HomeMy WebLinkAbout2216 the total number of acres in the Grove held by all owners electing
to purchase. As soon as the figures can be determined, Operator
shall notify each elector of the number of acres as to which his
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
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remaining electors thereof and administer 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-
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mine the portions among the electors by lottery or arbitration,
and its determination in this regard shall be final and conclu-
sive. If said option is not exercised in full by the other
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
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terms specified in said notice. If the other-owners and the
Operator fail within the sixty (60) day period to purchase all. r
~ of the grove specified in the Owner's notice, then the Owner
~ shall have the right to transfer his grove at any time within
six (6) months from the date of such notice to the person and ~
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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
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notice and election hereunder shall be in writing sent by
registered mail. Notwithstanding any of the foregoing provi-
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` sions of this g p
para ra h 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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g~K~33 P~E22i4
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