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RESTRICTIONS ON TRANSFER
2. Transfer of Venture Interest After Bona Fide Offer
(a) Notice of Offer. In the event * * *
[Bush, WVI, or Offsite] desires to transfer
all or some of its Venture Interest after
receiving a bona fide offer from an
independent third party, it must first: (i)
obtain the express prior written consent of
all Venturers, or (ii) notify each of the
other Venturers * * * in writing, of all of
the relevant facts of the proposed transaction
and its intention with respect to such Venture
Interest or any right or interest therein * *
* The * * * [nontransferring partner] shall
have a right of first refusal to purchase the
Subject Interest at a price and pursuant to
the procedures and conditions set forth
hereinafter.
(b) Purchase Price. The purchase price
to be paid to the Transferring Venturer for
the Subject Interest, if the Non-Transferring
Venturer(s) exercise their rights of first
refusal * * * shall be the price set forth in
the Notice of Offer, or the appraised value;
provided, that if the consideration to be paid
by the proposed transferee is other than the
payment of cash in full within thirty (30)
days of the acceptance of the offer of the
proposed transferee by the Transferring
Venturer, the Joint Venture shall cause an
independent appraiser * * * to establish the
cash equivalent of such other consideration.
In 1997, the joint venture sold Powhatan Plantation and
another time-share resort they owned to Signature Resorts, Inc., a
publicly traded company now known as Suntera Resorts, Inc., for
$59.1 million.
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Last modified: May 25, 2011