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During the term of the Agreement, before X may sel
l the Object to a third party, X shall first offer
the Object to Y following the procedures set forth in t
his Section. Y shall have ten (10) days following thedate X first presents Y such offer to decide whe the
r to try to negotiate an agreement for the purchase
of the Object from X.
“If Y desires to try to negotiate such an agreement
, Y shall, within said 10 day period, deliver to X
written notice thereof. Promptly after receipt of such notice, the parties shall commence good faith
negotiations exclusively with each other for a peri
od not to exceed 90 days after the date Y gives the
requisite notice to X.
“If X does not receive said notice within said 10-d
ay period, or if X receives said notice within said
period but X and Y do not enter into a legally bind
ing, written agreement for the purchase and sale of
the Object within said 90-day period, X shall be fr
ee to enter into an agreement with a third party on
terms (considered as a whole) no more favorable to
the third party than X offered to Y.
“If X does not enter into a legally binding, writte
n agreement with a third party within the 90 day
period, X’s right to sell the Object to a third par
ty shall expire and the procedure described in this
Section shall be applicable again, and X, prior to
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selling the Object to a third party, shall first of
fer to try to negotiate the sale of the Object to Y. For t
he elimination of doubt, upon each repetition of this
procedure, notice shall once again be due.”
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