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In the event GECC does not exercise its right of firs~ refusal., '
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and GOLF does not close on the said purcliase agreement from a
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thi?-d party, then in that event, GECC shall re~ain the right of
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first refusal as set forth herein, so long as the-20--year period j
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for the Restrictive Covenant se~ forth iii paragraph 1 has not run, ~
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or so long as G~CC has a mortgage on the certain real_property ~
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which is the subject matter of this lawsuit, said pro~erty being '
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contiguous to the property which~is described in-Exhibit "A". Under
no circumstances shall the right of first.refusal to purchase ex-
tend-beyond~a 20-year period covered by the restrictive covenant ~
or satisfac~ion and/or release of the GECC mort~age herein refer-~
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enced, the running of the period of time or the satisfactiori of ' i
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the GECC mortgage, whichever occurs first shall terminate all ~
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rights to first refusal herein specified. °
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`3. Should GOLF during said 20-year period decide that ~ ~
it no longer desires to operate said property as a golf course or _
if GOLF does not operate the property as a golf course for a 90-
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day period, then GECC has the right of f.irst refusal ~o.purchase ;
- said property for a dollar value t~ be established by three ap-
- . praisers, one to be_appointed by GOLF, one to be appointed by~GECC, _
~ and each of said appraisers sha.ll appoint a third appraiser. _With-_
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in thirty (30)-days of the establishment of a purchase price by ~
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~ said appraisers, GECC anc~ GOLF agree to enter into a written con-
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- tract for purchase of the real property, provided GE~C elects to -
' - purchase the property from GOLF, which contract shall; amangst
~ the customary terms and ~onditions used in transactian of this
- - type in St. Lucie ~ounty, include a 60-day closing,delivery of
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~ the abstract of title to the purchaser showir~g that the title is
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~ good and marketable in the name of the Seller; a survey of the Frop-- `
~ erty, a non-lien affidavit evidencing that the property is free and
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- clear of all liens and encumbrances, and a release of the restric-
tive c~venant hereinabove mentioned. The terms and conditions of
the purchase are as follows: 10$ af the purchase nri~e payable by
- deposit at time of contract execution~, with the ba).ance _to be paid,
_ 8~~~239 P~~~209~ - - - -
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GERALD S. JAMES. ATTORNEY AT LAW. POST OFFICE BOX 3089. FORT PIERCE. FLORIDA 33450. TEIEPHONE 308-463-2b00 _
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