Agenda - Council - 01/23/2007 - Laserfiche WebLink

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c..xVi; b, r G RlGHT OF FIRST REFUSAl Tbis A!rreement. made and entered into the 25th day of June, 2002, is by and between - . Jack and Ellen Stanley, and Shane and Lynn Hanson. Vlhereas the Stanlevs are convevin2: their center lot of three to the Hansons: and , . . - . Vv'hereas, the center lot contains a house which uses a septic system for sanitary waste; and "Whereas, the drain field for the septic system is located partially on one of the other two lots; and Wllereas the Stanlevs desire for sanit..", sewer to be constructed to serve their remainin. , ..' . - lots; and . Whereas, the Hansons wish to have an option to purchase the lot upon which the current drain field is located. Now, Therefore, it is agreed as follows: 1- _ The Hansons are hereby given a right of OOr refusal upon the sale by the Stanleys of Lot 3, Block 3, Pondvale Estates 2nd Addition, Ramsey County, Minnesota. 2. Under this right the Stanleys a~ee not to sell Lot 3 without first giving the Hansons the opporttmity to buy on the same terms and conditions as the Stanleys are willing to sell to a third partY. 3. In exchanQ;e for this ri2:ht, the Hansons aQJ"ee to remain neutral re2:arcling the extension of sanir~ sewer and water thro';-gh Pondvale Esta';'s 2"" Addition, or in an':;ther l':;cation which would make these utilities available to Lot 3, Block 3 or Lot 1, Block 3, Pond"a!e Estates 2~ Addition. 4. The right of first refusal is personal to the Hansons, and may not be rransferred to anyone else. 5. The Hansons must exercise their right of first refusal within 10 days after they receive notification from the Stanleys that the Stanleys have a purchase offer they are preparec to accept. -'ill "exercise" of this right shall be done by signing an enforceable purchase agreement with the Starileys. 6_ This right ofOOt refusal is not a conrinuing right- Once the lO-day period expires, the right 9f first refusal terminates. -277- -359-