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Each notice and election hereunder shall be in writing
sent by registered mail.
Notwithstanding any of the foregoing provisions of this
Paragraph 11, each Owner shall have the full and free right to
borrow upon the security of his acres, and may hypothecate or ~
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mortgage his acres as security for any obligation, without the ~
consent of any of the other Owners. The Owner shall, prior to
any hypothecation, inform and give notice to the security holder
of the within Management and Operating Agreement.
(b) Any Owner may, by gift to a member of his immediate
family, transfer, assign or devise his acres, or any portion
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thereof, free of any obligation to sell said acres to any of the
other Owners or_Operator as required by subparagraph (a) immediately
preceding. "Immediate family" for purposes of this Agreement
shall be deemed to mean Owner's spouse or issue, or a trust for ~
his, her or their benefit; provided, however, such member of
~~1 Owner's immediate family shall hold such property subject to
~ all of the terms and provisions hereof and shall make no further
transfer, other than as herein provided, except for transfers
by way of gift of devise to such a trust or to members of said
R
I donee's immediate family.
~ (c) Any option which becomes a contract for sale and
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purchase shall be enforceable as if the same were a contract for
sale and a purchase on the form approved by the Florida Association
of Realtors and The Florida Bar, Copyright 1978, a copy of which
is attached.
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12. (a) During the term hereof, Operator shall be exclusively
in charge of water control and management (including without
being limited to irrigation, drainage and Common Property
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~ operation) and all road maintenance, at cost, for the benefit
of all Owners, and the costs and expenses thereof shall be pro rata
~ among all Owners. ~
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