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i <br /> 25 <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 in <br /> its Unit or any subsequent created Unit or Units,the selling party agrees that prior to <br /> listing or otherwise placing the Unit or Units up for bid or sale,the selling party shall <br /> provide the other parry with written notice of its intent to sell the Unit or Units. _The <br /> non-selling party shall have the exclusive option for a period of one hundred and <br /> twenty days (120) days from the date of receipt of such written notice to submit a <br /> written offer to purchase at a price agreeable to the paftieS:Parties. In the event the <br /> paftiesParties cannot agree upon a price for the Unit or Units to be sold, the <br /> par-tiesParties shall both secure appraisals from a North Carolina licensed appraiser, <br /> and the purchase price for the Unit or Units to be sold shall be determined by <br /> calculating the average of the two appraisal valuations. _In the event that the non- <br /> selling party determines that it shall not proceed with the purchase of the Unit or <br /> Units using the average between the two appraisal valuations, then in that event the <br /> selling party shall have the right to market and sell the Unit or Units, subject to <br /> complying with all state and or federal rules,regulations and requirements of the sale <br /> of real estate by a North Carolina County or Town. _However, the non-selling parry <br /> shall have 5thirt 30) business days to match or exceed any 3rd party offer <br /> obtained by the selling party, and if matched or exceeded, closing must occur within <br /> 90 days of acceptance and the offer to purchase memorializing the agreement shall <br /> be devoid of closing contingencies.Notwithstanding,the non-selling party shall have <br /> a fair opportunity to inspect the property before entering executing the offer to <br /> purchase agreement. <br /> Sectio 2: If the non-selling party determines that it will not purchase the Unit or Units, it shall notify the <br /> selling party in writing and provide public record notice of the termination of the rights provided <br /> for hereunder, on or before the conveyance of the selling party Unit or Units to the third-party <br /> purchaser, but the non-selling <br />