising from electric power poles and lines thereon. E. The parties desire to record this Memorandum to evidence the foregoing matters. NOW THEREFORE, in consideration of the matters set forth above (which are incorporated herein by reference), the payment of Ten Dollars and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged: 1. Release of Option and Credit. Optionee acknowledges and agrees that, pursuant to the Amendment, Optionee has released the Option and any right that is has to receive the Credit, and therefore the Option and Credit no longer exist. 2. Disclaimer of Easement City has disclaimed and released any interest it may have in the Parent Tract by virtue of the prior construction of electric power poles and lines on the Parent Tract Seller has agreed that, in the event the Parent Tract is subsequently divided into separate parcels, the owner of each parcel shall grant to the City electric easements sufficient for City to provide electric power to all other parcels. 3. Memorandum Only. This is only a memorandum of the foregoing matters. Nothing set forth herein shall be deemed to modify, limit or any way abridge or amend any term or condition of the Amendment, the terms of which shall survive the Closing under the Amendment. THIS PART OF PAGE INTENTIONALLY LEFT BLANK 1 Terms defined in the Original Memorandum have the same meaning herein. 2

3 THEREFORE, the parties have executed this Memorandum effective the day and year first written above. Edward M. Ray Print Name Print Name The foregoing instrument was acknowledged before me this day of January, 2013, by Edward M. Ray. Name: Personally known OR Produced Identification (if this box is checked, fill in blanks below). Type of Identification Produced: 3

4 Community Bank & Trust of Florida, as Successor Co-Trustee of the William B. Ray Living Trust Dated the 31st Day of August, 1989 Print Name By: Lee Ebanks, Vice President and Senior Trust Officer Print Name The foregoing instrument was acknowledged before me this day of January, 2013, by Lee Ebanks, as Vice President and Senior Trust Officer of Community Bank & Trust of Florida, as Successor Co-Trustee of the William B. Ray Living Trust Dated the 31st Day of August, 1989, on behalf of such Successor Co-Trustee. Name: Personally known OR Produced Identification (if this box is checked, fill in blanks below). Type of Identification Produced: 4

5 Print Name G. Sheppard W. Dozier, as Successor Co-Trustee of the William B. Ray Living Trust Dated the 31st Day of August, 1989 Print Name The foregoing instrument was acknowledged before me this day of January, 2013, by G. Sheppard W. Dozier, as Successor Co-Trustee of the William B. Ray Living Trust Dated the 31st Day of August, Name: Personally known OR Produced Identification (if this box is checked, fill in blanks below). Type of Identification Produced: 5

6 ATTEST: Print Name City of Ocala, a Florida municipal corporation Mary S. Rich President, Ocala City Council Print Name _ Angel B. Jacobs City Clerk Approved as to form and legality _ Patrick G. Gilligan City Attorney The foregoing instrument was acknowledged before me this day of January, 2013, by Mary S. Rich, as City Council President of the City of Ocala, Florida, a Florida municipal corporation, on behalf of the City. Personally known OR Name: Produced Identification (if this box is checked, fill in blank below). Type of Identification Produced: E:\CITY\Engineering\REAL ESTATE\General\2012\Ray-44th-2012\Closing Docs\Termination of Option.docx 6