Common use of RIGHT OF FIRST REFUSAL IN LIEU OF OPTION Clause in Contracts

RIGHT OF FIRST REFUSAL IN LIEU OF OPTION. If the purchase option or forced sale provisions set forth in Article 10 of this Lease shall, for any reason, become unenforceable, JTCHA shall nevertheless have a right of first refusal to purchase the Home at the highest documented bona fide purchase price offer made to Homeowner. Any sale or transfer contrary to this Section, when applicable, shall be null and void. Such first right of refusal shall be as follows: Upon receipt by Homeowner of a bona fide third party offer to purchase the Home which the Homeowner is willing to accept, JTCHA shall have the following rights: A. Homeowner shall give written notice of such offer (the “Notice of Offer”) to JTCHA setting forth (a) the name and address of the prospective purchaser of the Home, (b) the purchase price offered by the prospective purchaser and (c) all other terms and conditions of the sale. JTCHA shall have a period of forty-five (45) days after the receipt of the Notice of Offer (the “Election Period”) within which to exercise the right of first refusal by giving notice of intent to purchase the Home (the “Notice of Intent to Purchase”) for the same price and on the same terms and conditions set forth in the Notice of Offer. Such Notice of Intent to Purchase shall be given in writing to the Homeowner within the Election Period. B. If JTCHA exercises the right to purchase the Home, such purchase shall be completed within sixty (60) days after the Notice of Intent to Purchase is given by JTCHA (or if the Notice of Offer shall specify a later date for closing, such date) by performance of the terms and conditions of the Notice of Offer, including payment of the purchase price provided therein. C. Should JTCHA fail to exercise the right of first refusal within the Election Period, then the Homeowner shall have the right (subject to any other applicable restrictions in the Lease) to go forward with the sale which the Homeowner desires to accept, and to sell the Home within one (1) year following the expiration of the Election Period on terms and conditions which are not materially more favorable to the purchaser than those set forth in the Notice. If the sale is not consummated within such one-year period, the Homeowner's right so to sell shall end, and all of the foregoing provisions of this section shall be applied again to any future offer, all as aforesaid.