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forty five days after notification by the other party hereto, then
this right and/or option shall be deemed to have been refused.
In the event a mutual agreement cannot be arrived at as to the
fair market value of the subject property, then a mutually
agreeable appraiser shall appraise the property and his or her
finding as to the fair market value shall be deemed binding.
2. Each party shall contribute equally toward the
upkeep, maintenance, taxes, repairs, mortgage costs and other
expenses relative to ownership of the above-described real property
and in the event either party cannot contribute his respective
share,~the other party may advance the funds necessary to meet
such expenses and shall be entitled to collect the same back from
the other party who is unable to meet his expenses. If such collec-
tion cannot be had in full within six months from the date such
advancements were made, then the option set out previously in
Paragraph 1 hereof, shall be deemed to automatically be in effect.
3. In the event either party is unable to contribute
three of the monthly mortgage payments on the above-described real
property and the other party advances the amount of same, which
inability does not have to be in three continuous months, but merely _
only has to total three outstanding unpaid monthly payment shares
by either party, then the option set out previously in Paragraph 1
i
~ of this agreement shall be automatically deemed to be in effect.
€ 4. In the event either party purchases the other party's
interest in this property by virtue of the other party's non-payment
of expenses or mortgage payments as set forth herein, then any such
advancements made by the purchasing party shall also be deemed a
credit against the purchase price.
5. No party hereto shall have the right to pledge, lien,
mortgage, transfer or in any other way encumber his undivided one-half
interest in the above-described real property without the joinder
of the other party hereto or without first giving the other party
hereto the option and/or right set forth previously in Paragraph 1
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of this agreement.
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