Option to Purchase Upon Divorce. If (i) the marriage of a Member is terminated by divorce, dissolution or legal separation, (ii) the former spouse of such Member is determined to have a marital, community or other property interest in the Interest held by such Member and (iii) the Interest is not received by such Member in accordance with the property settlement agreement, if any, or pursuant to the decree of divorce, dissolution or legal separation, then such Member shall have the option to purchase, and the former spouse of such Member shall sell, if such option is exercised, all of the former spouse's marital, community or other property interest. Such option shall be exercised by such Member giving his or her former spouse written notice within three (3) months after the date of the entry of the decree of divorce, dissolution or legal separation that the Member has elected to exercise such option. If such Member does not exercise such option within such three (3) month period, then the Company shall have the option to purchase from such spouse such marital, community or other property interest in the Interest held by such Member. Such option shall be exercised by the Company giving such spouse written notice within thirty (30) days after the expiration of such three (3) month option period that it has elected to exercise such option. The interest purchased pursuant to this Section 8.7(c) shall be purchased at the Contract Price and on the Contract Payment Terms.
Option to Purchase Upon Divorce. If (i) the marriage of a Shareholder (the "Divorced Shareholder") is terminated by divorce, dissolution or legal separation, (ii) the former spouse of such Divorced Shareholder owns Shares registered in his or her name or is determined to have a marital, community or other property interest in the Shares registered in the name of such Divorced Shareholder and (iii) the Shares are not received by such Divorced Shareholder in accordance with a property settlement agreement, if any, or pursuant to the decree of divorce, dissolution or legal separation, then the Divorced Shareholder will have the option to purchase, and the former spouse of the Divorced Shareholder must sell, if such option is exercised, all of the former spouse's Shares registered in his or her name and all of the former spouse's marital, community or other property interest in the Shares registered in the name of the Divorced Shareholder. Such option may be exercised by the Divorced Shareholder giving his or her former spouse written notice within six months after the date of the entry of the decree of divorce, dissolution or legal separation that the Divorced Stockholder has elected to exercise such option. If the Divorced Shareholder does not exercise such option within such six month period, then the Company will have the option to purchase from the former spouse all such Shares registered in the former spouse's name and all of the marital, community or other property interest in the Shares registered in the name of the Divorced Shareholder. The Company may exercise its option to purchase the Shares by giving the former spouse written notice within 30 days after the expiration of such six month option period that the Company has elected to exercise such option. The Shares and/or interest in the Shares purchased pursuant to this Section 7(b) will be purchased at the Contract Price.
