ORD 1815A - Laserfiche WebLink

EXHIBIT "G" Right of First Refusal If City, or any successor or assign of City, ever proposes to transfer its interest (by way of sale, lease, easement (other than public utilities) or any other means) in all or any portion of the Public Parcel ("Interest") to a third party transferee (or is required by operation of law or other involuntary transfer to do so), City shall first offer such Interest to Property Owner in accordance with the following provisions: (a) City shall deliver a written notice ("Option Notice") to Property Owner stating (i) City's bona fide intention to transfer such Interest, (ii) the Interest to be transferred, (iii) the purchase price and terms of payment for which City proposes to transfer such Interest and (iv) the name and address of the proposed transferee along with financial information reasonably disclosing the proposed transferee's financial wherewithal. (b) Within forty-five (45) days after receipt of the Option Notice, Property Owner shall have the right, but not the obligation, to elect to purchase the Interest upon the price and terms of payment designated in the Option Notice, If the Option Notice provides for the payment of non-cash consideration, Property Owner may elect to pay the consideration in cash equal to the good faith estimate of the present fair market value of the non-cash consideration offered as reasonably determined by City and Property Owner. (c) If Property Owner elects to purchase the Interest designated in the Option Notice, then the closing of such purchase shall occur within ninety (90) days after Property Owner's receipt of such Option Notice and City and Property Owner shall execute such documents and instrunJents and make such deliveries as may be reasonably required to consummate such purchase, (d) If Property Owner elects not to purchase the Interest designated in the Option Notice. then City may transfer the Interest described in the Option Notice, to the proposed transferee, provided such transfer (i) is completed within ninety (90) days after the expiration of Property Owner's right to purchase such Interest and (ii) is made on terms no less favorable to City than as designated in the Option Notice, If such Interest is or is not so transferred, City, or City's successor or assign, must give notice in accordance with this Exhibit G prior to any other or subsequent transfer of such Interest, 356901849375v14 -1- 08125/00