Common use of Notice of Intent to Exercise Phases I and III Refusal Rights Clause in Contracts

Notice of Intent to Exercise Phases I and III Refusal Rights. The County Board may exercise its Phase I Refusal Right and/or its Phase III Refusal Right by first giving a notice of preliminary intent to exercise its applicable Phase I or Phase III Refusal Right, subject to the fair market value price of the Property, (the “Preliminary RR Notice of Intent”) within ninety (90) days after County Board has received the Borrower’s Notice of Bona Fide Offer. If, after the determination of the fair market value price of the Property, pursuant to Section 5.04(d), the County Board determines to exercise its applicable Phase I or Phase III Refusal Right, the County Board shall provide the Borrower with a final intent to exercise its applicable Phase I or Phase III Refusal Right (the “Final RR Notice of Intent”) within fifteen (15) days of such determination. The Final RR Notice of Intent shall specify a closing date that is within one sixty- five (165) days immediately following the delivery of the Final RR Notice of Intent.

Notice of Intent to Exercise Phases I and III Refusal Rights. The County Board may exercise its Phase I Refusal Right and/or its Phase III Refusal Right by first giving a notice of preliminary intent to exercise its applicable Phase I or Phase III Refusal Right, subject to the fair market value price of the Property, (the “Preliminary RR Notice of Intent”) within ninety (90) days after County Board has received the Borrower’s Notice of Bona Fide Offer. If, after the determination of the fair market value price of the Property, pursuant to Section 5.04(d), the County Board determines to exercise its applicable Phase I or Phase III Refusal Right, the County Board shall provide the Borrower with a final intent to exercise its applicable Phase I or Phase III Refusal Right (the “Final RR Notice of Intent”) within fifteen (15) days of such determination. The Final RR Notice of Intent shall specify a closing date that is within one sixty- hundred sixty-five (165) days immediately following the delivery of the Final RR Notice of Intent.