Common use of Manner Of Exercise Of Right Of First Refusal Clause in Contracts

Manner Of Exercise Of Right Of First Refusal. In the event the McGeeneys do not exercise their option to purchase the property during the option term and become entitled to a right of first refusal for a period covering nine (9) months immediately succeeding the term of the option to purchase, if during such Term Of Right Of First Refusal Availent receives a written offer to purchase the Property from a third party, as a condition of accepting such offer, Availent shall be obligated to proved the McGeeneys written notice of all the terms and conditions of the offer and the McGeeneys shall have a period of thirty (30) days within which to submit a written offer to purchase the Property from Availent upon terms equal to or better than the terms of the offer submited to Availent by the third party. In the event the McGeeneys do not elect to exercise their right of first refusal within such thirty (30) day period, the right of first refusal shall terminate as to such third party offer, and Availent shall be free and clear to enter into a contract with such third party free and clear of the right of first refusal and to close the transaction upon the terms offered by the third party. However, in the event the third party offer does not result in a closing of the transaction, upon termination of any contractual obligation to the third party, if such termination occurs prior to the expiration of the Term Of Right Of First Refusal, prior to the acceptance of any additional third party offers, Availent shall comply with the terms of the ▇▇▇▇▇▇▇▇'▇ right of first refusal as described herein.