HomeMy WebLinkAbout2118 the total number of acres in tl~e Grove held by all owners electing
to purchase. As soon as the fig~~res can be determined, Operator
shall notify each elector of tFe number of acres as to which iris
election was-effective and such elector shall pay to Operator,
within ten (10) days thereof, the amount of cash necessary to
purchase said acres and execute any necessary documents, inclu- -
ding promissory notes and mortgages, to secure the balance of
the purchase price, if any; should any elector not make payment
and/or effect execution of instruments within said ten (10} day
period, then his option shall lapse and terminate and Operator
shall, within the next succeeding ten (10) days, inform the
remaining electors thereof anc~ dminister the lapsed option for
their pro rata benefit, provided each such elector 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 parcels, Operator will deter- -
mine the portions among the electors by lottery or. arb-itration, -
and its determination in this regard shall be final and conclu-
sive. If said option is not exercised in full by the other f
owners-within said ten (10) day period, the Operator shall have
~ the option to purchase said grove for its own account or the
remainder of it, as the case may be, at the price and on the
terms specified in said notice. If the other owners-and the
~ Operator fail within the sixty (60) day period to purchase all
~ of the grove specified in the Owner's notice, then the Orrner
v he ri ht to transfer his rove at an time within
shall ha e t q g Y
six (6) months from the date of such n-otice to the person and
~ at the price and upon the terms specified therein, and any such
purchaser shall receive and hold said grove as an Owner subject.
to all of the terms and provisions of this agreement. Each
notice and election hereunder shall be in writing sent by
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registered mail. Notwithstanding any of the foregoing provi-
sions of this paragraph 11, the Owner shall have the full and
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free right to borrow upon the security of his grove, and may
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