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OPTION AND RIGHT OF. FIRST REFUSAL AGREEMENT
THIS AGREEMENT made this ~ day of ,
1980, between BURLINGTON INVESTMENTS, LTD., herei ter
described as "Seller," and KENNETH W. ROTY:, or his designees
or assigns, corporate or individual, hereinafter described
as "Purchaser."
W I T N E S S E H
1. In consideration of ONE HUNDREA DOLLARS AND
NO/100 ($100.00) and other valuable considerations, including
the undertakings herein taken upon the Purchaser, the parties
hereto agree that the Purchaser shall have, and the Seller does
hereby grant to the Purchaser, both of the following rights:
(A) The exclusive option, right and privilege of purchasing the
hereinafter described property, which option Purchaser may r
exercise until such time as the Seller has. notified the Purchaser
of the Seller's receipt of a bona fide offer together with
accompanying-earnest money deposit from a third person who wishes
to purchase the property from Seller at a price upon which Se12er
wishes tQ sell such property and (B) a first right of refusal to
Qurchase the hereinafter described property at the same price and
terms as contained in a bona fide offer received by the Seller
frori a third person. Such right of first refusal may be exercised
uDOn the conditions and in the manner hereinafter described. In
the event, however, that the Purchaser shall not exercise his. right
o~ first refusal but nevertheless the sale of the hereinafter described
property from the Seller to the third person does not take place, then
Purchaser's option shall be reinstated and Purchaser shall likewise
have a renewed right of first refusal with regard to subsequent
bona fide offers received by the Seller from third persons.
While the purchase price in the event of the Purchaser's
exercise of his right of first refusal, following the receipt of
a written bona fide offer by the Seller from a third person, shall
be governed by the terms and conditions of the offer made by
s»ch third person to the Seller, the purchase price for the
Purchaser under the Purchaser`s option shall be calculated in acr~~~r:'.ancf
with the provisions of Paragraph 2 below. -
In the event that the Seller wishes to sell the property
hereinafter set forth pursuant to the terms of a bona fide written
offer received by the Seller from a third person, accompanied by an
earnest money deposit of not less than ten (10$) percent of the
purchase price, it shall be Seller's obligation to notify the
Purchaser of such bona fide written offer. Such notification from
the Seller to the .Purchaser shall be in writing by Certified 'fail, y
Return Receipt Pequested. The Purchaser shall then have a period
of forty-five (45)~ days from and after the receipt of such notification
within which to notify the Seller of the Purchaser's intention to
exercise the Purchaser's right of first refusal to purchase the
subject property. The time for closing upon this sale and purchase
shall be as hereinafter set forth in this agreement.
Si::~ilarlyj if the Purchaser wishes to exercise his option
to gurchase, at a time prior to the receipt by the Purchaser of
notification from the Seller of a bona fide written offer from a
third person, Purchaser shall notify the Seller in writing by Certified
*Sail, Return Receipt Requested of Durchaser's intention to exercise
the Purchaser's option.
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