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interest in the Property.
2. Restrictions on Transfer of Interest. Except
as otherwise provided herein, no owner shall sell,
hypothecate, pledge, assign or otherwise, transfer with
or without consideration any part of his/her interest
in the Property to any other person without first
offering his/her interest first to Timothy J. Tehan,
and secondly, to the other owners, in accordance with
the provisions of this Paragraph 2:
(A) The owner desiring to sell, encumber or
otherwise dispose of his/her interest in the Property
(the “Selling Owner”) shall submit a written offer to
sell his or her interest to Timothy J. Tehan, setting
forth the price and terms and conditions under which
he/she is willing to sell his/her interest. For a
period of ninety (90) days after receipt of such offer,
Timothy J. Tehan shall have the right to accept said
offer and to purchase the interest of the Selling
Owner.
In the event Timothy J. Tehan does not
accept the offer, then the other owners shall have the
option, in proportion to their ownership interest, to
purchase said interest by notifying the Selling Owner
within thirty (30) days after the expiration of Timothy
J. Tehan’s option. If the owners accept the offer,
they shall, at the same time, fix a closing date not
more than sixty (60) days after the date of acceptance.
The purchase price shall be payable in
cash on the closing date, unless the offer provides
otherwise.
If Timothy J. Tehan and the owners all
fail to accept the offer, then the Selling Owner shall
be free, for a period of thirty (30) days thereafter,
to solicit offers from any bona fide prospective pur-
chasers.
If the Selling Owner receives a bona
fide offer to purchase his/her interest at a price and
on terms acceptable to the Selling Owner, he/she shall
send a written copy of said offer to Timothy J. Tehan
and the other owners and, for a period of ninety (90)
days after receipt of the offer, Timothy J. Tehan and
the other owners shall have the option to purchase the
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Last modified: May 25, 2011