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19 <br /> as a limitation on access to parking spaces. <br /> ARTICLE X <br /> RIGHT OF FIRST REFUSAL <br /> Section 1: The Town and County agree that in the event either party intends to sell its interest <br /> in its Unit or any subsequent created Unit or Units, the selling party agrees that <br /> prior to listing or otherwise placing the Unit or Units up for bid or sale, the <br /> selling party shall provide the other party with written notice of its intent to sell <br /> the Unit or Units. The non-selling party shall have the exclusive option for a <br /> period of one hundred and twenty days (120) days from the date of receipt of <br /> such written notice to submit a written offer to purchase at a price agreeable to <br /> the parties. In the event the parties cannot agree upon a price for the Unit or <br /> Units to be sold, the parties shall both secure appraisals from a North Carolina <br /> licensed appraiser, and the purchase price for the Unit or Units to be sold shall be <br /> determined by calculating the average of the two appraisal valuations. In the <br /> event that the non-selling party determines that it shall not proceed with the <br /> purchase of the Unit or Units using the average between the two appraisal <br /> valuations, then in that event the selling party shall have the right to market and <br /> sell the Unit or Units, subject to complying with all state and or federal rules, <br /> regulations and requirements of the sale of real estate by a North Carolina <br /> County or Town. However, the non-selling party shall have five (5) business <br /> days to match or exceed any 3rd party offer obtained by the selling party, and if <br /> matched or exceeded, closing must occur within 90 days of acceptance and the <br /> offer to purchase memorializing the agreement shall be devoid of closing <br /> contingencies. Notwithstanding, the non-selling party shall have a fair <br /> opportunity to inspect the property before entering executing the offer to <br /> purchase agreement. <br /> Section 2: If the non-selling party determines that it will not purchase the Unit or Units, it <br /> shall notify the selling party in writing and provide public record notice of the <br /> termination of the rights provided for hereunder, on or before the conveyance of <br /> the selling party Unit or Units to the third-party purchaser, but the non-selling <br /> 17 <br />