Common use of Option To Purchase Deceased Member's Interest Clause in Contracts

Option To Purchase Deceased Member's Interest. Upon the death of a Member, the Company shall have the option, within 120 days of the Member's date of death, to purchase the deceased Member's Membership Interest in the Company for an agreed upon price, or if no price can be agreed upon, the fair market value of such Membership Interest as determined by an independent qualified appraiser appointed by the Members and the deceased Member's Representative. If they cannot agree on an appraiser, the Members and such Representative shall agree on three (3) possible appraisers, place their names on pieces of paper placed into a hat, and one person chosen by the Members and such Representative shall, without looking, reach into a hat and pick out one name who shall be the appraiser. If the Company elects to purchase the Membership Interest of the deceased Member, it shall pay the agreed price or the fair market value of such Membership Interest to the deceased Member's Representative, in cash, within such 120 day period. If the Company does not purchase the Membership Interest of the deceased Member within such 120 day period, then all rights to purchase the deceased Member's Membership Interest pursuant to this Section shall terminate.

Option To Purchase Deceased Member's Interest. Upon the death of a Member, the Company shall have the option, within 120 One Hundred Twenty (120) days of the Member's date of death, to purchase the deceased Member's Membership Member Interest in the Company for an agreed upon price, or if no price can be agreed upon, the fair market value of such Membership Interest interest as determined by an independent qualified appraiser appointed by the Members and the deceased Member's Representative. If they cannot agree on an appraiser, the Members and such Representative shall agree on three (3) possible appraisers, place their names on pieces of paper placed into a hat, and one person chosen by the Members and such Representative shall, without looking, reach into a hat and pick out one name who shall be the appraiser. If the Company elects to purchase the Membership Member Interest of the deceased Member, it shall pay the agreed price or the fair market value of such Membership Member Interest to the deceased Member's Representative, in cash, within such 120 One Hundred Twenty (120) day period. If the Company does not purchase the Membership Member Interest of the deceased Member within such 120 One Hundred Twenty (120) day period, then all rights to purchase the deceased Member's Membership Member Interest pursuant to this Section shall terminate.