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It is further agreed between the parties hereto that both
the option and the right of first refusal shall be applicable
to the entire parcel comprising the subject property and shall
also be applicable to any part thereoY as set forth in the notice of
intention to exercies option or as contained in the bona fide
written offer to Seller from a third person, so that the Purchaser
may exercise the option or right of first refusal as to the
entire parcel or arty lesser portion thereof, as the case may
be. In the event that the Seller shall receive a bona fide
written offer from a third person to purchase the subject property,
then the right of first refusal which may be exercised by the
Purchaser must be made applicable to at least so much of the
subject property as is contained in the bona fide written offer
- received. by the Seller from such third person. As to any portion
of the subject property not contained in said bona fide written
offer to the Seller from a third person, the Purchaser's option
shall remain in full force and effect.
The real property to which this right of first refusal
agreement applies (hereinafter referred to as the "property" .
or the "subject property") is more particularly described as
follows
Lot 10, KELLEM'S SUBDIVISION, as recorded in -
Plat Book 3, at Paae 85, of the Public Records
of St. Lucie County, Florida, LESS Riahts-o £-way
for U.S. #1, and utilities. AND begin at the
Northeast corner of Lot II, of said Plat of
KELLEM'S SUBDI~~ISION, then run West 1250.00
feet to a point; then run South for a distance
of 230.00 feet; then run East for a distance
of 850.04 feet to a point; and then-North
parallel to the East line of said Lot 11 for a
distance of 100.00 feet; then East for a ~ _
distance of 400.00 feet, and thence run north
for a distance of 130.00 feet to the Point of
Beginning. ~
All being located in Section 34, Township 35 South, _
Range 40 East, St. Lucie Cvuity, Florida. As shown
on Tax Assessr!ient '•`.ap E4/34N:
2. The option price for the property to be purchased
by the Purchaser pursuant to the exercise of the option contained
herein, shall be computed as follows:
(a) In the event that the option is exercised
as to the entire parcel constituting the subject property, then
the option price shall equal a sum arrived at by:
(i) Totaling the Seller's entire cash outlay
and investment in the subject property which shall comprise
all closing costs incidental tb such acquisition of the property
by the Seller, all sums expended by the Seller for improvement
of the propert}• or incidental to any such planned improvement,
all other sums expended by the.Seller with relation to the acquisition
and retention of the subject property from the date of such
acquisition through the date upon which the Purchaser gives
written notice to the Seller of the Purchaser's intention to
exercise the option provided for in this agreement. The sum
arrived at in this manner shall include only the cash outlay,
expenditure or investment of the Seller and shall not include
the amount of any mortgages constituting a lien upon the subject
real property, whether given by, taken subject to or assumed
by the Seller. The total amount thus arrived at shall be referred
to herein as the "Seller's cash investment". This sum shall
then be multiplied by the factor set forth in Paragraph 2(a)(ii).
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