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then effective lease term. Except as herein otherwise provided, all terms and covenants contained in <br />this Lease Agreement shall be in full force and effect during any extension period. <br />3. Guaranteed Minimum Rental. <br />The County agrees to pay to Owner the guaranteed rental of $450 per month payable on or <br />before the 10th day of each calendar month commencing with the effective date of this Lease <br />Agreement ("Initial Rental Rate"). Effective on the first day of each Lease Year after the first Lease Year <br />("Adjustment Date"), the Guaranteed Minimum Rental shall be increased annually by Twenty Dollars <br />($20) per month. <br />4. Right of First Offer to Purchase and Right of First Refusal. <br />4 <br />a. Subject to the terms of this Lease, Owner expressly reserves the right to sell the <br />Premises at any time during the Term, including any extension thereof. However, Owner covenants that <br />she will not list nor offer the Premises for sale without first giving the County written notice in the <br />manner prescribed in Section 8 of this Lease Agreement, of her desire to sell the Premises and having <br />allowed County sixty (60) days from the date of such notice in which to attempt to secure a bind ing <br />agreement with the County for the purchase of the Premises. Owner agrees that any and all offers to <br />purchase submitted by the County during said sixty-day period will be held in strictest confidence, will <br />be given every reasonable consideration in good faith and if unacceptable, will remain confidential and <br />will not be used at any time to enhance its efforts to otherwise market said Premises. <br />b. Owner further grants to the County during the Term, including any extension <br />thereof, the exclusive right at the County's option, to purchase the Premises on the same terms and at <br />the same price as any bone fide offer, and each time any such bona fide offer is received, the Owner <br />shall immediately notify County in the manner prescribed in Section 8 of this Lease Agreement, with full <br />details of such offer including a copy of the same (the name and address of the offeror may be omitted <br />if County is unwilling or unable to maintain the name and address of the offeror confidential). County <br />shall have sixty (60) days from the date of notice in which to elect to exercise this right of first refusal. <br />No sale or transfer of title to the Premises shall be binding on the Lessee unless and until these <br />requirements are fully complied with. <br />c. The right of first refusal herein granted shall be continuing and pre-emptive, <br />binding on Owner's successors or assigns, and the failure of County to exercise this right in any one case <br />shall not affect the County's right to exercise the right of first refusal in other cases thereafter arising <br />during the Term or any extension of the Term. <br />d. Upon Owner and County reaching a binding written agreement for the purchase <br />and sale of the Premises, or upon Owner's receipt of County's notice of election to exercise any right of <br />first refusal granted herein, County shall have a reasonable time in which to examine title to the <br />Premises, but in no event more than sixty (60) days and upon completion of such examination, if the <br />title is found to be satisfactory, County shall tender the purchase price to Owner and Owner shall <br />thereupon deliver to County a good and sufficient Warranty Deed conveying the Premises to the Lessee <br />free and clear of all encumbrances. The rent shall be pro-rated between the Owner and County as of <br />the date of the closing of the purchase and sale of the Premises. Current year's ad valorem property <br />