Common use of Preferential Right to Purchase Clause in Contracts

Preferential Right to Purchase. (Optional; Check if applicable.) Should any party desire to sell all or any part of its interests under this agreement, or its rights and interests in fee Contract Area, it shall promptly give written notice to fee other parties, wife full information concerning its proposed disposition, which shall include fee name and address of the prospective transferee (who must be ready, willing and able to purchase), fee purchase price, a legal description sufficient to identify the property, and all other terms of the offer. The other parties shall then have an optional prior right, for a period of ten (10) days after the notice is delivered, to purchase for the stated consideration on fee same terms and conditions fee interest which the other party proposes to sell; and, if this optional right is exercised, the purchasing parties shall share fee purchased interest in fee proportions that the interest of each bears to fee total interest of all purchasing parties. However, there shall be no preferential right to purchase in those cases where any party wishes to mortgage its interests, or to transfer title to its interests to its mortgagee in lieu of or pursuant to foreclosure of a mortgage of its interests, or to dispose of its interests by merger, reorganization, consolidation, or by sale of all or substantially all of its Oil and Gas assets to any party, or by transfer of its interests to a subsidiary or parent company or to a subsidiary of a parent company, or to any company in which such party owns a majority of the stock. A.A.P.L. FORM 610 – 1989

Preferential Right to Purchase. (Optional; Check if applicable.) Should any party Party desire to sell all or any part of its interests under this agreementAgreement, or its rights and interests in fee the Contract Area, it shall promptly give written notice to fee the other partiesParties, wife with full information concerning its proposed disposition, which shall include fee the name and address of the prospective transferee (who must be ready, willing and able to purchase), fee the purchase price, a legal description sufficient to identify the property, and all other terms of the offer. The other parties Parties shall then have an optional prior right, for a period of ten (10) days after the notice is delivered, to purchase for the stated consideration on fee the same terms and conditions fee the interest which the other party Party proposes to sell; and, if this optional right is exercised, the purchasing parties Parties, if more than one, shall share fee the purchased interest in fee the proportions that the interest of each bears to fee the total interest of all purchasing partiesParties. However, there shall be no preferential right to purchase in those cases where any party a Party wishes to mortgage its interests, or to transfer title to its interests to its mortgagee in lieu of or pursuant to foreclosure of a mortgage of its interests, or to dispose of its interests by merger, reorganization, consolidation, or by sale of all or substantially all of its Oil and Gas assets to any partyParty, or by transfer of its interests to a subsidiary or parent company or to a subsidiary of a parent company, or to any company in which such party the Party owns a majority of the stock. A.A.P.L. FORM 610 – 1989Notwithstanding the foregoing, the Parties acknowledge and agree that the provisions of this Section VIII.F shall not apply to any interests currently owned by Xxxxxx.

Preferential Right to Purchase. (Optional; Check if applicable.) Should any party desire to sell all or any part of its interests under this agreement, or its rights and interests in fee the Contract Area, it shall promptly give written notice to fee the other parties, wife with full information concerning its proposed disposition, which shall include fee the name and address of the prospective transferee (who must be ready, willing and able to purchase), fee the purchase price, a legal description sufficient to identify the property, and all other terms of the offer. The other parties shall then have an optional prior right, for a period of ten (10) days after the notice is delivered, to purchase for the stated consideration on fee the same terms and conditions fee the interest which the other party proposes to sell; and, if this optional right is exercised, the purchasing parties shall share fee the purchased interest in fee the proportions that the interest of each bears to fee the total interest of all purchasing parties. However, there shall be no preferential right to purchase in those cases where any party wishes to mortgage its interests, or to transfer title to its interests to its mortgagee in lieu of or pursuant to foreclosure of a mortgage of its interests, or to dispose of its interests by merger, reorganization, consolidation, or by sale of all or substantially all of its Oil and Gas assets to any party, or by transfer of its interests to a subsidiary or parent company or to a subsidiary of a parent company, or to any company in which such party owns a majority of the stock. A.A.P.L. FORM 610 – 1989.

Preferential Right to Purchase. (Optional; Check if applicable.) Should any party Party desire to sell all or any part of its interests under this agreementAgreement, or its rights and interests in fee the Contract Area, it shall promptly give written notice to fee the other partiesParties, wife with full information concerning its proposed disposition, which shall include fee the name and address of the prospective transferee (who must be ready, willing and able to purchase), fee the purchase price, a legal description sufficient to identify the property, and all other terms of the offer. The other parties Parties shall then have an optional prior right, for a period of ten (10) days after the notice is delivered, to purchase for the stated consideration on fee the same terms and conditions fee the interest which the other party Party proposes to sell; and, if this optional right is exercised, the purchasing parties Parties, if more than one, shall share fee the purchased interest in fee the proportions that the interest of each bears to fee the total interest of all purchasing partiesParties. However, there shall be no preferential right to purchase in those cases where any party a Party wishes to mortgage its interests, or to transfer title to its interests to its mortgagee in lieu of or pursuant to foreclosure of a mortgage of its interests, or to dispose of its interests by merger, reorganization, consolidation, or by sale of all or substantially all of its Oil and Gas assets to any partyParty, or by transfer of its interests to a subsidiary or parent company or to a subsidiary of a parent company, or to any company in which such party the Party owns a majority of the stock. A.A.P.L. FORM 610 – 1989.