HomeMy WebLinkAbout2097 In the event GECC does not exercise its right of first refusal,
and GOLF does not close on the said purchase agreement from a
third party, then in that event, GECC shall retain the right of
first refusal as set forth herein, so long as the 20-year period
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for the Restrictive Covenant set forth in paragraph 1 has not run, ~
or so long as GECC has a mortgage on the certain real property
which is the subject matter of this lawsuit, said property being ~
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contiguous to the property which is described in Exhibit "A". Under
no circumstances shall the right of first refusal to purchase ex-
tend beyond a 20-year period covered by the restrictive covenant
or satisfaction and/or release of the GECC mortgage herein refer-
enced, the running of the period of time or the satisfaction of " s
the GECC mortgage, whichever occurs first shall terminate all `
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rights to first refusal herein specified. i
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3. Should GOLF during said 20-year period decide that
it no longer desires to operate said property as a golf course or
if GOLF does not operate the property as a golf course for a 90-
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day period, then GECC has the right of first refusal to purchase
said property for a dollar value to be established hy three ap-
. praisers, one to be appointed by GOLF, one to be appointed by GECC,
and each of said appraisers sha.ll appoint a third appraiser. With-
~ in thirty (30) days of the establishment of a purchase price by ;
5 said appraisers, GECC and GOLF agree to enter into a written con-
tract for purchase of the real property, provided GECC elects to
purchase the property from GOLF, which contract shall, amongst
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; the customary terms and conditions used in transaction of this
; type in St. Lucie County, include a 60-day closing,delivery of
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~ the abstract of title to the purchaser showing that the title is
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E good and marketable in the name of the Seller, a survey of the prop-
erty, a non-lien affidavit evidencing that the property is free and
; clear of alI liens and encumbrances, and a release of the restric-
tive covenant hereinabove mentioned. The terms and conditions of
A the purchase are as follows: 10$ of the purchase priCe payable by
r deposit at time of contract execution, with the balance to be paid
a
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¢ GERAID 9. JAME4. ATTORNEY AT LAV . POST OFFIGE BO% 3069. FORT PIERCE.. FLORIDA 334d0. TELEPFIONE 30~46f-2500
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