Common use of Buy-Sell Agreement Clause in Contracts

Buy-Sell Agreement. In the event that one Partner desires to sell the Real Property and the other Partner does not desire to sell the Real Property, then in that event either Partner (sometimes hereinafter referred to as the "Offering Partner") may deliver a written notice (the "Notification") to the other Partner (sometimes hereinafter referred to as the "Non-Offering Partner"). The Notification shall state that the Offering Partner intends to purchase the entire Joint Venture interest of the Non-Offering Partner, the purchase price (which shall be stated in terms of a specific dollar amount per each one percent (1%) in Percentage Interest) which the Offering Partner will pay for such Joint Venture interest, the terms of payment, whether for cash or credit, and if on credit, the term, dates of payment, interest rate and security or collateral arrangements, as well as any and all other consideration being received or paid in connection with the proposed transaction, and any and all other terms, conditions, and details of such offer. The Notification shall also state that the Non-Offering Partner shall have ninety (90) days from the date of delivery of the Notification either to sell its entire Joint Venture interest to the Offering Partner, or to purchase the entire Joint Venture interest of the Offering Partner, with such purchase or sale to be consummated strictly upon the terms and conditions, and for the price per Percentage Interest, set forth in the Notification.