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9
<br /> 11/5/92
<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 size 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 are 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$75,000.00, together with any unamortized costs 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, first
<br /> refusal as to any bona fide offer of purchase must be given to the Fund, its successors
<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 /> covenants and agreements contained in paragraphs 5, 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 written notice of the nature of the violation and the Grantee shall not have
<br /> corrected same within the ninety (90) days next following the giving of said notice.
<br /> The purchase of the Subject Property, pursuant to the exercise of the option retained
<br /> hereby, shall be at a price equal to the then market value of the Subject Property,
<br /> subject to restrictive covenants, as determined by agreement of the then 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 "sale" for the
<br /> purposes of this paragraph 13; provided, however, any such conveyance shall be
<br /> expressly subject 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.
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