Common use of Airplane Clause in Contracts

Airplane. The Company agrees that Estis, at his sole option, may purchase that certain airplane owne▇ ▇▇ the Company (the "Airplane") for the appraised value of the Airplane as determined by an appraiser selected by the Company and reasonably satisfactory to Estis (the "Appraiser"). The Appraiser shall determine the retail ▇▇▇▇ market value of the Airplane and the Company shall pay the cost of the Appraiser. Following receipt of the Appraiser's determination of retail fair market of the Airplane, Estis shall elect with five business days at whether he shall purc▇▇▇▇ the Airplane and shall notify the Company in writing of such determination. If Estis elects to purchase the Airplane, he shall pay the purchase price equal to the appraised value in cash or with shares of Common Stock valued at $1.50 per share. The closing of the purchase and sale of the Airplane shall take place two business days after Estis' election. At such closing, the Company will transfer all of ▇▇▇ right, title and interest in the Airplane to Estis for payment of the purchase price in stock or cash; provided, ▇▇▇ever, if Estis has elected to sell the Yard Truck to the Company as set for▇▇ ▇▇low, then Estis shall transfer the Yard Truck to the Company for its apprais▇▇ ▇▇lue as determined below and the balance of the purchase price for the Airplane shall be paid in cash or shares of Common Stock as set forth above. If Estis does not agree to purchase the Airplane for its appraised va▇▇▇ ▇s set forth above, then the Company may sell the Airplane for a price equal to or greater than the appraised value of the Airplane. If the Company desires to sell the Airplane for a price less than the appraised value of the Airplane, then the Company shall notify Estis of the proposed price and Estis shall have the option of pur▇▇▇▇▇ng the Airplane for such pr▇▇▇▇▇d price on the terms set forth above, i.e. cash or shares of Common Stock valued at $1.50 per share. Estis shall have two business days to elect to purchase the Airplane for such proposed price and if Estis does not elect to purchase the Airplane for such proposed pr▇▇▇, then the Company may sell the Airplane for the price offered to Estis or higher. If Estis elects to purchase the Airplane for such ▇▇▇▇osed price, the▇ ▇▇▇ closing of the purchase and sale of the Airplane shall take place within three business days of such election. The Company agrees to use its best efforts to obtain the appraisal of the Airplane promptly after the execution of this Agreement (subject to availability of the Appraiser). If Estis elects not to purchase the Airplane, the Company agrees to d▇▇▇▇▇ntly market and sell the Airplane in a commercially reasonable manner.

Airplane. The Company agrees that Estis▇▇▇▇▇, at his sole option, may purchase that certain airplane owne▇ ▇▇ owned by the Company (the "Airplane") for the appraised value of the Airplane as determined by an appraiser selected by the Company and reasonably satisfactory to Estis ▇▇▇▇▇ (the "Appraiser"). The Appraiser shall determine the retail ▇▇▇▇ fair market value of the Airplane and the Company shall pay the cost of the Appraiser. Following receipt of the Appraiser's determination of retail fair market of the Airplane, Estis ▇▇▇▇▇ shall elect with five business days at whether he shall purc▇▇▇▇ purchase the Airplane and shall notify the Company in writing of such determination. If Estis ▇▇▇▇▇ elects to purchase the Airplane, he shall pay the purchase price equal to the appraised value in cash or with shares of Common Stock valued at $1.50 per share. The closing of the purchase and sale of the Airplane shall take place two business days after Estis▇▇▇▇▇' election. At such closing, the Company will transfer all of ▇▇▇ its right, title and interest in the Airplane to Estis ▇▇▇▇▇ for payment of the purchase price in stock or cash; provided, however, if ▇▇▇ever, if Estis ▇▇ has elected to sell the Yard Truck to the Company as set forforth below, then ▇▇▇▇▇ ▇▇low, then Estis shall transfer the Yard Truck to the Company for its apprais▇▇ ▇▇lue appraised value as determined below and the balance of the purchase price for the Airplane shall be paid in cash or shares of Common Stock as set forth above. If Estis ▇▇▇▇▇ does not agree to purchase the Airplane for its appraised va▇▇▇ ▇s value as set forth above, then the Company may sell the Airplane for a price equal to or greater than the appraised value of the Airplane. If the Company desires to sell the Airplane for a price less than the appraised value of the Airplane, then the Company shall notify Estis ▇▇▇▇▇ of the proposed price and Estis ▇▇▇▇▇ shall have the option of pur▇▇▇▇▇ng purchasing the Airplane for such pr▇▇▇▇▇d proposed price on the terms set forth above, i.e. cash or shares of Common Stock valued at $1.50 per share. Estis ▇▇▇▇▇ shall have two business days to elect to purchase the Airplane for such proposed price and if Estis ▇▇▇▇▇ does not elect to purchase the Airplane for such proposed pr▇▇▇price, then the Company may sell the Airplane for the price offered to Estis ▇▇▇▇▇ or higher. If Estis ▇▇▇▇▇ elects to purchase the Airplane for such ▇▇▇▇osed proposed price, the▇ ▇▇▇ then the closing of the purchase and sale of the Airplane shall take place within three business days of such election. The Company agrees to use its best efforts to obtain the appraisal of the Airplane promptly after the execution of this Agreement (subject to availability of the Appraiser). If Estis ▇▇▇▇▇ elects not to purchase the Airplane, the Company agrees to d▇▇▇▇▇ntly diligently market and sell the Airplane in a commercially reasonable manner.