Common use of Except for a Transfer Clause in Contracts

Except for a Transfer. among the original owners who were granted the franchise hereunder or a Transfer from an original owner to that owner's spouse or child(ren), Franchisor shall have the right and option, exercisable within sixty (60) days after receipt of written notification and receipt of any required information or documentation, to send written notice to the seller that Franchisor intends to purchase the seller's interest on the same terms and conditions contained in a bona fide offer from the third party, or the ---- ---- cash equivalent. In the event that Franchisor elects to purchase the seller's interest, closing on such purchase must occur within sixty (60) days from the date of notice to the seller of the election to purchase by Franchisor. In the event that Franchisor does not elect to purchase the sellers' interest, closing on such purchase shall occur within ninety (90) days after the expiration of Franchisor's right to purchase. Failure to close the sale within said period or any material change in the terms of the offer prior to closing shall constitute a new offer subject to the same rights of first refusal by Franchisor described in this Section 13.3.