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specified number thereof. If the total of the acres specified in such election exceeds
' the number of acres w be transferred, each Owner shall have a priority, up to the
number of acres specified in his notice of election to purchase, to such proportion i
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of the number of acres to be transferred as the total number of acres which he.hoids
in the Grove bears to the total number of acres in the Grove held by all Owr?~~-s
eluting to purchase. As soon as the figures can be determined, Operator shall •
notify each Owner of the number of acres as to which his- election was effective and
• such Owner shall pay to Operator, within ten (10) days thereof, the amount of cash
• necessary to purchase said acres and execute any necessary documents, including .
promissory notes and mortgages, to secure the balance of the purchase price, if
any; should any Owner not make payment and/or effect execution of instruments
within said ten (10) day period, then his option~shali lapse and terminate and
Operator shall, within the next succeeding ten (10) days, inform the remaining
electing Owners thereof and administer the lapsed option for their pro-rata benefit,
provided each such Owner exercises such additional option and makes payment and
executes all necessary instruments within said additional ten (10) day period 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 parties by lottery or arbitration, and its determination in
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this regard shall be final and conclusive.
~ if said option is not exercised in full by. the remaining Owners within
said ten (10) day period, the Operator shall have the option to purchase said acres
for its own account or the remainder 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 sixty (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 such
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1 ~ acres at any time within six (6) months from Uie date of such notice ta-the-persotr +
.~ti? any purchaser
~W'' and at the price and upon the terms specified therein, and sdeh-person shall
receive and hold said acres subject to all of the terms of this agreement as an
Owner.
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