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13
<br />~iisivi
<br />coming onto the Subject Property or of the general public; for the prevention or treatment of
<br />disease; or for the protection and safety of the Dickson House or other permanent
<br />improvements on the Subject Property. Any tree of the aforementioned siu which must be
<br />removed shall be replaced within a reasonable time by a new tree of a substantially similar
<br />species. If so requested, the Fund may approve the use of an alternate species.
<br />12. The Grantee shall abide by all federal, state, and local laws and ordinances
<br />regulating the rehabilitation, maintenance and use of the property described herein.
<br />13. The following options and rights of first refusal aze hereby granted to and
<br />reserved by the Fund for itself, its successors and specific assigns:
<br />(a) If, at any time within 20 years from the date hereof, the Grantee, or
<br />any successor in title to the Subject Property, shall decide to sell such Subject
<br />Property, or any portion thereof, it shall give written notice of such decision to the
<br />Fund; and thereupon, in addition to all other rights of the Grantor hereunder, and not
<br />by way of limitation thereto, the Grantor, its legal successors or assigns, shall and is
<br />hereby given, an option to purchase such Subject Property at the original selling price
<br />of 575,000.00, together with any unamortized cosu of the Grantee of any permanent
<br />improvements made on or about the Subject Property. If the Fund so decides to
<br />purchase the property, it shall notify the then owner of its willingness to buy the same
<br />within thirty (30) days of receipt by the Fund of such written notice of the then
<br />owner's decision to sell.
<br />(b) Further, and in addition to all other rights of the Grantor hereunder,
<br />and not by way of limitation thereof, in case of any contemplated sale of the Subject
<br />Property or any portion thereof by the Grantee or any successor in title thereto, fast
<br />refusal as to any bona fide offer of purchase must be given to the Fund, its successor
<br />or assigns. If the Fund so decides to purchase, it shall notify the then owner of its
<br />willingness to buy upon the same terms within thirty (30) days of receipt of written
<br />notice of such bona fide offer.
<br />.. (c) And, further, and in addition to all other rights of the Grantor
<br />hereunder, and not by way of limitation thereof, in the event of a violation of the
<br />covenarb and agreematts contained in paragraphs S, 6, 8 and 9 herein, the Fund
<br />shall have an option to purchase the Subject Property, provided that it shall give the
<br />Grantee writtea notice of the nature of the violation and the Grantee shall not have
<br />correctal same within the ninety (90) days next following the giving of said notice.
<br />ti The purchase of the Subject Property, pursuant to the exercise of the option retained
<br />hereby, shall be az a price equal to the then market value of the Subject Property,
<br />subject to restrictive covenants, as determined by agreement of the that owner and the
<br />Fund, or, in the absence of such agreement, by a committee of three appraisers, one
<br />to be selected by the Fund, one to be selected by the then owner, and the other to be
<br />designated by the two appraisers selected by the Fund and the owner respectively.
<br />Provided, however, that if there are outstanding deeds of trust or other encumbrances
<br />against the Subject Property, any right to purchase shall be subject to said deeds of
<br />trust or encumbrances, and they shall either be satisfied or assumed as part of the
<br />purchase price.
<br />(d) It is understood that the conveyance of the Subject Property under a Deed
<br />of Trust to secure indebtedness of Orange County will not constitute a 'sak' for the
<br />purposes of this paragraph 13; provided, however, any such conveyance shall be
<br />expressly subjxt to the covenants and restrictions set forth in this Deed.
<br />14. Representatives of the Fund and the Foundation shall have the right to enter
<br />the Subject Property at reasonable times, after giving reasonable notice, for the purpose of
<br />inspecting the buildings and grounds to determine if there is compliance by the Grantee with
<br />the terms of these covenants.
<br />UUR~7\G:\OOts\6RY\REAlEST~\23596_1 - 4 -
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