HomeMy WebLinkAbout2022 ~ f
effect execution of insti'uments within said 14 day period, then
his option shall lapse and terminate and Operator shall, within
the next succeeding 10 days, inFo~~m the re~naining electing
Ownera thereof and adm~nister the lapsed option for their pro
rata benefit, provided each such Ow~ner exercises such addition~l
option and makes payment and e~xecutes all necessary instruments
within said additional 10 day periocl or within any extended
time that Operator may designate.
As to odd or non-contiguous lots or blocks,
Operator will determine the portions among the partfes by
lottery or arbitration. and its deter~ination in this regard
shall be final and conclusive.
If said option is not exercised in full by the
remaining Owners within said 10 day period, the Operator shall
have the option to purchase said acres for its own account or •
the rema~nder of them, as the case may be, at the price and on
the terms specified in said notice. If the Owners and/or the
Operator fail within said 60 day period to purchase all of such
acres specified in the first notice referred to herein, then
the offering Owner shall have the right to transfer sucfi acres
at any time within 6 months fraa the date of such notice to the
person and at the price and upon the terms specified therein,
and such person shall receive and hold said acres subject to all
of the terms of this agreement as an Owner.
Each notice anc~ election hereunder shall be
in writing sent by registered mail..
Notwithstaruiizg any of the Foregoing pr~visions
of this Paragraph 11, each Owner shall have the full and free
right to borrow upon the security of his acres, and may hypo- '
thecate or mortyage his acres as security for any obligation, `
without the consent of any of the other Owners. The Owner
shall prior to any hypothecation inforna and give notice to the
security holder of the within Management and Operating Agreement.
(b) Any Owner may, by gift to a member of
his immediate Eamily, transfer, assign or devise his acres, or any
~ portion thereof, free of any obligation to sell said acres to
! any of the other Owners or Operators as required by subparagraph
(aj immediatel~ preceding. "Immediate family" for purposes of
j 'this agreement shall be deemed to mean Owner's spouse or issue,
j or a trust for his or her benefit; provided, however, such
4 member of Owner's i.mmediate family shall hald such property
~ subject to all of the terms and provisions hereof and shall
make no further transfer, other than as herein provided, except
~ for transfers by way of gift or devise to such a trust or to
members of said donee's immediate family.
;
12. (a) In the event that any Owner shall fail to ~
make his periodic payments of principal or interest pursuant to
the Promissory Note executed in conneetion with the purchase
of his acres or of any other Mortgage thereon or hypothecation
thereof, or shall tail to pay the real estate taxes levied on
his property, or shall fail to make his payment fvr any other
costs or expenses in connection with the purchase, management,
development or operation of the Grove or Reservoir, upon call,
and fails to cure such default within 30 days after the payment
-4-
~ '
gQ~~6~ ~~E ~~0 ~
s~~.;~ ; _ ' 1 .
a~~`~~~,~.-~ ° ;
> ~ ~
F I ~ y..:n T `,,,~''`f~°'~~~`:.
~i , . ~~.T^,~
~
-
i